Annual installations of new solar photovoltaic (PV) projects are expected to more than double in terms of capacity by 2020, according to a report from Navigant Research.
The report, “Solar PV Market Forecasts,” also says that, by the end of this decade, solar PV is expected to be cost competitive – even without subsidies – with retail electricity prices in a significant portion of the world.
“Lower prices for solar PV modules are opening up new markets for distributed PV, while also helping the technology reach grid parity more quickly in high-cost retail electricity markets,” says Dexter Gauntlett, senior research analyst with Navigant Research. “The Asia Pacific Region is expected to be the leading regional market for solar PV installations throughout the forecast period, led by China, where more than 100 GW of solar PV will be deployed by 2020.”
PV capacity is expected to increase from 35.9 GW in 2013 to 73.4 GW in 2020. Distributed systems will account for less than half of all installations in 2014, and non-distributed systems will represent more than half of the market through 2020, the report said.
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