Global Solar PV Installed Capacity to Reach 652 GW by 2025
Solar Photovoltaic (PV) installations witnessed immense growth during the 2006–2014 historical period with a Compound Annual Growth Rate (CAGR) of more than 50%. Cumulative installations increased from 5.7 Gigawatts (GW) in 2006 to an estimated 174.0 GW in 2014 due to increasing economies of scale, emerging technologies, and policy-based government and institutional industry support. In 2014, an increase in global annual installations was driven by China and Japan, although growth was marginally lower than in the previous year as the industry started to move away from the initial spur. The reduction or elimination of government support in some key countries has also had a negative effect. The market will see further growth during the 2015–2025 forecast period due to capacity expansion in new countries, growing at a CAGR of 12.8% to
652.0 GW. Annual installations are set to stabilize within the range of 39.3–46.5 GW by 2025.