Photovoltaic market trends

Since 2004, the global investment in the solar power market has increased ten folds, from USD 11.2 billion to USD 113.7 billion in 2016, thereby making solar power one of the fastest-growing industries across the globe. In 2016, solar power consumption grew by 29.6% from 256.2 TWH in 2015, with China and India leading the solar power market. China and India registered a consumption growth rate of more than 80% per annum during 2005-2015. Backed by the rapid decline in the cost of solar technology, coupled with the growing energy demand, the solar power market is projected to register a CAGR of 16.8% during the forecast period of 2018-2023.

 

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