Solar power is on the upswing just about everywhere and likely one of the biggest opportunities may be in distributed solar across the world. How big an opportunity? A new Navigant Research report anticipated that by 2026 each year could see 429 new gigawatts of distributed solar installed across the world—that’s more than the 74.8 GWs installed across all sectors of the solar industry throughout the world in 2016.
“In 2016, annual distributed solar PV capacity additions dropped slightly by 3 percent to 21.9 GW, accounting for 29 percent of the 74.8 GW total global solar installed capacity that year,” explained Roberto Rodriguez Labastida. “Navigant Research expects that this ratio will increase between 2017 and 2026, when 429 GW of distributed solar PV will be installed globally, producing $528 billion in revenue for the industry.”
The report, Market Data: Global Distributed Solar PV, pointed to a number of newer trends that will lead to the coming explosion of solar deployments. Among them it named further PV module price drops, incentive program changes and new business models. The report found that based distributed solar will likely lead a global transition to a more decentralized power system. It also observed that such a system would encourage development of other distributed generation technologies as well.
The report anticipated that China and the US will remain key markets as the market grows. It also anticipated that India will become a major distributed solar market before other markets with high solar irradiance, like Latin America and the Middle East grow larger.
Navigant Research has been bullish on distributed solar power in the past. As recently as 2013 it projected that the market would grow to 220 gigawatts by 2018. That still could happen but it would be a huge shift in the next year and a half.Tweet