Frost & Sullivan’s recent analysis of the global solar PV power market through 2025 examines growth trends for solar power. One of their major findings is that as solar photovoltaics (PVs) transition to freedom from subsidies, solar power manufacturers will increasingly employ smart solutions to improve overall operational efficiency and help reduce operational and maintenance costs. This trend, combined with overall demand for solar PV with storage, is expected to drive the market from a current $38.38 billion market value to $44.82 billion by 2025. Estimated added capacity is expected to reach up to 128.3 gigawatts (GW) by 2025, compared to an added 89.5 GW in 2018 and 101.8 GW in 2017.
“Solar PV manufacturers are enhancing their service offerings to include Internet of Things (IoT)-powered solutions and storage capabilities while integrating all upstream and downstream capacities,” said Sama Suwal, the energy and environment research analyst at Frost & Sullivan.
Other trends found in the survey, Suwal added, include the impact of tariffs on Chinese imports to drive domestic manufacturers in the U.S. and the importance of forming partnerships and collaborations.