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The International Energy Agency (IEA) released the Renewable Energy Market Report 2019

According to the report's forecast for the renewable energy market, 

the installation of solar photovoltaic systems in homes, commercial buildings and industrial facilities will increase significantly over the next five years and change the way electricity and electricity are consumed.

According to the IEA, global renewable energy will grow by 50% between 2019 and 2024. The increase of 1,200 GW (equivalent to the current US total) is driven by cost reductions and government policy efforts.

Solar PV will account for 60% of growth. The share of renewable energy in global power generation will rise from the current 26% to 30% in 2024.

By 2024, distributed photovoltaics will account for nearly half of the total PV market, with industrial and commercial distributed PV becoming the main market, accounting for 75% of new installed capacity in the next five years.

The installed capacity of household PV systems in the home is expected to double to approximately 100 million in 2024, and countries such as Australia, Belgium, California, the Netherlands and Austria will become the fastest growing market for household PV.

The continuous decline in the cost of photovoltaic power has driven the pace of solar PV deployment. In many countries, the cost of generating electricity from distributed PV is already lower than the retail price, and according to IEA's forecast, it will fall further by 15%-35% by 2024.

The future of distributed PV has great potential, but collaborative planning is needed to balance the interests of PV system owners, consumers and businesses. Through policy support and effective management, the global installed capacity of distributed PV is expected to reach 600GW in 2024.


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