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Globally Expected to Add 142 GW of Solar Photovoltaic in 2020

  • Source:fuyangdian
  • Time:2020-01-09
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According to IHS Markit's latest global photovoltaic (PV) demand forecast for 2020, global solar installations will continue to maintain double-digit growth rates over the next decade. In 2020, new solar photovoltaic installations worldwide will reach 142 GW, an increase of 14% over the previous year. 

The expected 142 GW is seven times the full capacity installed at the beginning of the last decade (20 GW in 2010). In terms of geographic coverage, the growth is also considerable. In 2010, seven countries had more than 1 GW of installed capacity, most of which were confined to Europe. IHS Markit predicts that by the end of 2020, more than 43 countries will meet this standard. 

Edurne Zoco, director of clean technology and renewable energy at IHS Markit, said: "Global demand will see double-digit growth in 2020, which proves the continuous and exponential growth of solar photovoltaic installations over the past decade. If the 2010s were a technological innovation, a decade of drastically reduced costs, substantial subsidies and a few dominant markets, then 2020 will be a new era of unsubsidized solar energy, global solar installation demand is diversified and expanded, new enterprise entrants and a growing decade. " 

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For the foreseeable future, large markets like China will continue to occupy a large share of new devices. However, as production capacity increases elsewhere, global solar installation growth over the next few years will continue to reduce over-reliance on the Chinese market. Installations in the world's leading markets (outside of China) have grown by 53% in 2019 and are expected to continue to maintain double-digit growth through 2020. Overall, the overall market share of the top ten solar markets is expected to fall to 73% from 94% in 2010. 

"China will continue to lead the way and become the overall leader in solar installations. But this decade will see new markets emerging in Southeast Asia, Latin America and the Middle East," Zoco said. "However, major markets will continue to develop the solar industry. It's crucial, especially in terms of technological innovation, policy development and new business models. " 

China: Solar demand in 2020 will be lower than the historical installation peak of 50 GW in 2017. As the market develops towards unsubsidized solar energy and competes with other power generation methods, the demand in the Chinese market is in a transitional stage. The fourteenth five-year plan will be announced next year, and there is some uncertainty during the waiting period. 

United States: Installation is expected to increase by 20% in 2020, consolidating the United States' position as the world's second largest market. California, Texas, Florida, North Carolina and New York will be the main drivers of US demand growth over the next five years. 

Europe: After almost doubling the number of installations in 2019, it is expected that Europe will continue to grow in 2020, an increase of more than 24 GW, an increase of 5% over 2019. Spain, Germany, the Netherlands, France, Italy and Ukraine will be the main sources of demand, accounting for 63% of the total EU installations in the coming year. 

India: Due to the impact of policy uncertainty and import tariffs on solar cells and modules, after mediocre performance in 2019, installed capacity is expected to grow again and exceed 14 GW in 2020. 

Editor: Carrie Wong / WSL Solar 

WSL Solar has been a quality and professional manufacturer of custom solar panel and solar solution provider in China since 2006.