The global solar energy industry is expected to record 14% growth in 2020 compared to the total solar capacity installed in 2019, according to a new study published by IHS Markit.
Moreover, the additional 142GW expected to be installed in 2020 is seven times that of the entire solar capacity that had been installed in 2010. A total of 20GW was deployed in 2010.
Other key study findings include:
- Installations will continue double-digit growth rates into the new decade.
- There were 7 countries with more than 1GW of installed solar capacity in 2010, most of them confined to Europe.
- More than 43 countries to meet that threshold by the end of 2020.
- The top 10 solar markets are expected to see their collective share of the market fall to 73%, down from 94% in 2010.
China – Solar demand in 2020 will be lower than historic installation peaks of 50GW in 2017. Demand in China is in a transitional phase as the market moves towards solar being unsubsidised and competing with other forms of generation and there is some lingering uncertainty while awaiting the release of the new 14th Five-Year Plan to be announced next year.
United States – Installations are expected to grow 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 key drivers of U.S. demand growth over the next five years.
Europe – After nearly doubling installations in 2019, Europe is expected to add more than 24 GW—a 5% increase over 2019. Spain, Germany, Netherlands, France, Italy and Ukraine will be leading sources of demand, accounting for 63% of total EU installations in the coming year.
India – Following a flat year in 2019, due to policy uncertainties and the impact of import duties on solar cells and modules, installations are expected to grow again and surpass 14GW in 2020.
Edurne Zoco, director, Clean Technology & Renewables, IHS Markit, said: “Another year of double-digit global demand growth in 2020 is proof of the continued and exponential growth of solar PV installations in the last decade.
“If the 2010s were the decade of technology innovation, steep cost reductions, large subsidies and dominance by a few markets then 2020 marks the decade of emerging unsubsidized solar, diversification and expansion of solar installation demand across the globe, new corporate entry players and increasing competitiveness versus conventional energy sources.
“China will remain in the preeminent position as the overall leader in solar installations. But this decade will see new markets emerging in South East Asia, Latin America and the Middle East.
“Still, the major markets will continue to be critical for the development of the solar industry, especially as test-beds of technological innovation, policy development and new business models.”
For more information about the report, click here.