According to a new report by IHS Markit, solar installations are projected to grow by an additional 142 GW in 2020 – seven times the world’s total solar installations a decade ago.
The report discloses that global solar installations will endure double-digit growth rates into the new decade, with new annual installations in 2020 reaching 142 GW, a 14 per cent rise over the previous year.
The growth has been substantial in terms of geographic reach as well. There were seven countries with more than 1 GW of installed capacity in 2010, most of them confined to Europe. IHS Markit anticipates more than 43 countries to meet that threshold by the end of 2020.
“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,” believed Edurne Zoco, director, Clean Technology & Renewables, IHS Markit.
“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.”
Large markets such as China will continue to have an outsized share of new installations into the foreseeable future. However, the overreliance on China for global solar installation growth will continue to decrease in coming years as more capacity is added elsewhere.
Installations outside of China, the world’s leading market, grew by as much as 53 per cent in 2019 and are expected to continue growing by double digits in 2020. Overall, the top 10 solar markets are expected to see their collective share of the market fall to 73 per cent, down from 94 per cent in 2010.
“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,” said Zoco “Still, the major markets will continue to be critical for the development of the solar industry, especially as testbeds of technological innovation, policy development and new business models.”
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