Global solar capacity to increase by 142 GW in 2020

09/01/2020 10:45 Solar

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The global photovoltaic (PV) market is expected to grow by 142 GW this year, a 14% increase from 2019, a new study by IHS Markit (NYSE:INFO) showed on Tuesday.

China, the biggest solar market in the world, is expected to keep its leading position, but new markets are expected to emerge in Southeast Asia, Latin America and the Middle East this decade, commented IHS Markit's director for clean technology and renewables, Edurne Zoco.

 

Solar installations in China are expected to continue expanding by double digits this year but demand will remain below the historic high of 50 GW reached in 2017. The market is in a transitional phase in view of the shift towards unsubsidised solar and competition from other forms of generation. In addition, the new five-year plan to be announced in 2021 causes some uncertainty, according to the study.

 

In the US, the solar market is expected to expand by 20% this year, consolidating its position as the second biggest market in the world. Demand growth over the coming five years is expected to be driven by California, Texas, Florida, North Carolina and New York.

 

PV installations in Europe are expected to grow by over 24 GW this year, 5% higher than in 2019. Leaders in terms of demand in 2020 will be Spain, Germany, the Netherlands, France, Italy and Ukraine, accounting for 63% of total EU capacity this year, the study shows.

Source: renewablesnow.com

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