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2020 to see a big jump in solar PV installations

2020 to see a big jump in solar PV installations

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Asia-Pacific markets will install 73 GW in 2020

Global solar PV installations finally crossed the 100 GW threshold in 2019, ending the year at 106 GW, an increase of 8.9%. By the end of the year, cumulative installed capacity will have reached 607 GW.

2020 will see a big jump to 130.5 GW of installations. China, the U.S. and India will continue to lead the world in annual PV installations, installing 71.3 GW between the three countries, over 54% of annual demand.

Demand to rebound in 2020; China & North America stabilize while others grow

Global installation demand will stabilize around 130 GW per annum from 2020 to 2024. Slowdowns in most major PV markets will be met with rising demand from emerging markets, substantially diversifying the global market. The 23 expected GW-scale markets in 2024 will deliver over 107 GW of the total 131 GW expected.

Source: woodmac
Anand Gupta Editor - EQ Int'l Media Network

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