The global solar installation will reach 142 GW in 2020. This is seven times more than the installed capacity in 2010 according to what IHS Markit reported. Going through details of solar installation in 2020, the estimated numbers predict a good year for European countries and the USA, without ups and downs for India, and a bad year for China.
In 2019, European countries doubled their annual installed capacity, reaching 16GW. They have set to continue their growth in the solar energy sector so that they have planned to achieve 24 GW annual added capacity in 2020. Meanwhile, the USA has set a 20% increase in its annual installations which place them in the second rank of the world’s largest markets, after China.
India will experience a flat year, without ups and downs in its added capacity, and it is expected that it can be added close to 14 GW again in 2020.
it is expected that China will have a bad year ahead due to the following reason:
China’s market grew by as much as 53% in 2019 and is expected to continue growing by double digits in 2020. However, Chinese policy shifted gradually from giving subsidy to renewable projects since 2018. Prior to 2018, the country had close to 50% of the global adding capacity. Recently, it is estimated that this share reaches less than one-third of the global solar installation in 2020.
In 2010 the top 10 solar markets (US, China, India, etc), owned 94% of the installation capacity. This has fallen down to 73% now, as other countries are trying to catch up with ever-falling prices of solar modules.
Source:@IHSMarkit & @Solar_Edition
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