Global Annual PV Installation Forecast for 2020 Was Reduced Under the COVID-19 Impact

The global solar PV installation in 2020 is expected to reduce close to the 2018’s level. It means that a 16% year on year decline from 2019 global installations. It is obvious that it is due to the direct and side-effect of Coronavirus

Following the outbreak of COVID-19 in china and after that all over the world, the majority of countries acted on their own initiative to stop spreading the infection by imposing restrictions on people’s movement, the so-called social distancing. This brings PV manufacturing and solar installation to a standstill.

IHS Markit forecasted 105 GW solar PV installation capacity in 2020, a 16% Y-o-Y decline from 2019 global installations. Their most-likely scenario assumes that the restrictions will be slowly lifted throughout Q2 2020 and Q3 2020. IHS Markit predicts the market will be revitalized in the second half of the year but gradually depending on segments and countries. 

It is important to note that In the early weeks of the year, we had a post about the global solar installation in 2020, Post No.810, where we stated that the global solar installation will reach 142 GW in 2020. 

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Source:@ IHSMarkit & @Solar_Edition

Photo::@ IHSMarkit & @Solar_Edition

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