Overview of 2019 & Outlook of 2020 in the Solar Energy Sector at a glance

China has a dominant position in both the annual and the cumulative solar photovoltaic (PV) installed capacity. This dominance has been there from 2013. In 2017, China accounted for more than half the global solar PV installed capacity at that time and it was one of the country’s milestones in renewable energy. However, the country never experienced such stunning share again in the solar energy sector due to the emergence of other markets, e.g. Vietnam and Ukraine. 

What happened in the Solar PV market in 2019?

According to the Mercom report, the global solar PV market had an outstanding year in 2019, with approximately 120GW installed capacity, which was about 15% growth year over year. In 2019, China was the largest solar market, with approximately 30 GW installed, followed by the United States and India. Japan was fourth on the list. The top five markets collectively accounted for 57% of the solar PV capacity installed in 2019.

In 2019, the new solar market emerged in Ukraine and Vietnam. This market grew up to 5 times in Vietnam and reached the country’s annual solar PV installed capacity 4.8 GW. Same as Vietnam, Ukraine added only 3.5 GW in that year.

What is expected to happen in 2020?

Depending on the intensity of the COVID-19 outbreak and the severity of its damages in the small solar markets and the global supply chain of solar PV, the annual solar PV installed capacity is expected to decrease 15% to 25% in 2020.

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