The global solar installation capacity in the year 2020 would continue to grow at a double-digit rate, 14%, compared to the previous year, predicted IHS Markit, one of the important market research firms. The estimation indicates the solar installation capacity will reach 142 GW, which is nearly 18 GW more than in 2019.
But is that good news?
However, the rate of growth in 2020 brings sufficient notice about the promising future and thriving solar industry in the energy sector, it implicitly rings the warning bell about the smooth decrease in the rate of year-on-year installation. The installation capacity in 2019 was increased by 18% compared to 2018. This means that a 4% decrease in the global solar installation will have occurred if the installation is taken steps towards 142 GW added capacity in 2020. Thus, it appears to be bad news for solar.
We think that the gradual fading out the leading role of China, as the greatest producer and installer of photovoltaic modules, is the root cause of this decline. Due to losing the greatest portion of solar PV installation in the globe in 2018, China’s share in solar installation declined with a smooth steep after that.
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