Wood Mackenzie Estimate: Global Annual Solar Installation Would Reach 115 GW

Before the COVID-19 outbreak, Wook Mackenzie and IHS Markit have estimated that 2020 could be a good year for solar installation around the globe. They have forecasted 125 GW and 142 GW global annual solar installation for this year. But the COVID-19 outbreak changed all the imaginations and estimations.

Recently, Wood Mackenzie has estimated 115 GW in global annual solar installation and it shows an 8% reduction from its latest estimation. Although the COVID-19 outbreak had massive impacts on solar projects across the world, the recent estimation of Wood Mackenzie for annual solar installation is that it would reach 115 GW. This means that solar installation globally will not be hampered a significant change despite the COVID-19 outbreak in 2020, as compared to 2019.

For example, India’s solar installation will sit at just 4.9 GW in 2020, down 42% on 2019 and the lowest level since 2016, according to Wood Mackenzie’s estimation. While China is expected to be once again the world’s largest PV market this year, with around 39 GW of new solar additions.

This indicates that in spite of severe lockdown measures in some regions and several delayed solar projects worldwide, annual solar installation has been mitigated by other region’s installation.

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