Global solar PV installations to reach new high in 2019

New research presented by Wood Mackenzie’s ‘Global solar PV market outlook update: Q2 2019’, shows the solar market is beginning to shine again after a slow 2018. Future projections suggest solar will produce 125 GW per year by the early 2020s.

Global solar PV installations to reach new high of 114.5 GW in 2019

An increase of 17.5% from 2018.

New research presented by Wood Mackenzie’s ‘Global solar PV market outlook update: Q2 2019’, shows the solar market is beginning to shine again after a slow 2018. Future projections suggest solar will produce 125 GW per year by the early 2020s.

“Global growth will continue despite a gradual slow-down in China, the world’s largest PV market. The Chinese market peaked at 53 GW in 2017, driven by generous feed-in tariffs. A move towards more competitive procurement of solar PV will lead to more sustainable annual additions of 30-40 GW.”
– Tom Heggarty, Wood Mackenzie Senior Research Analyst

Projected Annual solar PV demand by major region, 2015-2024

The global Solar PV market is spreading

The market growth will be fuelled by more smaller countries outside the giants of the sector such as China and India, installing 1-5GW per year. In 2018 there were seven countries in this bracket and this will increase to 19 in 2022.

2019 is setting the foundation for the solar boom

  • In India auction activity is recovering after an easing on land and transmission constraints.
  • The U.S. will have new state utility IRPs (Integrated Resource Plans) – great news for the solar PV market.
  • Solar in European will grow strongly to hit 2020 and 2030 renewable energy targets.
  • In the Middle East there is a 1.5 GW auction in Saudi Arabia.
  • China’s first solar PV auction – 22.8 GW of projects awarded . The largest to date, the previous record Solar PV auction was in Spain in 2017, awarding 3.9GW.
  • Brazil has become the lowest priced Solar PV contract – Enerlife/Lightsource BP was awarded a contract for the 2020 MW Milagres project for just $16.95/MWh

 


 

Further reading:

https://www.woodmac.com/press-releases/global-solar-pv-installations-to-reach-record-high-in-2019/

https://cleantechnica.com/2019/07/29/global-solar-pv-installations-expected-to-hit-114-5-gigawatts-in-2019/

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