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