SolarPower Europe released its new Global Market Outlook, which analyses solar installations in 2019 and forecasts capacity for 2020–2024. The market analysis showed that in 2019, the global solar sector returned to a two-digit growth path, increasing by 13 per cent to 116.9 GW, marking a new annual installation record. This record-breaking growth helped solar expand its annual share among all other power generation technologies to 48 per cent, which means that solar accounted for almost half of the global net power plant capacity installed in 2019.
Due to the impact of COVID-19 and the extended lockdown on the global economy, the solar market will experience a contraction in 2020, with an expected decrease of 4 per cent to 112 GW in the Medium Scenario. Compared to last year’s Global Market Outlook forecast which projected 144 GW of new solar, this represents a decrease of 32 GW. This decline is due to reduced demand and restrictions on labour and supply chain issues.
However, if governments opt for sustainable post-COVID economic recovery packages, solar is forecast to undergo strong growth in the next four years.
Read the full publication here.