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Global PV Installed Capacity will Reach 115GW in 2020

Views:90     Author:WoodMac     Publish Time: 2020-10-29      Origin:WoodMac

  According to the latest research report of WoodMac, as the global photovoltaic market continues to meet the challenge of the COVID-19, the installed capacity of photovoltaic is expected to reach 115GWdc this year, an increase of 5% compared with that in 2019.


  At present, photovoltaic projects interrupted in many countries since the beginning of 2020 have been restarted. It is expected that the installation capacity will continue to increase year by year by 2025, with the maximum of 145GWdc.In 2024, the market may slow down due to the formal expiration of the US ITC policy.


  In Asia, the Chinese market continues to recover strongly. It is estimated that by the end of 2020, China's photovoltaic installed capacity will reach 39 GWdc.


  In contrast, due to the severe epidemic situation in India, the installed PV capacity will be only 4.9GW in 2020.


  The European Commission's plan to achieve 55% decarbonization by 2030 is a positive long-term signal for the European market. It is estimated that by 2030, the share of renewable energy in the European Union's electricity supply needs to rise from 38% in 2020 to 65%.


  The upper limit of 52GW installed capacity set by the German government has been cancelled. The installed capacity is expected to reach 4.5GW this year, the highest level since 2012.


  The schedule of utility scale projects in the United States is basically unchanged. Residential installed capacity decreased by 23% month on month and non residential installation capacity by 19%.


  In Latin America, licensing and low electricity prices remain major challenges for developers. The increase in reserves in Brazil and Chile will be the main driver of growth in the region, compared with a slight weakness in the Mexican market due to political and regulatory uncertainty.


  The Middle East market is still focused on fierce tariff competition and top-down utility scale project procurement. The cycle of photovoltaic development in emerging markets in Africa has been shortened.


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