BloombergNEF cuts global solar demand forecast on coronavirus concerns

Facebook
Twitter
LinkedIn
Reddit
Email
Unrelated to COVID-19, BNEF also noted that new PV support mechanisms recently announced in China could push some 2020 PV demand in to 2021. Image: LONGi Solar

BloombergNEF (BNEF) has reduced its global solar demand forecast for 2020, due to the impact related to the coronavirus (COVID-19) outbreaks.
    
BNEF lowered its forecast range from 121GW-152GW to 108GW-143GW. With the low end of the revised range, BNEF is highlighting the possibility that COVID-19 could have such an impact on demand that 2020 could mark the first time in several decades when annual demand falls below that of the previous year. 

BNEF noted that Chinese factories were at various stages of restarting and ramping capacity, a move set to ease pressure on the supply of key components and equipment.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

However, action to contain COVID-19 in China had underscored the need for diversified supply chains and strengthened the case for localised manufacturing in Asia, Europe and the US, especially for batteries, according to BNEF. 

Unrelated to COVID-19, BNEF also noted that new PV support mechanisms recently announced in China could push some 2020 PV demand in to 2021.

There had been expectations that downstream demand in China could reach around 50GW in 2020, yet a final list of PV power plant projects open to bidding has been delayed to July.

Recently, China Photovoltaic Industry Association (CPIA) lowered its China demand forecast to a range of 35GW to 45GW, due to policy changes and delays. 

10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

October 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 8, 2025
Frontier Energy plans to expand its Waroona Renewable Energy Project into a renewable energy precinct by 2031, targeting up to 1GW solar.
October 7, 2025
Econergy will acquire 100% stake in the 155MW Ratesti solar project in Romania, further expanding its European renewable energy portfolio.
October 7, 2025
Juniper Green Energy through its subsidiary Juniper Green Sigma Eight has signed a 70MW power purchase agreement with renewable energy giant Tata Power. 
October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).
October 7, 2025
OpenSolar has secured US$13.1 million in equity financing from technology investors, including Titanium Ventures, Google and others.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK