BloombergNEF cuts global solar demand forecast on coronavirus concerns

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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. 

Read Next

May 11, 2021
The International Energy Agency (IEA) has said it expects annual solar PV additions globally to surpass 160GW by 2022, affirming the technology’s position as the “new king” of global electricity markets.
May 3, 2021
China installed 5.56GW of solar in Q1 2021, new data from the country’s National Renewable Energy Consumption Monitoring and Warning Center has revealed.
April 28, 2021
Renewable energy group BayWa r.e. has opened what it claims is its largest PV warehouse in Europe yet in a bid to expand its distribution network in the continent.
PV Tech Premium
April 20, 2021
‘Solar Module Super League’ (SMSL) member Canadian Solar is planning to launch its first N-type heterojunction (HJ) PV modules in the second half of 2021, PV Tech can reveal.
April 19, 2021
‘Solar Module Super League’ (SMSL) member JA Solar has confirmed its founder and chairman, Jin Baofang had returned to work at the company.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021