Global solar to smash goalposts with 2019, 2020 record roll-out

Facebook
Twitter
LinkedIn
Reddit
Email
Global solar will install a record 126.7GW in 2020 but flatline around that figure between that year and 2024, WoodMac said (Credit: Wood Mackenzie)

The solar industry is to notch up another year of stellar installations by rolling out the largest annual volumes seen in history, Wood Mackenzie Power & Renewables has predicted.

According to the consultancy’s latest update, worldwide PV additions will hit record levels of 114.5GW in 2019, a 17.5% hike on the 97.4GW recorded throughout 2018.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The continued global momentum will come despite expectations of a gradual installation slump in China, Wood Mackenzie senior research analyst Tom Heggarty said in a statement.

According to him, the move from feed-in tariffs to more competitive PV procurement will see the Asian state add a “more sustainable” 30-40GW per year, down from its 53GW peak in 2017.

PV set to break its own records in 2020

Wood Mackenzie expects global solar to again smash its own roll-out records in 2020, installing 126.7GW. Worldwide additions will flatline around that figure between that year and 2024, however.

Asian solar PV, the firm found, will hit a 71.1GW addition peak in 2020 but then decline to 55-63GW values in the following four years.

Europe, meanwhile, will boom to install around 24GW in 2021 and 2022 to then drop to 21GW-plus in 2023 and 2024. North America will record values in the 15-17GW region throughout the period.

For their part, Africa, Latin America and the Middle East will record relatively uninterrupted growth between 2019 and 2024, hitting respective sizes of 7.3GW, 7.3GW and 13.5GW in the latter year.  

The new faces at the top of global PV

The future global solar ecosystem anticipated by Wood Mackenzie’s statistics won’t just be larger, also more diverse.

The list of top markets – understood as those installing 1-5GW a year – will significantly grow from its few members of 2018: Germany, South Korea, Turkey, Netherlands, Mexico, Brazil and Australia.

By 2024, the seven will be joined by 12 new solar “growth engines”, including Spain, Italy, Japan, France, Saudi Arabia, Taiwan, United Arab Emirates, Egypt, Iran, Ukraine, Pakistan and South Africa.

Wood Mackenzie’s singled out some of its current country highlights. Brazil’s price-smashing auctions come at a time of demand from large consumers, while Saudi Arabia’s upcoming 1.5GW tender will be “extremely competitive”, the firm said.

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
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

July 3, 2025
Spanish IPP Zelestra has secured a €235 million (US$277 million) increase to its sustainability-linked loan, bringing the total to €770 million.
Premium
July 3, 2025
Meeting the UK’s solar targets will not simply require the installation of new capacity, but investment in grid infrastructure and training.
July 3, 2025
Malaysian engineering and infrastructure giant Gamuda has expanded its presence in the Australian renewables sector by partnering with Tasmanian landowners to build a 1.2GW portfolio, which includes solar PV.
Premium
July 2, 2025
ANALYSIS: China's leading PV manufacturers are locked in a new round of competition, aiming to outpace each other through record-breaking feats.
July 2, 2025
Indigenous-led renewable energy company Yindjibarndi Energy Corporation (YEC) has submitted plans for a hybrid wind and solar PV renewable energy project to the Australian government’s Environment Protection and Biodiversity Conservation (EPBC) Act.
July 2, 2025
Robotics company Luminous has received AU$4.9 million (US$3.2 million) via Australia’s Solar ScaleUp Challenge to support deploying its ‘LUMI’ technology at utility-scale solar PV power plants.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK