IHS Markit expects slow solar recovery post COVID-19

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
In contrast to most other markets, IHS Markit said that it expects China to install around 45GW in 2020

Taking a more pessimistic view of the impact of COVID-19 on the end-market demand for solar installations in 2020, IHS Markit expects global installs to decline 16% to 105GW in 2020, compared to around 125GW in 2019. 

The major disruptive factors in the first quarter of 2020 had primarily been component shortages from China, due to the New Year holiday season and the subsequent extended leave after the festive season as a result of COVID-19-related government restrictions that limited or delayed overseas installations.
Although PV component production is ramping back to full capacity levels, almost all major PV markets around the world have been impacted to various degrees with lockdowns and travel restrictions, disrupting solar installs from across the residential, commercial and industrial and the key utility-scale market segments. 

IHS believes that COVID-19 will severely impact the planning and start of new PV projects through the second half of 2020 with the hardest hit regions being key growth markets such as Europe, India and the rest of Asia. 

China installs to bounce back

In contrast to most other markets, IHS Markit said that it expects China to install around 45GW in 2020, after installations plummeted almost 32% in 2019, reaching just over 30GW. IHS Markit is making this assumption based on a rapid recovery of demand in the second-half 2020, due to Chinese government support mechanisms.

Read Next

September 22, 2021
China has appealed a recent World Trade Organization (WTO) ruling that rejected the country’s challenges to the US' safeguard tariffs on certain crystalline silicon PV cells.
September 16, 2021
Australia’s government has committed AU$19.2 million (US$14 million) to implement the recommendations of a new report that that aims to improve regulation and compliance in the country’s rooftop solar sector.
September 15, 2021
Solar module manufacturer Seraphim has started construction on new phases of its 10GW module manufacturing facility in Jinzhai, China.
September 8, 2021
Solar EPC company iSun has bolstered its presence in the US residential segment through an acquisition of installer SunCommon.
September 3, 2021
The World Trade Organization (WTO) has rejected China’s challenges to US safeguard tariffs on certain crystalline silicon PV cells, ruling that the measures have not breached global trade rules.
August 25, 2021
NextEra Energy has asked the US Department of Commerce (DOC) to force a new alliance of solar companies to either reveal its members or ditch its request for fresh tariffs on China-linked solar imports.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021