Market research firm, IHS Markit expects global solar installations to continue double-digit growth rates in 2020, forecasting new installs to hit 142GW, a 14% increase over 2019.
Edurne Zoco, director, Clean Technology & Renewables, IHS Markit said, “Another year of double-digit global demand growth in 2020 is proof of the continued and exponential growth of solar PV installations in the last decade. If the 2010s were the decade of technology innovation, steep cost reductions, large subsidies and dominance by a few markets then 2020 marks the decade of emerging unsubsidized solar, diversification and expansion of solar installation demand across the globe, new corporate entry players and increasing competitiveness versus conventional energy sources.”
Despite concerns that the China market leadership is waning, IHS Markit expects more than 43 countries to install over 1GW each by the end of 2020, compared to only seven countries at that level a decade ago in 2010.
The continued growth is expected come from outside of China, still the world’s leading market. Market growth in 2019, excluding China was said to have increased by as much as 53%. In 2020, the market research firm expects continued growth in the double-digit range.
As a result of wider global adoption, the top 10 solar markets are expected to experience market share declines to around 73 % of the total, down from 94% compared to 2010.
“China will remain in the preeminent position as the overall leader in solar installations. But this decade will see new markets emerging in South East Asia, Latin America and the Middle East,” added Zoco “Still, the major markets will continue to be critical for the development of the solar industry, especially as test beds of technological innovation, policy development and new business models.”
According to IHS Markit, US installations are expected to increase by around 20% in 2020, retaining its position as the second largest market to China.
Europe is booming after nearly doubling installations in 2019. The market is set to continue strong growth in 2020 as the market research firm is forecasting installations to exceed 24GW in 2020, a 5% increase over 2019.
Key European market are expected to be Spain, Germany, Netherlands, France, Italy and Ukraine, accounting for 63% of total EU installations in 2020.
Still a force will be India, despite flat year-on-year installs in 2019. IHS Markit expects the market demand in India to surpass 14GW in 2020.