BloombergNEF cuts global solar demand forecast on coronavirus concerns

March 12, 2020
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 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
US utility-scale solar additions grew by 56% in 2024, reaching 30GW from 2023’s 19GW and representing over 54% of all new electricity generation capacity added in the country last year.
October 16, 2025
Jakson Green and Blueleaf Energy have reached financial close for the 840MWp Bikaner solar projects in Rajasthan, western India. 
October 16, 2025
Off-grid solar company Sun King has revealed plans to set up manufacturing operations in Kenya and Nigeria.
October 15, 2025
A report by IRENA and others has highlighted the need for yearly renewable energy deployments to almost double between now and 2030.

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