Solar installs to reach 115GWdc in 2020 as robust recovery continues: WoodMac

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Lightsource BP.

Total solar installations are to hit 115GWdc this year as the sector continues to record a robust recovery from the COVID-19 pandemic, analysis by Wood Mackenzie claims.

In its latest quarterly market outlook, WoodMac forecasts that total solar installs will increase by 5% year-on-year to reach 115GWdc, driven primarily by a surge in activity within the Chinese market in the second half of the year.

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

WoodMac forecasts that 39GWdc of solar is expected to be installed in China throughout 2020, an increase of 30% year-on-year, with more than two-thirds of that (27GWdc) installed in the second half of the year.

Such a figure is broadly in line with other projections of the Chinese market for 2020 – IHS analysts revised their 2020 projections downwards from 45GW to 40-41GW, while the China Photovoltaic Industry Association’s neutral estimate forecasts 40GW to be installed – and comes despite short-term supply chain disruption and module pricing turbulence affecting some developers.

Germany, too, looks set to record its best year for solar installs in eight years, with installations set to reach 4.5GW for the year, aided by the removal of a 52GW cap on feed-in tariff accreditations for new solar installs.

The same cannot, however, be said in India, which continues to witness disruption caused by the pandemic. Wood Mac expects India to see a 42% slide in solar installs – coming in at just 4.9GW – despite the Indian government’s best intentions to help stimulate further deployment. Without additional policy enforcement, WoodMac has said India’s target of having a 100GW solar generation capacity by 2022 is unlikely to be met.

And solar installations look certain to continue grow in the years ahead, setting new records in nearly every consecutive year out to 2025. The one exception will be in 2024, when the end of the investment tax credit in the US will dampen market appetite. By 2025, as much as 145GW of solar is expected to be installed every year.

WoodMac’s future projections come after the International Energy Agency hailed solar as the “new king” of electricity generation, and claimed more solar would be installed in each year between 2022 and 2040, becoming the pre-eminent source of power generation in numerous markets and continents.

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

June 27, 2025
Indian solar manufacturer Premier Energies has commissioned its 1.2GW TOPCon solar cell manufacturing line at Fab City, Hyderabad, Telangana.
June 26, 2025
ACEN has partnered with UPC Renewables to build two renewable projects in Rajasthan and Karnataka, India. 
June 25, 2025
Emmvee has secured INR15 billion (US$174 million) order for TOPCon bifacial solar modules from KPI Green Energy. 
June 25, 2025
State-owned firm Solar Energy Corporation of India (SECI) has launched a solar-plus-storage tender seeking 1.2GW of solar PV.
June 25, 2025
First Solar has sold US$311.8 million in tax credits to “a leading financial institution” under the rules set out in the IRA.
June 25, 2025
Australia’s National Electricity Market (NEM) achieved a new record high for solar PV and wind generation at 12,463MW.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico