February 24, 2021 Read More →

Global solar installations could top 200GW in 2021—BNEF

PV Tech:

As much as 209GW of solar PV could be installed this year, BloombergNEF (BNEF) has said, with project activity booming in most international markets.

Annual deployment is also expected to continue to climb over the coming years, with BNEF’s optimistic forecast expecting 221GW to be installed in 2022 and 240GW in 2023.

The research organisation has today published its Q1 2021 Global PV Market Outlook, which states that at least 160GW of solar will be deployed in 2021. But its range for the year extends up to the optimistic forecast of 209GW, citing strong deployment forecasts in India and China in particular.

Even the lower end of guidance would constitute a 13% jump on 2020’s installation figure of around 141GW, with the 209GW figure amounting to a near 50% increase in installations. That optimistic projection exceeds the previous high forecast of 194GW issued by BNEF last month, indicating the scale of confidence in high-growth markets including China.

Speaking to PV Tech today, BNEF’s head of solar Jenny Chase said China was ready to “hit the accelerator” after establishing a target of becoming net zero by 2060. “I don’t think anyone really knows how they’re going to get to net zero yet, but the obvious place to start is just to build a load of renewables,” Chase said. BNEF expects China to have installed around 52GWdc of solar last year, with this set to increase to between 65 – 75GW this year.

[Liam Stoker]

More: Up to 209GW of solar PV to be installed in 2021, BloombergNEF forecasts

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