May 17, 2019 Read More →

New report says installed solar capacity worldwide could hit 1.3TW by 2023

PV Magazine:

The global PV market is forecast to see a 25% increase in new deployments this year, according to the Global Market Outlook for Solar Power published by SolarPower Europe.

According to the Medium Scenario presented in the report, which the association sees as the most likely outcome, new global capacity additions will reach 128 GW this year, up from 102.4 GW in 2018. China is still expected to be the largest market with around 43 GW and the authors of the report claim that the Chinese government is now acting faster than previously anticipated with the restructuring of its incentive scheme for solar. They say that this could lead to sustained growth, despite the weak numbers for new solar deployments that have already been announced this year.

Under the Medium Scenario, the U.S. and India are expected to install more than 10 GW this year — 11.8 GW and 12.9 GW, respectively. Europe is forecast to install approximately 20.4 GW of new solar in 2019, which would represent an 80% increase from the 11.3 GW the Old Continent added last year.

“2018 was a unique year for the entire global solar industry, as we exceeded the magic installation mark of 100 GW per year for the first time, which led the solar power sector to grow to over 500 GW or 0.5 TW (terawatt),” says the association’s president, Christian Westermeier.

SolarPower Europe’s Medium Scenario also envisages that global solar demand could grow by 12% year on year to 144 GW in 2020. In the following three years, new additions could reach 158 GW (+10%), 169 GW (+7%), and 180 GW (+6%), respectively. If those numbers are achieved, the world’s cumulative installed PV capacity would increase from around 600 GW at the end of this year to 900 GW in 2021, 1.1 TW in 2022 and about 1.3 TW by the end of 2023.

More: Global cumulative PV capacity may reach 1.3 TW in 2023, SolarPower Europe says

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