Electricity grids around the world are expected to add 140 gigawatts of new photovoltaic solar capacity this year, a 15% increase over 2019, according to analysis released last week by IHS Markit.
“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,” said Edurne Zoco, the company’s director of clean technology and renewables. The study also points to a substantial gain in PV’s geographic reach, with the number of countries with at least one gigawatt of installed capacity increasing from seven to 43 since 2010.
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“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,” Zoco said.
While IHS sees China accounting for an “outsized share” of the market, writes Recharge News, Zoco said the sector’s “over-reliance” on China “will continue to decrease in coming years as more capacity is added elsewhere.”
The United States, led by California, Texas, Florida, North Carolina, and New York State, is expected to maintain its position as the world’s second-biggest solar market, with 20% growth this year.
