Global solar market to reach a new annual high in 2019
Baku, Azerbaijan, Oct.8
By Leman Zeynalova – Trend:
Global solar market is expected to reach a new annual high in 2019, Trend reports citing Wood Mackenzie research and consulting company.
The company believes that annual solar plant operations and maintenance (O&M) costs will grow from nearly $4.5 billion in 2019 to just over $9 billion in 2024.
“This increase is due to future demand growth and current installed capacity. Unplanned repairs alone can cost owners up to $3,000/MW/year, based on an average-sized solar power system of 50MW,” reads a new research by Wood Mackenzie.
The report shows that after a modest decline in 2018, the global solar market will reach a new annual high of 114.5GW in 2019 – up 18 percent from the previous year.
“Annual installations will sit at 120-125 GW in the early 2020s as emerging markets begin to deliver results. Global cumulative solar PV installations are expected to grow from ~500GWdc in 2018 to 1,243 GWdc by 2024. China, India and the US concentrate more than 50 percent of global solar PV installations to 2024.”
Solar installations nearing inverter end of life will reach 21GW by the end of 2019, representing 3.4 percent of the global market, according to Wood Mackenzie.
“This increases to more than 14 percent of the total cumulative capacity over the following five years.”
By 2024, Wood Mackenzie expects the solar industry to have 176GW of projects with inverters older than ten years.
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