BAKU, Azerbaijan, Jan. 9
By Leman Zeynalova - Trend:
2020 marks the decade of emerging unsubsidized solar, diversification and expansion of solar installation demand across the globe, Trend reports citing IHS Markit, a world leader in critical information, analytics and solutions.
The company believes that global solar installations will continue double-digit growth rates into the new decade. “New annual installations in 2020 will reach 142 gigawatts (GW), a 14 percent rise over the previous year.”
“The expected 142 gigawatts are seven times that of the entire capacity that had been installed by the start of the prior decade (20 GW in 2010). The growth has been substantial in terms of geographic reach as well. There were 7 countries with more than 1 GW of installed capacity in 2010, most of them confined to Europe. IHS Markit expects more than 43 countries to meet that threshold by the end of 2020,” said IHS Markit.
Edurne Zoco, director, Clean Technology & Renewables, IHS Markit, noted that 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.
“Large markets such as China will continue to have an outsized share of new installations into the foreseeable future. However, the overreliance on China for global solar installation growth will continue to decrease in coming years as more capacity is added elsewhere. Installations outside of China, the world’s leading market, grew by as much as 53 percent in 2019 and are expected to continue growing by double digits in 2020. Overall, the top 10 solar markets are expected to see their collective share of the market fall to 73 percent, down from 94 percent in 2010,” said the company.
Zoco noted that China will remain in the preeminent position as the overall leader in solar installations.
“But this decade will see new markets emerging in South East Asia, Latin America and the Middle East. Still, the major markets will continue to be critical for the development of the solar industry, especially as test beds of technological innovation, policy development and new business models,” said the expert.
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