The installation of solar is expected to have double-digit growth rates going into the new decade. The growth of solar installations has been considerable in terms of its geographic reach, as well. The IHS Markit expects that more than 43 countries will jump on the solar trend by the end of 2020.
Edurne Zoco, director, Clean Technology & Renewables, IHS Markit, states that “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.” “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.”
Many large markets, such as China, will continue to have new installations in the next decade. Installations outside of China grew by 53% in 2019 and are anticipated to grow by double digits in the next year.
“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,” said Zoco. “Still the major markets will continue to be critical for the development of the solar industry, especially as test beds of technological innovation, policy department and new business models.”
In China, the demand for solar will be significantly lower in 2020. The demand in China is declining because the market is moving in a different direction. Solar installation in China is not being aided and there are other forms of generation that are competing with the solar market. However, in the United States, solar installations are expected to grow by 20% in 2020. This will position the U.S. to be the world’s second-largest market. In addition, Europe is anticipating a continuing growth in 2020 as they nearly doubled installations in 2019. The leading sources of demand in Europe will be Spain, Germany, Netherlands, France, Italy, and Ukraine. Finally, in India, they are expecting to grow again after having a flat year in 2019, due to policies and the impact of important duties on solar cells and modules.
