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Solar Installations to Grow by Additional 142 GW in 2020

Feb. 4, 2020
14% year over year (YOY) increase from 2019 continues strong growth trends in both total capacity and geographic coverage

Global solar installations will continue to see double-digit growth rates into the next decade, according to a new report from IHS Markit called “2020 Global Photovoltaic (PV) Demand Forecast.” New installations will reach 142 gigawatts (GW), a 14% rise over the previous year.

The expected 142 GW are seven times that of the entire capacity that had been installed by the start of the prior decade, which had 20 GW in 2010. In terms of geographic reach, seven countries had more than 1 GW of installed capacity in 2010, mostly European. This report predicts that 43 countries will meet that threshold by the end of 2020.

“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, director, Clean Technology & Renewables, IHS Markit, according to the release. “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.”

To check out more highlights from the report, visit IHS Markit or read the original release