SPE’s global solar market outlook forecasts 800 GW additions to 1.3 TW total installed capacity by 2023
Post date: 21/05/2019 - 15:48
The global solar industry will add nearly 800 GW of new solar capacity over the next five years, bringing the global's total solar capacity to 1.3 TW in 2023, expects the solar power association »Solar Power Europe« (SPE). In 2018, the solar market grew by only 4 percent, but it was enough to again outdo any other power generation technology last year. More solar PV was deployed than all fossil fuels and nuclear together. According to SPE’s recently published »Global Market Outlook 2019-2023«, solar also added more capacity than all renewables combined - including large hydro - and had twice as much installed than wind power. Relatively, solar’s share reached 36 percent of all newly added power capacities in 2018, compared to 38 percent the year before. All solar PV power plants together produced only 2.2 percent of the world’s electricity output.
A total of 102.4 GW solar was installed in 2018, exceeding the 100 GW level in one year for the first time (2017: 98.5 GW). 2017 and 2016 had growth rates of around 30 percent and 50 percent respectively. The main reason for last year’s slower solar market growth was the contraction of the Chinese market, which, at 44.4 GW, shrunk by 16 percent compared to its record 52.8 GW in 2017. Other leading solar markets like India and Japan also shrank or stagnated (USA).
In 2018, 11 countries installed more than 1 GW of solar; that’s two more compared to the nine GW-scale solar markets in 2017. Solar Power Europe’s medium scenario estimates that the number will increase to 16 countries in 2019.
Europe added 11.3 GW in 2018, a 21 percent increase over the 9.3 GW installed the year before mainly because of the EU’s binding national 2020 targets. In 2019, Solar Power Europe’s medium scenario sees demand surge by over 80 percent to 20.4 GW, and an 18 percent growth to 24.1 GW in 2020, which would be a new installation record, surpassing the 22.5 GW Europe added in 2011, said Christian Westermeier, President of Solar Power Europe.
On a global level, SPE anticipates that around 128 GW of new PV capacity will be installed in 2019, which means a 25 percent market growth. This will lead to a cumulative installed capacity of 645 GW, which is about 4 percent higher than assumed in last year’s Global Market Outlook.