Despite the world economy facing severe economic disruption due to the coronavirus pandemic, global solar photovoltaic (PV) installations are set to rise by 5% from the total installed globally in 2019.
That’s according to a new report by the energy research and consultancy group Wood Mackenzie, which predicts the installations will reach 115GW in 2020.
Findings of the report also suggest year-on-year growth in installations will continue every year to 2025, topping out at 145GW.
The analysis expects the Chinese market will continue its ‘robust recovery’ reaching 39GW of installations by the end of 2020 – of this total 27GW are forecast to be installed in the second half of the year.
However, in India, the Covid-19 pandemic is likely to halt the growth of the solar PV market and installs will sit at 4.9GW in 2020, down by 42% from 2019 and the lowest level since 2016, according to the report.
Wood Mackenzie forecasts that India will not be able to meet the 100GW solar target by 2022 without policy enforcement.
According to the research group’s estimations, renewable power’s share of European power supply will also need to rise by 65% by 2030, up from 38% in 2020 to ensure Europe meets the 55% decarbonisation target by 2030.