Solar PV installations are set to post 27% year-on-year growth in 2021.
That’s according to a new report by IHS Markit, which expects global demand to soar through the second half of 2021.
The findings of the report suggest China, US and India will see a record year in solar PV growth.
The analysis estimated mainland China will surpass 60GW in solar PV installations this year continuing the country’s renewable power growth trajectory, while the US market is predicted to install 27GW.
Josefin Berg, Research Manager, Clean Energy Technology at IHS Markit, said: “Leading module manufacturers are sold out for the first half of the year.
“There is no indication of price weakness for July shipments yet, manufacturing capacity remains sufficient and no major material bottlenecks have arisen to change our forecast for 181GW in global solar PV installations.”