Global solar PV installations will reach a new high of 114.5 gigawatts (GW) in 2019, up 17.5% on 2018, according to new research from Wood Mackenzie Power & Renewables on Thursday.
Wood Mackenzie Power & Renewables 'Global solar PV market outlook update: Q2 2019 estimates that the market is now back with strong growth after a slowdown in 2018.
The new research forecasts that annual solar installations are set to rise to around 125 GW per year by the early 2020s.
Commenting on the solar energy installation data, Tom Heggarty, Wood Mackenzie senior research analyst, said global growth would continue despite a gradual slow-down in China, the world's largest PV market.
"The Chinese market peaked at 53 GW in 2017, driven by generous feed-in tariffs. A move towards more competitive procurement of solar PV will lead to more sustainable annual additions of 30-40 GW," he added.
-Global PV market continues to diversify rapidly
Countries installing between 1 GW and 5 GW annually will be the market's growth engines.
In 2018, there were seven such markets and by 2022, there will be 19 - with new names including Saudi Arabia, France and Taiwan, he said.
"Auctions will remain the driver of growth in many global PV markets. We expect to see 90 GW of solar PV projects awarded contracts through auctions in 2019, up from 81 GW in 2018," he concluded.
By Gulsen Cagatay