According to SolarPower Europe, the global solar market is expected to contract by 4% in 2020, to 112 GW in the medium scenario (instead of the 144 GW initially forecast), due to the global pandemic. However, if governments adopt “green” recovery plans, solar should rebound over the 2021-2024 period, with annual demand to increase by 34% to 150 GW in 2021, 12% to 168 GW in 2022, 9% to 184 GW in 2023, and 9% to 200 GW in 2024. Consequently, solar capacities worldwide should reach 1 TW by 2022 and 1.4 TW in 2024 under the medium scenario.
Overall, 814 GW of new solar capacity could be added over the next five years. Most of the growth would come from the three largest solar markets, namely China, the United States and India, which would account for half of the new installations. China could double its capacity by adding 281 GW, while the United States could add 103 GW and India 70 GW by 2024.
In 2019, the global solar sector grew by 13% (+116.9 GW), with 16 countries adding over 1 GW, in comparison to 11 in 2018, and 9 in 2017. New solar installations accounted for 48% of all other power generation technologies.
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