SolarPower Europe has released its new Global Market Outlook, which provides market intelligence for the global solar sector for 2020, and forecasts capacity for 2021-2025. Despite the continued impact of COVID-19, a massive 138.2 GW of solar was installed in 2020, representing an 18% increase on 2019, yet another annual installation record for the global solar PV sector. Another significant milestone from 2020 was the fact that the global cumulative solar capacity reached 773.2 GW, exceeding three-quarters of a terawatt for the first time ever. Market projections put the global solar sector comfortably at terawatt levels by 2022, and under optimal conditions, reaching 2 TW by 2025.
While the COVID-19 pandemic has slowed down the growth of many industries, the new energy world has been an exception to the rule: the European PV market is booming, and demand is surging. This is due to product innovations, high demand and the falling costs of PV, while the price of oil, gas and coal is rising. In addition, the palpable effects of the climate crisis are also driving sales.
In 2020, notwithstanding the effects of the COVID-19 pandemic, 138.2 GW of new PV installations were deployed, an 18% growth compared to 2019, setting a new global record for solar power. The total PV output installed around the world now stands at 773.2 GW, which means that solar power has exceeded the 0.75 TW milestone. This growth contributes to the rising status of PV, which accounted for 39% of new installed power generation capacity last year. More than one-third of power plant capacity installed in 2020 was PV. At the same time, the share of solar energy power generation in general climbed to 3.1%. Nevertheless, 70% of electricity in the world still comes from fossil or nuclear fuels, so it is high time to advocate and speed up the use of solar energy.