Global Photovoltaic Market Report: The Installed Capacity Of Solar Energy Will Reach 138.2GW in 2020

Despite the continued impact of COVID-19, the solar installed capacity in 2020 will still reach a huge 138.2GW, an increase of 18% compared to 2019, creating another global annual installed capacity record for the global solar photovoltaic industry.

The study found that the global cumulative solar capacity reached 773.2GW in 2020, exceeding three-quarters of TW for the first time. According to market forecasts, by 2022, the global solar industry will easily enter the TW level, and in the most ideal case, it will reach 2TW by 2025.

This is due to the 138.2GW of installed capacity in 2020 (a year-on-year increase of 18%), which is also the industry's global annual installed capacity record.

The growth of solar energy confirms its dominance in all newly installed power generation technologies, with a global share of 39%, which means that more than one of every three power stations installed in 2020 is a solar power station.

In 2020, 18 countries will add more than 1GW of solar energy, 17 in 2019 and 11 in 2018, which proves that solar energy is continuing to grow. In the next four years, solar installed capacity will exceed previous expectations. By 2022, the annual installed capacity level will exceed 200GW, and by 2023, the new capacity of the global market will exceed 1GW.

Under medium target conditions, we expect that the annual new installed capacity in 2025 will reach 266GW. From this perspective, in 2015, just six years ago, this was the total installed capacity of solar power generation worldwide.

"Global Market Outlook" predicts that, according to the most likely scenario, by 2025, the cumulative solar grid-connected capacity will reach 1870GW. Under the best conditions, by the end of 2025, up to 2.147TW of photovoltaic power plants can be operated worldwide. Under moderate conditions, it is estimated that the total global PV installed capacity will reach the following milestones in the next five years: 900GW in 2021, 1.1TW in 2022, 1.3TW in 2023, 1.6TW in 2024, and 1.8TW in 2025.

The global solar market is expected to grow by 25% next year, reaching 203GW. This is the first time that the annual photovoltaic installed capacity has exceeded the 200GW level. Only five years after reaching the 100GW level, the 200GW threshold can be crossed in 2022, which left a very deep impression on people. With the increase in the COVID-19 vaccination rate and the solution of the silicon material supply problem, the next few years will definitely break a number of solar installed capacity records.