Leading energy market intelligence firm Wood Mackenzie Power & Renewables has published its latest market outlook of the global solar PV market in conjunction with a stunning visualization which shows China’s meteoric dominance of the solar industry, which dates back to 2011.
Wood Mackenzie published its Global solar PV market outlook update for the first quarter of 2019 last week which, as with the majority of the company’s work, is locked behind a run-of-the-mill industry paywall. What is less standard, however, is this brilliant visualization Wood Mac has put together showing the cumulative growth of annual solar PV installations by country between 2001 and looking out to 2024.
Wood Mac’s report comes hot on the heels of the PV Installations Tracker for the first quarter of 2019 published by one of its industry peers, IHS Markit, in early April. According to IHS Markit, the global solar PV market is expected to bounce back from the slow growth seen in 2018 and will see double-digit growth in the range of 25% in 2019, with total installations around 130 gigawatts (GW).
“Right now, the outlook for China remains highly uncertain, as the new support scheme for PV is yet to be announced,” said Josefin Berg, research and analysis manager, IHS Markit. “Plans to focus policy more on unsubsidized PV systems could slow near-term deployment, unless strict construction deadlines are imposed to spur 2019 demand.”
Wood Mackenzie’s report also comes not long after European solar trade body SolarPower Europe promised that the global solar industry will end 2023 with a cumulative capacity of 1.3 terawatts (TW).
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