The outbreak of coronavirus at the beginning of the year sent the world into lockdowns. While strict measures imposed by governments across the globe caused delays in projects, COVID-19-induced impacts on the solar sector have gradually subsided. As high season fell upon the PV market in the second half of 2020, global module demand is expected to reach 126.2 GW by the end of the year.
In a post-COVID-19 world, all signs indicate that the future of solar energy is bright. InfoLink predicts that the global module demand will grow to 143.7 GW in 2021, up 15% compared with this year. There will be nearly 20 countries that reach GW scale next year. Among which, China, the U.S., India, and Europe will lead the solar growth, together representing more than 70% of global market demand.
China, which will enter the grid parity era under the 14th Five-Year Plan, is expected to see 20% growth. Europe, which is committed to the Paris Agreement, will see continued strong demand. Driven by a step-down of the ITC as well as renewable target set by each state, the U.S. is predicted to witness more than 30% growth. Having been ravaged by the pandemic, the Indian market is forecast to bounce back from virus slump, with 60% growth expected. These developments will push module demand toward 100 GW.
Traditional markets aside, emerging markets are also worth noting. Asia Pacific will maintain stable growth, while Latina America, where electricity cost is low and the Middle East, where utility-scale projects are under way, will witness 30-60% growth, contributing to solar boom in 2021.
InfoLink will hold a webinar titled “Solar, ESS, Wind Market Trends & Outlooks for 2021” on Dec. 10 to provide more details on challenges and opportunities facing the renewables industry in the post-COVID-19 era. With “Link the value for you” at our core, InfoLink seeks to bring together industry professionals, manufacturers, and end users in the renewable industry to explore solar, energy storage, and offshore wind energy trends.
- Insights of price trends and policies impacting market developments.
- Analysis of challenges and opportunities facing the solar, offshore wind, and energy storage industry.
- Technology trends expected in 2021.
Register now to be part of the conversations!
Time：21:00-23:30 CST (Beijing), 14:00-16:30 CET (Berlin), 08:00-10:30 EST (New York)
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