{"id":60387,"date":"2020-06-17T10:37:45","date_gmt":"2020-06-17T08:37:45","guid":{"rendered":"https:\/\/www.sonnenseite.com\/energy\/despite-covid-19-market-contraction-appropriate-stimulus-measures-can-deliver-bright-global-solar-forecast\/"},"modified":"2020-06-17T10:37:45","modified_gmt":"2020-06-17T08:37:45","slug":"despite-covid-19-market-contraction-appropriate-stimulus-measures-can-deliver-bright-global-solar-forecast","status":"publish","type":"post","link":"https:\/\/www.sonnenseite.com\/en\/energy\/despite-covid-19-market-contraction-appropriate-stimulus-measures-can-deliver-bright-global-solar-forecast\/","title":{"rendered":"Despite COVID-19 market contraction, appropriate stimulus measures can deliver bright global solar forecast"},"content":{"rendered":"<p>In 2019, the global solar power sector returned to a two-digit growth path, increasing by 13% to 116.9 GW, marking a new annual installation record &#8211; Solar expanded its annual share among all other power generation technologies to 48%.<\/p>\n<p> <!--more--> <\/p>\n<ul>\n<li>Despite a potential 4% market contraction in 2020 due to  COVID-19, solar is expected to enter the Terawatt age in 2022, only four  years after the 0.5 TW level was reached<\/li>\n<li>In 2019, 16 countries added over 1 GW, in comparison to 11 in 2018, and 9 in 2017<\/li>\n<li>The top 5 solar markets in 2019 were China with 30.1 GW of new  installations, the US with 13.3 GW, India with 8.8 GW, Japan with 7 GW,  and Vietnam with 6.5 GW<\/li>\n<\/ul>\n<p>Today, SolarPower Europe released its new&nbsp;<a href=\"https:\/\/www.solarpowereurope.org\/global-market-outlook-2020-2024\/\">Global Market Outlook<\/a>,  which analyses solar installations in 2019, and forecasts capacity for  2020&ndash;2024. The market analysis showed that in 2019,&nbsp;the global solar  sector returned to a two-digit growth path, increasing by 13% to 116.9  GW, marking a new annual installation record. This record-breaking  growth helped solar expand its annual share among all other power  generation technologies to 48%, which means that solar accounted for  almost half of the global net power plant capacity installed in 2019.<br \/>&nbsp;<br \/>Due  to the impact of COVID-19 and the extended lockdown on the global  economy, the solar market&nbsp;will experience a contraction in 2020, with an  expected&nbsp;decrease of&nbsp;4% to 112 GW in the Medium Scenario. Compared to  last year&rsquo;s Global Market Outlook&nbsp;forecast which projected 144 GW of new  solar, this represents a decrease of 32 GW. This decline is due to  reduced demand, and restrictions on labour and supply chain issues.  However, if governments opt for sustainable post-COVID economic recovery  packages, solar is forecast to undergo strong growth in the next four  years, 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.<br \/>&nbsp;<br \/><strong>Aristotelis Chantavas, President of SolarPower Europe,<\/strong>&nbsp;said:  &ldquo;Depending on the priorities of the recovery package, we can return to  impressive growth for solar PV over the next five years. This is  a&nbsp;favourable time to invest in technologies of the future, which will  ensure that we meet the energy and climate targets. Today, solar power  is delivering low-cost and reliable energy to millions of households and  businesses around the world, and it is imperative that we keep up this  momentum as the world slowly recovers from the COVID-19 outbreak, by  ensuring solar is acknowledged in stimulus packages.&ldquo;<br \/>&nbsp;<br \/><strong>Chantavas&nbsp;<\/strong>added:  &ldquo;The low-cost and versatility of solar has accommodated its rapid  expansion in new markets which embraced the technology.&nbsp;In 2019, 16  countries added over 1 GW, in comparison to 11 in 2018, and 9 in 2017,  showing how the diversification of the solar sector is spreading around  the world, and creating new energy and employment opportunities. It is  good to see&nbsp;new&nbsp;markets strongly committing&nbsp;to a solar future. For  example, Vietnam is emerging as a solar superstar, adding 6.5 GW in  2019,&nbsp;a&nbsp;6,400%&nbsp;increase from the 97 MW added in 2018.&nbsp;These are very  encouraging developments,&nbsp;paving the way for the solar decade ahead&nbsp;of  us.&rdquo;<br \/>&nbsp;<br \/><strong>Gianni Chianetta, Chairman of the Global Solar Council Chairman<\/strong>,  added: &ldquo;As we move out of the acute phase of the COVID-19 emergency, it  is imperative to get the PV sector and the entire value chain back on  its feet to protect investment, jobs, and businesses. But the pandemic  has opened the eyes of many people to the need to put solar power at the  heart of green stimulus policies and plans to build back better because  of its potential to connect environmental protection and climate action  with public health and resilient communities.&rdquo;<br \/>&nbsp;<br \/>The Global  Market Outlook projects solar capacities worldwide to reach the Terawatt  scale by 2022, with green recovery measures in place, a mere four years  after the 0.5 TW level was reached. Further milestones identified in  the report include global solar capacity reaching 700 GW in 2020,&nbsp;1.2 TW  in 2023, and 1.4 GW in 2024, according to the Medium Scenario. However,  under optimal conditions, the High Scenario reveals that the global  solar capacity could be as large as 1.67 GW by 2024.<br \/>&nbsp;<br \/><strong>Aur&eacute;lie Beauvais, interim CEO of SolarPower Europe<\/strong>,  said: &ldquo;It is becoming increasingly clear that solar is not only the  most affordable and scalable renewable technology, but is often the  lowest cost power generation technology overall.&nbsp;Only one year after  several tenders saw solar-winning bids enter the 2 US cent \/kWh level,  the next frontier was reached in 2019, with solar tariffs in the 1 US  cent range achieved in four different regions: Latin America, North  America, Europe, Middle East. &ldquo;<br \/>&nbsp;<br \/><strong>Beauvais<\/strong>&nbsp;added  &ldquo;Europe continues to be a solar leader,&nbsp;adding 22.9 GW of capacity in  2019, more than twice the installations of 2018.&nbsp;Europe&rsquo;s solar boom in  2019 is thanks to the efforts of many member states: four countries  added over 1 GW, with four others getting very close to GW-scale.&nbsp;We  must not lose this momentum, with the right policies in place post-COVID  that accelerate the European Green Deal, the power of solar can be  truly harnessed to usher the EU, and the world, into a new clean energy  future.&rdquo;<br \/>&nbsp;<br \/><strong>Michael Schmela, Executive Advisor and Head of Market Intelligence at SolarPower Europe<\/strong>,  commented: &ldquo;If our High Scenario assumptions could occur, this would  result in a global annual market size of up to 255 GW in 2024. But that  would be the optimal case, where policymakers in the key markets decide  to reap the benefits of solar and place it high on the agenda in their  COVID-19 economic recovery packages,&nbsp; which not only would help  economies to bounce back;&nbsp;it would also help those countries progress in  meeting their&nbsp;energy and climate targets. The low-cost, scalability,  and job-richness of solar makes it an obvious contender to lead the  energy transition and help guide economies into a climate-neutral era.&rdquo;<br \/>&nbsp;<br \/>The  Global Market Outlook shows that&nbsp;nearly three quarters of the top 20  markets are expected to install at least 10 GW each between 2020 and  2024, according to our Medium Scenario, with new capacity additions  anticipated to range from 281 GW in China, to 5.9 GW for Israel, the  last on the list. All 20 markets combined are estimated to add a total  of 693 GW until 2024.<\/p>\n<div class=\"article-images\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"418\" src=\"https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Global_Market_Outlook_2019-2024-01.jpg\" class=\"alignleft\" alt=\"Global Market Outlook, Solarpower Europe\" srcset=\"https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Global_Market_Outlook_2019-2024-01.jpg 778w, https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Global_Market_Outlook_2019-2024-01-300x196.jpg 300w, https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Global_Market_Outlook_2019-2024-01-768x501.jpg 768w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"392\" src=\"https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Global_Market_Outlook_2019-2024-02.jpg\" class=\"alignleft\" alt=\"Global Market Outlook, Solarpower Europe\" srcset=\"https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Global_Market_Outlook_2019-2024-02.jpg 759w, https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Global_Market_Outlook_2019-2024-02-300x184.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><img loading=\"lazy\" decoding=\"async\" width=\"596\" height=\"323\" src=\"https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Prognose_Deutschland-2014.jpg\" class=\"alignleft\" alt=\"Global Market Outlook, Solarpower Europe\" srcset=\"https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Prognose_Deutschland-2014.jpg 596w, https:\/\/www.sonnenseite.com\/wp-content\/uploads\/2020\/06\/Solarpower_Europe_Prognose_Deutschland-2014-300x163.jpg 300w\" sizes=\"auto, (max-width: 596px) 100vw, 596px\" \/><\/div>\n<h5 class=\"green\">Source<\/h5>\n<p><a href=\"https:\/\/www.solarpowereurope.org\/despite-covid-19-market-contraction-appropriate-stimulus-measures-can-deliver-bright-global-solar-forecast\/\" target=\"_blank\" rel=\"noopener noreferrer\">SolarPower Europe 2020<\/a><\/p>\n<div class=\"shariff shariff-align-flex-start shariff-widget-align-flex-start\"><div class=\"ShariffHeadline\">Diese Meldung teilen<\/div><ul class=\"shariff-buttons theme-round orientation-horizontal buttonsize-medium\"><li class=\"shariff-button facebook shariff-nocustomcolor\" style=\"background-color:#4273c8;border-radius:1%\"><a 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