Global Solar Installations to Grow by 142 GW in 2020

Global solar installations will continue double-digit growth rates into the new decade, according to the recent 2020 Global Photovoltaic (PV) Demand Forecast by IHS Markit, a leader in critical information, analytics, and solutions. New annual installations in 2020 will reach 142 GW, a 14% rise over the previous year.

The expected 142 GW are seven times that of the entire capacity that had been installed by the start of the prior decade (20 GW in 2010). The growth has been substantial in terms of geographic reach as well. Seven countries had more than 1 GW of installed capacity in 2010, although most of them were confined to Europe.

In the United States, installations are expected to grow 20% in 2020, consolidating the United States’ position as the world’s second largest market. California, Texas, Florida, North Carolina, and New York will be key drivers of U.S. demand growth over the next five years.

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