2019 Solar Installations To Hit 123 GW

IHS Markit has released a short research note today, laying bare its key predictions for the 2019 global solar PV industry.

Overall, it sees new capacity additions growing 18% on 2018 to reach 123 GW next year, which is more positive than PV InfoLink’s recent estimates that the market will see 112 GW added.

While China currently comprises around half of the global market, its dominance is set to diminish, says Edurne Zoco, research director, solar and energy storage, with predictions that two thirds of new capacity will be located outwith its borders.

Instead, she sees either the revival or emergence of several other markets. These comprise Argentina, Egypt, South Africa, Spain and Vietnam, which are set to account for 7% of the 2019 market, or 7 GW of new capacity.

“PV is becoming more distributed geographically, with annual PV installations growing by more than 20 percent in 45 country markets,” she writes.

In the United States, which is currently the second largest solar PV market, Zoco says that installations will grow an impressive 28% next year, as developers scramble to roll out project pipelines in time for the 30% investment tax credit deadline next December.

“An even larger share of the pipeline will only be partially initiated through module shipments in order to meet the safe harbor requirements that extend the 30 percent ITC if at least 5 percent of the components have been procured,” she believes.