According to a new report from SolarPower Europe, despite the continued impact of COVID-19, the solar installed capacity in 2020 has reached a huge 138.2GW, an increase of 18% compared to 2019, creating another global solar photovoltaic industry. Global annual installed capacity record.
The new EPIA (European Photovoltaic Industry Association) organization SolarPower Europe has released a new version of the solar power market prospects. This member-led association represents an organization along the entire value chain. The association plans to develop a regulatory environment and report on European solar power business opportunities.
The new report provides market intelligence on the global solar industry in 2020, and forecasts the production capacity from 2021-2025. The study found that the cumulative global production capacity reached 773.2GW in 2020, exceeding three-quarters of TW for the first time. According to market forecasts, by 2022, the global solar energy industry will easily enter the TW level, and in the best case, it will reach 2TW by 2025.
This 2020 installed capacity of 138.2GW (expected to increase by 18%), the industry's global annual installed capacity record.
Aristotelis Chantavas, President of SolarPower Europe, said: "The power of solar energy demonstrates its dominance in all newly installed power generation technologies. The global company has reached 39%. It is estimated that more than one of every three stations installed in 2020 will be Solar energy."
In 2020, 18 countries will add 7 solar energy, 11 in 2019, and 11 in 2018, which proves that solar energy is about to continue to grow. The report predicts that in four years, solar installed capacity will exceed expectations. By 2022, the annual installed capacity will exceed 200GW, and by 2023, the global market will have more than 1GW of new capacity.