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According to market consultancy Wood Mackenzie, global solar PV installations are expected to fall 18% to 106.
4 GW in 2020 from 129.
5 gigawatts (GW
) as the global economy faces severe disruption due to the coronavirus pandemic.
The report said the pandemic will have a significant impact on the global solar PV market, and the pace of construction and development is slowing
as countries around the world impose unprecedented lockdowns.
"Next year will also be a challenging year
for solar energy.
We believe the economic damage caused by the pandemic and the ongoing oil price crash will tip the world economy into recession in 2020," said
Tom Heggarty, principal analyst at WoodMac Solar.
While the economy is expected to recover strongly next year, projects scheduled for delivery in 2021 are now being developed and
financed.
When a recession hits, not all activity will go
according to plan.
"The spillover of delayed projects from 2020 to 2021 will offset the disruption
to demand to some extent," Heggarty said.
Nevertheless, we cut our forecast for 2021 to 123.
6 GW from 127.
2 GW, a decrease of 3%.
”
The devastation of the viral pandemic varies from country to country, such as economic indicators in China, the initial epicenter of the outbreak, which indicate that the economy is recovering
.
According to WoodMac, wafer, cell and module production is returning to full capacity, and construction on many project sites has resumed
.
The company does not expect the impact of the pandemic on China's PV market, either upstream or downstream, to last until the end of the second quarter of
this year.
According to market consultancy Wood Mackenzie, global solar PV installations are expected to fall 18% to 106.
4 GW in 2020 from 129.
5 gigawatts (GW
) as the global economy faces severe disruption due to the coronavirus pandemic.
The report said the pandemic will have a significant impact on the global solar PV market, and the pace of construction and development is slowing
as countries around the world impose unprecedented lockdowns.
"Next year will also be a challenging year
for solar energy.
We believe the economic damage caused by the pandemic and the ongoing oil price crash will tip the world economy into recession in 2020," said
Tom Heggarty, principal analyst at WoodMac Solar.
While the economy is expected to recover strongly next year, projects scheduled for delivery in 2021 are now being developed and
financed.
When a recession hits, not all activity will go
according to plan.
"The spillover of delayed projects from 2020 to 2021 will offset the disruption
to demand to some extent," Heggarty said.
Nevertheless, we cut our forecast for 2021 to 123.
6 GW from 127.
2 GW, a decrease of 3%.
”
The devastation of the viral pandemic varies from country to country, such as economic indicators in China, the initial epicenter of the outbreak, which indicate that the economy is recovering
.
According to WoodMac, wafer, cell and module production is returning to full capacity, and construction on many project sites has resumed
.
The company does not expect the impact of the pandemic on China's PV market, either upstream or downstream, to last until the end of the second quarter of
this year.
