• The Future Belongs to Solar Energy

The Future Belongs to Solar Energy

  • Jun 17, 2020
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SPEAccording to the "Global Market Outlook 2020" reports released today by Solar Power Europe (SPE), the global solar industry can enter the TW era as early as 2022, but the premise is that governments must take appropriate stimulus measures.

According to SPE analysis, due to the decline in demand and the influence in labor market and logistics that COVID-19 brings about, the installed capacity will decline about 4% to 112GW, which is significantly lower than SPE's last year forecast 144G for 2020. This indicates that the COVID-19 does hinder the development of the solar energy market.

However, if governments all over the world highlight renewable energy as the main power of economic recovery, there may be a significant bounce in solar industry. This policy may ignite the life of global solar energy industry, pushing the installed capacity to jump by 34% next year to reach 150GW.

It is expected that in 2022, the installed capacity will reach to 168GW. By then, the global solar installed capacity is deemed to exceed the 1TW level. Looking back, merely four years ago, the solar industry just celebrated the good news of installed capacity exeeding 0.5TW.
 

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