The global PV panel demand will grow by around 15% and will reach a total capacity of 143.7 GW in 2021, according to Taiwanese market research company PV Infolink. “In a post-Covid-19 world, all signs indicate that the future of solar energy is bright,” its analysts stressed.
The new growth for next year is expected to come from projects that were delayed this year due to the Covid-19 crisis and will be completed next year. A positive sign for this growth is coming from current PV module demand, which is forecast to make solar panel shipments reach 126.2 GW for this year.
“China, which will enter the grid parity era under the 14th five-year plan, is expected to see 20% growth,” the PV Infolink experts said. “Europe, which is committed to the Paris Agreement, will see continued strong demand.”
The U.S. market is expected to see an increase in demand of 30% while the growth for India is predicted to be of 60%. “Asia Pacific will maintain stable growth while Latina America, where [the] electricity cost is low and the Middle East, where utility scale projects are under way, will witness 30-60% growth, contributing to [a] solar boom in 2021,” the market research company stated.
In a report published this week, the International Energy Agency (IEA) forecast that newly-deployed PV capacity for next year will be of approximately 117 GW with India, France and Germany leading the charge for big solar.
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