Wood Mackenzie’s number-crunchers are the latest analysts queueing up to predict a bumper year ahead for PV, with falling prices, rising efficiency rates and booming markets outside China all on the cards. And it could be a make-or-break year for mega-projects, says Wood Mac.
After a year of turbulence for global solar, new capacity installations will break the 100 GW barrier for the first time in 2019, according to consultants Wood Mackenzie. Unveiling its Global Solar PV Markets – Top 10 Trends to Watch in 2019 report this morning, the Scottish energy research company predicted 103 GW of new PV will be installed in the next 12 months, as the sector rebounds following figures which showed last year was the first in which new capacity additions failed to rise year on year. Wood Mackenzie has predicted the world will continue to wean itself off a dependency on China which, although it will remain the world’s top dog for some time to come, will see its share of global installed capacity fall from the 55% seen in 2017 to around 19% by 2023. The Edinburgh-based consultancy predicts Saudi Arabia, Iran, Egypt and Italy will be the world’s fastest-growing solar markets this year. And another landmark will be set in the final three months of 2019, according to the report’s authors, with more than 30 GW of new solar anticipated for a quarterly record, as regional markets Latin America, the Middle East and Africa continue to expand.