Coronavirus: Disruption will reduce 2020 global solar PV additions by 18%

The outbreak of the coronavirus (COVID-19) pandemic will have a significant impact on the global solar PV market. Construction and development activities are slowing down as countries around the world enforce unprecedented lockdowns. Against the backdrop of severe economic disruption, we have downgraded our forecast for 2020 installations from 129.5 GW to 106.4 GW, a reduction of 18%. Next year will be a challenging one for solar as well. We assume that the economic damage caused by the pandemic and concurrent crash in oil prices will tip the world into recession in 2020. Although we expect a strong economic recovery next year, projects that should be delivered in 2021 are being developed and financed today. When the recession hits, not all activity will go ahead as planned.