Commodity Market Report

Global solar PV market outlook update: Q4 2020

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03 February 2021

Global solar PV market outlook update: Q4 2020

Report summary

This quarterly report provides insight into major developments for the global solar landscape, offering an assessment of the trajectory and key trends in the global market and providing scenario-based demand forecasts, insights on project pipelines, financing conditions, and supply-chain dynamics at the regional and country level. The analysis spans across market segments - residential, commercial, industrial and utility-scale - and includes deep-dive analyses on each regional market. Global solar PV markets continue to weather the challenges posed by the Covid-19 pandemic. 2020 performed better than expectations, with 134 GWdc of solar PV installations in 2020 (up 22% vs. 2019). Year-on-year growth in installations will continue each year to 2025, topping out at 187 GWdc. 2024 will be the only year with less than 5% year-on-year growth, when the US market will slow following the slowing down of ITC spillover.

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    Global Solar PV Market Outlook Update - Q4 2020_v2

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