Global solar demand to soar by 30% in 2021

China will account for 35% of global annual solar installations, according to a new report

The global demand for solar installations is set to climb by 30% in 2021.

That’s according to the IHS Markit new report, which suggests the sector this year will see a record number for solar installations fuelled by a drop in the production costs that will decrease module prices.

The analysis also suggests China will still account for 35% of global annual installations in 2021.

The report estimates the offshore wind industry will deploy more than 10GW of capacity, nearly twice as much as last year, as a result of the boom in installations in mainland China.

The record growth last year in green hydrogen installations is also expected to continue throughout in 2021 because of the declining cost of low carbon hydrogen – this will continue to fall by a further 40% through to 2025.

Edurne Zoco, Executive Director Clean Energy Technology at IHS Markit, said: “We will see for the first time a situation in which global solar demand grows over 30% despite high module prices in the first half of the year, which is unprecedented in the solar photovoltaic industry.”

Andrei Utkin, Senior Associate Clean Energy Technology at IHS Markit, commented: “Floating foundations, the future of offshore wind in deep waters, are finally moving into the commercial phase. The industry has proven the reliability of the technology in a dozen pilot projects, and in 2021 for the first time commercial floating capacity will be allocated through auctions in the UK and France.”

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