Fitch Solutions: Global installed solar capacity will climb 125% in next 10 years.

Solar energy capacity addition is set to expand 125 per cent globally over the next decade as countries switch from fossil fuels to greener alternatives, according to a study by Fitch Solutions.

Solar energy is expected to take up a 6 per cent share of global electricity generation by 2029, an increase from 2.7 per cent at the end of last year. A net total of 734 gigawatts of solar power capacity is likely to be added by the end of 2029, with installed solar generation capacity set to grow to 1,321.8GW, up from 587.5GW in 2019.

“Growth in emerging markets will also support our positive global solar outlook. We forecast 36 markets will add more than 1GW of solar capacity over the coming decade, with 48 markets expected to add over 500 megawatts and 72 markets expected to add at least 100MW,” Fitch Solutions said.

China will remain the single biggest individual market driving solar power generation, with 285.7GW of capacity addition expected over the next decade, just short of 40 per cent of the total, according to Fitch Solutions.

The US and India are also expected to drive growth in the sector, with 110.4GW and 84.4GW of capacity additions respectively, over the next decade.

Across Europe, Spain, France, Germany and Italy will be the main growth drivers, with each market estimated to add between 12GW and 24GW of capacity over the next decade.

29 June 2020

IEEFA