A new market-based research has said that in 2019, around 109 GW of new solar PV capacity was added worldwide, about the same as in 2018.
It said that the rapid installations were primarily due to policy support and a sharp decline in technology costs and growing environmental concerns.
Most of the insights in the report, according to Business Wire, are derived from proprietary databases, and offerings. The insights include market data, installation data and capacity additions data, policies and regulations, project data, company profiles, and competitive landscape analysis.
The report said that in the last decade, solar power capacity has grown tremendously to become the fastest-growing source of renewable energy in the world.
However, with the economic downturn induced by the outbreak of COVID-19, demand from the residential PV segment will be severely affected due to the financial uncertainty faced by the customers.
The medium said commercial and industrial installations are expected to be negatively affected as discretionary spending will be delayed, and preserving short-term cash flow will become a priority.
Further, in the utility segment, supply chain disruptions and weaker investment will lead to delays in project commissioning.
According to the publisher, despite the slowdown expected in 2020 due to the corona virus pandemic’s challenges, the outlook for solar remains strong in the medium term, and the market is expected to expand during the forecast period as the cost of generation from solar PV is increasingly becoming cheaper than its alternatives.
The report provides a comprehensive analysis on the historical development, the current state of solar power installation scenario, and its outlook. It also covers market dynamics, growth potential of the photovoltaic (PV) and concentrated solar power (CSP) markets, economic trends, and investment and financing scenario in Nigeria.
Further, the report looks at the current state and assesses the potential of residential, non-residential, and utility-scale solar PV deployment. Special attention is given to depicting the impact of the ongoing COVID-19 pandemic, national solar PV production/manufacturing scenario, and the country’s imports and exports.
By Chibisi Ohakah, Abuja
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