Global Solar PV Market Resumes Double-digit Growth In 2019
According to IHS Markit, a global business information provider, the global solar photovoltaic (PV) market will rebound from a single-digit growth in 2018 to 25% in 2019, reaching 129 GW of solar installations. The recovery is mainly from markets outside China and is expected to grow by 43% in 2019. The deadline for completion of projects in Spain, Vietnam and other countries is 2019, as the increase in module prices at the end of 2018 led to an increase in demand.
Given the signs of current development activities, China, the world's largest PV market, will reach 25% in 2019 after reaching 45 GW in 2018. According to IHS Markit's latest "Photovoltaic Installation Tracking" report, most installations will take place in the second half of the year.
Josefin Berg, IHS Markit Research and Analysis Manager, said: "At present, China's prospects remain highly uncertain as new PV support plans have not yet been announced." "Planning more policy on non-subsidized PV systems may slow down recently. Deployment, unless a strict construction deadline is imposed to stimulate demand in 2019."
It is expected that the United States will surpass India in 2019 and become the second largest PV market again. As the 30% investment tax credit (ITC) ends this year, some projects will be rushed to completion. However, the Safe Harbor Regulation introduced in 2018 requires a 5% investment by the end of 2019 to enjoy the full ITC rate and the expected facilities from 2019 to the next few years. Berger said: "The ever-increasing project development activities show that the years after 2019 will flourish."
In India, efforts to lower the bid price have delayed several bids when parts and components become more expensive through tariff protection, and may shake the future solar PV market in India. Europe is the region with the largest increase in the past year, after the minimum import price of the module has ended. In 2018, power generation increased by 23% to 12 GW, and is expected to exceed 19 GW in 2019. In Spain alone, the revival of the utility-scale market has made installations in the region account for almost 60% of the region's growth.
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