Driven by emerging markets, new solar installations are expected to exceed 114GW worldwide in 2019

International consultancy Wood Mackenzie said today that new solar photovoltaic (PV) installations worldwide are expected to hit a record high
in 2019 due to improved markets in Europe and the United States and rapid growth in India and Vietnam.

It is expected that the global installed capacity of new solar photovoltaic capacity will reach 114.
5 GW in 2019, an increase of 17.
5%
compared to 2018.

In 2018, due to the introduction of the 531 New Deal in China, the world's largest solar PV market, and slowing economic growth, the growth of the country's market slowed, resulting in a slight decline in new installations worldwide
.

"The market is now back on a strong growth trajectory, and the slowdown in 2018 was only a temporary change, and we expect installations to increase to 125 GW per year by early 2020," said Wood Mackenzie
analysts.

This year's growth forecast will be driven primarily by emerging markets, particularly Spain, the United States, India, Vietnam, as well as Egypt and the United Arab Emirates
.

Countries and regions that install 1-5 GW per year will drive growth
.
Last year, there were seven such markets
.
But there will be 19 by 2022, including France, Saudi Arabia and Taiwan
.

This growth continues despite China's economic slowdown, and China is prioritizing renewable projects that can operate
without subsidies after rapidly falling manufacturing costs.

Thanks to generous subsidies, China's new solar capacity peaked at 53 GW in 2017 but will shrink to 30-40 GW
this year.
However, by 2024, China, India and the United States will account for more than
half of all solar PV installations.

Globally, tenders rather than subsidies are becoming increasingly popular
in incentivizing renewable energy development.

Tom Heggarty, senior solar analyst at Wood Mackenzie, told Reuters that "the tender mechanism is very important to drive growth, especially in emerging markets
.
" ”

About 90 GW of projects are expected to be awarded contracts through tenders this year, a 10%
increase from 2018.

Heggarty added that the June Brazilian tender set a record low price of $16.
95 per MWh for solar power, and the results of the second round of the Saudi Arabian tender, which will be released later this year, are also expected to be very low
.

Another study conducted earlier this year by the International Renewable Energy Agency showed that electricity generated by onshore wind and solar PV will continue to be lower than any fossil fuel source
next year.