The International Energy Agency (IEA) reported that despite soaring commodity prices and rising manufacturing costs, global solar photovoltaic development is still expected to increase by 17% this year.
In most countries around the world, utility solar projects provide the lowest cost of new electricity, especially in the case of rising natural gas prices. IEA predicts that in 2021, 156.1GW of photovoltaic installations will be added globally.
This represents a new record. Even so, this figure is still lower than other development and installation expectations. The research institute BloombergNEF predicts that 191GW of new solar energy will be installed this year.
In contrast, IHS Markit’s projected solar installed capacity in 2021 is 171GW. The medium development plan proposed by the trade association SolarPower Europe is 163.2GW.
The IEA stated that the COP26 climate change conference announced a more ambitious clean energy goal. With the strong support of government policies and clean energy goals, solar photovoltaic “remains the source of renewable energy power growth.”
According to the report, by 2026, renewable energy will account for nearly 95% of the increase in global power capacity, and solar photovoltaic alone will account for more than half. The total installed photovoltaic capacity will increase from about 894GW this year to 1.826TW in 2026.
Under the premise of accelerated development, the global solar photovoltaic annual new capacity will continue to grow, reaching nearly 260 GW by 2026. Key markets such as China, Europe, the United States, and India have the largest growth rates, while emerging markets such as sub-Saharan Africa and the Middle East also show considerable growth potential.
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