SolarPower Europe forecasts 800GW of new photovoltaic capacity additions by 2023 in its latest five-year outlook, taking global installed solar to well over 1000GW.
The Global Market Outlook 2019-2023 report anticipates that around 128GW of new PV capacity will be installed in 2019, translating into a 25% market growth.
This will lead to a cumulative installed capacity of 645GW, which is about 4% higher than assumed in last year’s Global Market Outlook.
The solar TW-level will most likely be exceeded in 2022, according to the report, with total solar power generation capacity reaching 1.3TW in 2023.
According to the study a total of 102.4GW of solar power was connected to the grid in 2018, 4% more than the 98.5GW installed in 2017.
SolarPower Europe president Christian Westermeier said: “2018 was a unique year for the entire global solar industry, as we exceeded the magic installation mark of 100GW a year for the first time, which led the solar power sector to grow to over 500GW, or 0.5TW.
“Last year, we again saw strong cost improvements with solar becoming the lowest-cost power generation source in more and more regions.”
He also said that corporate renewable power purchase agreements have reached a double-digit GW-level, and a market for merchant solar has emerged in several countries.
According to the trade association’s study, last year 11 countries installed more than 1GW of solar and it forecasts that the number will increase to 16 countries in 2019.
Europe added 11.3GW in 2018, a 21% increase over the 9.3GW installed the year before mainly because of the EU’s binding national 2020 targets.
In 2019, SolarPower Europe expects demand to surge by over 80% to 20.4GW, and an 18% growth to 24.1GW in 2020, in its mid-range scenario.
This would set a new installation record, surpassing the 22.5GW Europe added in 2011.
SolarPower Europe chief executive Walburga Hemetsberger said: “In Europe, we have entered a new era of solar growth and with the recently concluded Clean Energy Package, we have a new framework for solar that will see our technology thrive even more in the coming years.
“We now look to EU member states to put ambitious solar targets in place and ensure robust implementation guidelines in their 2030 National Energy and Climate Plans.”
According to the International Renewable Energy Agency an average of over 400GW of renewables have to be installed per year until 2050 to keep temperature rise below 2°C. In 2018, around 180GW of renewable power capacity was installed.