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Wed, 8th Apr 2020 15:01:00 |
WoodMac expects 106 GW of newly deployed solar this year |
As Chinese PV manufacturers are now on the way to fully utilizing their production capacities, it is becoming increasingly clear how much coronavirus containment measures will affect global demand. Wood Mackenzie expects a decline in residential PV demand and a shift in investment to commercial projects, which is why it now only expects 106 GW of capacity additions this year.
Around half of the world's population is now affected by measures to contain the coronavirus pandemic. At the same time, demand for electricity is falling and the risk of a global recession is increasing, Wood Mackenzie says in a newly released market report. This situation will have a range of different impacts on the future deployment of renewable energy.
WoodMac analysts expect to see a disproportionate impact on demand for solar PV projects and storage systems, as well as electric vehicles. As a result, the research firm has lowered its full-year forecast for new PV capacity additions by 18% from 129.5 GW to 106.4 GW in 2020. And the consequences of the coronavirus crisis will be felt throughout the coming year and beyond, which is why the company has also cut its 2021 outlook for solar demand by 3% compared to previous forecasts.
Containment measures for the coronavirus pandemic are having different impacts on different segments. These issues will primarily show up in delays in installations of utility-scale solar plants, as well as declining demand for residential and commercial PV systems, as customers are now under considerable economic pressure as a result of the Covid-19 pandemic.
WoodMac also expects to see falling module prices in Europe and the United States. Over the past few weeks, a number of PV manufacturers in China have been able to start resuming production, and some of them have already returned to full production capacity. The research firm said that this has contributed to price declines in Europe and the United States since the beginning of this month.
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