Presenting the Latest Solar Industry Figures: The Global Market Outlook for Solar Power 2021-2025

Press Release – Wednesday, July 21 2021

Munich/Pforzheim, July 21, 2021 – The smarter E Industry Days (July 21–23), a digital event for the entire new energy world, are in full swing. At the conference today, SolarPower Europe introduced the Global Market Outlook for solar power 2021–2025, which provides an overview of the latest developments in the solar industry as well as international markets. The Intersolar Europe Restart 2021 (October 6–8), will be a driving force for the solar industry, providing a platform for companies to showcase their products and innovations to customers directly, as well as sharing and gaining information. This makes the exhibition an important pillar for the expansion of photovoltaics (PV) in European markets.

While the Covid-19 pandemic has slowed down the growth of many industries, the new energy world has been an exception to the rule: The European photovoltaics market is booming, demand is surging. This is owed to product innovations, high demand and sinking costs of PV, while the price of oil, gas and coal is rising. In addition, the palpable effects of the climate crisis are also driving sales. Solar energy power is competitive. SolarPower Europe’s annual Global Market Outlook for solar energy, which is ordinarily presented at Intersolar Europe, is the leading market analysis report for the global solar industry and presents the sector’s latest figures.

The Global Market Outlook 2021–2025: Status quo and outlook

In 2020, notwithstanding the effects of the COVID-19 pandemic, 138.2 gigawatts (GW) of new PV installations were deployed; this equals an 18 percent growth compared with 2019, and marks a new global record for solar power. The total PV output installed around the world is now at 773.2 GW, which means that solar power has exceeded the 3/4-terawatt (TW) milestone. This growth contributes to the rising status of PV, as photovoltaics accounted for 39 percent of newly installed power generation capacity last year. More than a third of power plant capacity installed in 2020 was PV. At the same time, the share of solar energy power generation in general climbed to 3.1 percent. Nevertheless, 70 percent of electricity in the world still comes from fossil or nuclear fuels, so it is high time to advocate and speed up the use of solar energy. This year’s Global Market Outlook has expanded its focus beyond on-grid solar installations, and for the first time, will also cover the off-grid sector.

Despite several price increases along the solar value-added chain, SolarPower Europe expects 2021 to be another year of outstanding growth. The average scenario predicts an 18 percent increase of newly installed capacity to 163.2 GW. By 2025, SolarPower Europe expects the global installed capacity to be close to 1.9 TW.

Intersolar Europe Restart 2021: The excitement is growing

The Intersolar Europe Restart 2021, held at Messe München from October 6–8, will offer players in the solar industry the much longed-for opportunity to showcase their products on-site to customers, and to exchange ideas in person. Exhibitors, visitors and conference attendees will be encouraged and empowered to bring their ideas, products and solutions to the market as quickly as possible as a way of getting one step closer to the energy world of tomorrow. It is important to remember, though, that solar energy is just one element of the energy transition that needs to be considered as part of the bigger picture. Sector coupling is another particularly important element in the spotlight at the leading exhibition. The combination of PV and storage systems as well as charging stations for e-mobility, agrivoltaics, floating PV and the “green hydrogen” market of the future are among the hot topics which will once again make the event the innovative and driving force of the industry. A large number of exhibitors, among them BayWa r.e. AG, FIMER SPA, Ginlong Technologies Co., Ltd., GOLDBECK SOLAR GmbH, Huawei Technologies Co., Ltd., Ingeteam Power Technology, S.A., JA Solar, Jiangsu GoodWe Power Supply Technology Co., Ltd., KOSTAL Solar Electric GmbH, Meyer Burger Technology AG, POWER ELECTRONICS, REC Solar EMEA GmbH, Schletter Solar GmbH, Solar Fabrik GmbH, Sungrow Power Supply Co., Ltd. and Trina Solar Co., Ltd., will be presenting their innovative products and business models.

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