IHS Markit forecasts 181 GW of new PV capacity for this year

02/04/2021
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The U.K.-based analyst has raised its outlook for new PV additions in 2021 by around 23 GW. Due to strong demand, leading module manufacturers are sold out for the first half of the year.

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U.K.-based market observer IHS Markit has significantly raised its forecast PV installation figures for this year, from 158 GW to 181 GW.

In the white paper IHS Markit Top 10 Cleantech Trends in 2021, the analyst said this growth would represent a 27% year-on-year increase compared to 2020 and would materialize in a scenario that the analysts described as characterized by strong demand despite increased module prices, long lead times, and rising freight costs.

“Leading module manufacturers are sold out for the first half of the year,” said Josefin Berg, research manager for clean energy technology at IHS Markit. “There is no indication of price weakness for July shipments yet, manufacturing capacity remains sufficient and no major material bottlenecks have arisen to change our forecast for 181 GW in global solar PV installations.”

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China is expected to be, once again, the world’s largest PV market in 2021, with around 60 GW of newly installed solar power.

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