Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.
Today, the world is in a unique and unprecedented position. The
coronavirus (COVID-19) disease 2019 has been the catalyst for
seismic changes, and such a storm of social, economic, and health
implications has never been felt before in peacetime. The upcoming
period will bring great challenges for all industries, economies,
and individuals. It may also bring opportunities as the recovery
takes place, and a new and different world emerges on the other
side of this global crisis.
<span/>The PV industry,
being linked so closely to the decisions of policy makers, has
always been subject to major swings in demand, with sudden—and
often unexpected—changes to the outlook for the industry being
a commonplace in the last 10 years. <span/>Over the years, IHS Markit has made several
major unplanned adjustments to its global forecasts as a result of
rapid changes in incentive policies and trade tariffs. <span/>However, none of them
have been as drastic or as surrounded in uncertainty as those which
have been made in response to the global pandemic and its
subsequent global recession.
Although it is too early to make a precise assessment of the
solar capacity (in megawatts: MW) that will not be installed as a
result of the crisis, <span/>IHS Markit is (for the first time ever) <span/>predicting that global PV
installations will decline in 2020. <span/>This is a result of both the immediate
paralysis of global industries and the long-lasting damage to the
economy. However, the inherent benefits of PV technology, which
make it a low-cost sustainable and reliable source of power, could
mean that the solar industry is better placed than many to weather
the storm and play a role in the recovery, particularly as the
world continues to transition toward a lower-carbon economy.
IHS Markit experts are available for consultation on the
industries and subjects they specialize in. Meetings are virtual
and can be tailored to focus on your areas of inquiry. Book in a
consultation with Sam Wilkinson.
Sam Wilkinson is an Associate Director for the Clean
Technology and Renewables team at IHS Markit.
