January 17 (Renewables Now) - The impact of China’s “531 New Policy” on the global solar industry in 2018 was not as severe as originally expected and, with the help of increased demand from other markets, photovoltaic (PV) capacity additions last year grew by 4.9% to 103 GW, EnergyTrend calculates.
The green energy research unit of Taiwan's TrendForce said on Wednesday new grid-connected capacity in 2019 is expected to reach 111.3 GW, with the EU market being one of the brightest stars this year in terms of growth. Demand there could jump by more than 50% from 2018, thanks to the Paris Agreement and falling module prices, according to EnergyTrend.
Globally, the number of gigawatt-level markets is seen to reach 15 in 2019, up from just six in 2016. China and the US will be the top two solar power capacity installers this year, followed by India and Japan.
EnergyTrend said the critical challenges and reshufflings in 2018 would actually result in a healthier and more stable PV industry in the long run. As the supply chain’s prices continue to decline, the industry is expected to approach grid parity with fewer subsidies, the research firm added.