US bank Goldman Sachs has reported that global utility-scale solar power capacity is expected to grow by double digits in 2019 and 2020, driven by growth in the US, Middle East, and China markets.
Reuters reported that according to Goldman Sachs, it expected global utility-scale solar installations to reach 108GW in 2019, up 12% on the previous year, and grow by a further 10% in 2020 to 119GW.
For 2021 and 2022 the bank expected capacity to reach 129GW and 135GW.
“We expect the combination of lower costs for solar and favourable policy support providing a multi-year runway for utility-scale to drive meaningful upside to the market,” the US investment bank said in a research note.
“We anticipate some of the strongest growth to materialise in key regions such as the US, Europe, and the Middle East while we see some potential upside emerging in China where demand appears to have stabilised in recent months following a collapse through the latter part of 2018,” it added.