New solar photovoltaic (PV) installations are set to reach a record high this year, driven by improving markets in Europe and the United States and fast growth in India and Vietnam, consultancy Wood Mackenzie said on Thursday. Low auction prices are also expected to help boost new solar PV capacity by the end of this year to 114.5 gigawatts (GW), 17.5% higher than 2018 and the first time new installations have exceeded 100 GW.
The rise forecast this year will be driven mainly by Europe - in particular Spain, the United States, India, Vietnam, as well as Egypt and the United Arab Emirates. Countries which install between 1-5 GW a year will drive growth. Last year, there were seven such markets. By 2022 there will be 19, including France, Saudi Arabia and Taiwan, the report said. A separate study earlier this year by the International Renewable Energy Agency said electricity generated by onshore wind and solar PV will in the next year be consistently cheaper than from any fossil fuel source.
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