Welcome to the Global Market Outlook for Solar Power 2021-2025. 

Nobody could have predicted a year ago that solar would manage so smoothly through a devastating global pandemic, and yet, despite the fact that COVID-19 has persisted longer than expected, global demand for solar did not shrink at all. Instead, surprising us yet again, solar reached a new annual record of 18% growth, with 138 GW installed in 2020.  

The success of solar is due to many factors. A primary one is its cost leadership, which continues to improve without an end in sight. Another is its versatility: solar covers an unmatched spectrum of power applications from very small residential systems to very large utility-scale plants, individual installations to building-integrated solutions in carports, apartment houses or agricultural green houses. There are also mobile applications and off-grid systems for rural electrification. Finally, no other power plant can be planned and built as rapidly as solar PV, while at the same time involving the highest job intensity.