Solar photovoltaic (PV) accounted for nearly half of all new power generation capacity installed during 2019, according to a new report by BloombergNEF (BNEF).

The Power Transition Trends 2020 report found that 118 gigawatts (GW) of new-build capacity was added to energy grids worldwide over the course of the year, Kallanish Energy learns.

Overall, 81 countries constructed at least 1 megawatt (MW) of solar during 2019. Solar accounted for 45% all new power generation capacity built globally.

By the end of 2019, global solar PV capacity totalled 651 GW, overtaking wind at 644 GW. Solar is now the fourth-largest power source on a capacity basis behind coal (2,089GW), gas (1,812GW), and hydro (1,160GW), the report stated.

For the first time, solar and wind technologies combined accounted for the majority of new generation recorded in 2019. Over two-thirds of the 265 GW of newly installed capacity came from solar and wind farms, up from less than a quarter of new-build in 2010.

In terms of generation, solar power accounted for just 2.7% of electricity worldwide, attributed to “PV’s lower capacity factors compared to fossil fuels.” BNEF stated that it expects the solar market share to continue its growth path, with 140-178 GW of new solar capacity to be built in 2022.

“Sharp declines in solar equipment costs, namely the modules that go on rooftops and in fields, have made this technology widely available for homes, businesses and grids,” said Luiza Demôro, BNEF analyst and lead author of the study. “PV is now truly ubiquitous and a worldwide phenomenon.”

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