A recently published article by ResearchAndMarkets.com reports the COVID-19 crisis has resulted in the construction of fewer new solar panels, wind farms and other facilities to produce renewable energy, according to solarindustrymag.com.
This decline is caused by a slowdown in construction activity, supply chain disruptions and lockdown measures. However, it is expected growth will resume in 2021 resulting from completion of postponed projects and continued government support. Despite the disruption to planned projects, the ResearchAndMarkets.com article predicts 167 gigawatts of renewable power capacity will be added globally in 2020.
Analysts predict a partial recovery in 2021; renewable energy installations are forecast to rebound to 2019 levels. However, combined growth for 2020 and 2021 is expected to be 10% lower than was forecast before the COVID-19 outbreak. The sharp decline in oil and gas prices also could affect the demand for renewable energy heating; because of the economic effects of COVID-19, consumers may take advantage of lower prices and delay switching from fossil fuel heating to renewable alternatives.
