Partial Recovery Predicted in 2021
The COVID-19 crisis has resulted in the construction of fewer new wind farms, solar panels and other facilities to produce renewable energy. This decline is due to a slowdown in construction activity, supply chain disruptions and lockdown measures. However, it is expected that growth will resume next year as a result of the completion of postponed projects and continued government support. Despite the disruption to planned projects, it is predicted that the world will add 167 gigawatts of renewable power capacity this year.
Analysts predict a partial recovery in 2021. Renewable energy installations are forecast to rebound to 2019 levels. However, the combined growth for 2020 and 2021 is predicted to be 10% lower than was forecast before the COVID-19 outbreak. The sharp decline in oil and gas prices could also have an effect on the demand for renewable energy heating. Due to the economic impact of COVID-19, consumers may take advantage of the lower prices and delay switching from fossil fuel heating to renewable alternatives.
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