SINGAPORE: Utility-scale solar power capacity is expected to grow by double digits globally in 2019 and 2020, driven by expansions in the United States, Europe, Middle East and China, US bank Goldman Sachs said on Thursday.
Solar power is the fastest growing source of electricity generation, taking market share from fossil fuels like thermal coal and natural gas as governments and companies increasingly introduce clean energy targets.
“We expect the combination of lower costs for solar and favorable policy support providing a multi-year runway for utility-scale to drive meaningful upside to the market,” the US investment bank said in a research note.
Goldman said it expected utility-scale solar installations globally to reach to 108 gigawatts (GW) in 2019, up 12 percent on the previous year, and then grow by another 10 percent in 2020 to 119 GW.
For 2021 and 2022 the bank expected capacity to reach 129 GW and 135 GW.
Utility-scale solar is defined as an installation that is designed solely to feed electricity into a grid, unlike smaller scale residential solar units.
Including residential installations, most analysts expect global solar power capacity to soon hit 600 GW.
“We anticipate some of the strongest growth to materialize in key regions such as the US, Europe, and the Middle East while we see some potential upside emerging in China where demand appears to have stabilized in recent months following a collapse through the latter part of 2018,” it added.
Solar power has been booming not just because of government and corporate sustainability targets, but also thanks to a sharp drop in panel prices in recent years.
Solar panel costs have plummeted from around $70 per watt of electricity generated in 1980, to $0.36 per watt currently in the United States, according to energy consultancy Wood Mackenzie.
Thanks to the solar boom, Goldman said it was “selectively constructive” on solar companies, with First Solar, Canadian Solar, Vivint Solar, Longi Green Energy Technology and Tongwei expected to perform well.
Large-scale solar power set for double-digit growth
Large-scale solar power set for double-digit growth
- Solar power is the fastest growing source of electricity generation, taking market share from fossil fuels
- Goldman said it expected utility-scale solar installations globally to reach to 108 gigawatts (GW) in 2019
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
