Renewables Goldman Sachs predicts major decline in solar demand Written by The Energy Advocate on July 26, 2018 More in Renewables: Renewables facing the ‘perfect storm’ of threats February 13, 2019 Asian countries prioritising development over climate goals December 7, 2018 Renewable sector concerned over Australia’s green energy push December 6, 2018 Banking giant Goldman Sachs has forecast a 24% decline in the global solar industry this year, which would be the first market contraction of its kind. Goldman is not alone in predicting a negative future for the world’s solar industry with Credit Suisse and Bloomberg NEF also anticipating declines across the industry. The Chinese solar market has had a significant impact on the industry after it took 20 gigawatts of projects offline earlier this year, reducing global installations from 99 GW last year to 75 GW, according to Goldman Sachs analyst Brian Lee. He said: “Lowering our coverage view to cautious, we believe oversupply is set to continue in the near-to-medium term as demand from the largest solar markets remains tepid.” In June, Goldman forecast a 40% drop in sales from the Chinese market, which accounts for over half of the global market. Furthermore, US President Donald Trump’s tariffs on imported solar panels and modules will also reduce demand across India, Japan and the US. Increased uncertainty in the solar sector is likely to see more investors reconsidering their portfolios.