HOME > News

Global Top 10 PV Markets 80% of New Installations

published: 2024-06-25 16:59

According to solar trade body SolarPower Europe (SPE), global installed PV capacity will grow 87% year-on-year in 2023, with China continuing to dominate growth.

In its report "Global Solar Market Outlook 2024-2028", SPE said that the global installed capacity of new PV was 447GW in 2023, up from 239GW in 2022, an increase of 87%. By the end of 2023, total global installed PV capacity increased to 1.6 TW.

Several factors are contributing to the growth in 2023, including significant growth in global solar PV capacity, which has significantly improved the availability of solar modules after the supply chain issues experienced during the New Crown epidemic.

Moreover, the global energy crisis in 2022 continues to fuel demand everywhere. In response to this, governments, individuals and businesses are choosing solar energy as a reliable and affordable solution to high energy prices, according to the report.

Many of the component orders from 2021 and 2022 were realized in 2023, thanks to an increase in available products and installers, as well as more affordable pricing.

The additional installed capacity in 2023 is equivalent to more than half of India's annual electricity demand, or more than Brazil's total electricity consumption. In Europe, the annual installed capacity even exceeds the total annual electricity consumption of Sweden, the Netherlands, Belgium, Finland, the Czech Republic, Austria, Portugal and Greece.

Solar PV accounted for 78% of the new renewable energy capacity installed globally last year (576GW), followed by wind (117GW), hydropower (7GW), biomass (4GW) and other renewable energy (1GW).

Solar additions have grown in importance over the past three years, with solar accounting for 56% and 66% of additions in 2021 and 2022, respectively.

SPE CEO Walburga Hemetsberger commented, "How far solar can go will depend on fair access to financing globally and the political will to deliver flexible energy systems that can be adapted to the realities of renewable energy."

80% of new installations concentrated in top 10 markets

The development of solar energy varies greatly around the world. 80% of new installed capacity in 2023 is concentrated in the top 10 markets.

In 2023, China continues to dominate with 253GW of new installed capacity, up 167% year-on-year, and accounting for 57% of global installed PV capacity. It is closely followed by the US (32.4GW), Brazil (15.4GW), Germany (15GW) and India (12.5GW).

A growing number of countries meet SPE's definition of an "advanced solar market", i.e. those with at least 1GW of annual installed solar capacity. the number of countries in this category increases to 31 in 2023, up from 28 in 2022.

Citing the International Energy Agency's World Energy Investment Report 2024, SPE noted that clean energy spending in emerging and developing economies accounts for only 15 percent of total global clean energy investment.

In order to meet the COP28 target of tripling renewable energy by 2030 (of which solar will account for half), the funding needed is $12 trillion.

Looking ahead, demand for solar PV systems is expected to grow significantly over the next few years, thanks to further cost improvements, available products, and the numerous advantages offered by this technology. By this year, global installed PV capacity is expected to exceed 2TW.

SPE provides three forecast scenarios for annual installed PV capacity from 2024-2028. To 2024, the medium scenario forecasts a global growth rate of 22% and a market size of 544 GW, an increase of about 100 GW compared to 2023. this year's low and high scenarios are 461 GW and 647 GW, respectively.

SPE expects that by 2028, the world will be running 668GW of installed PV capacity in the low scenario, while 876GW and 1,122GW of solar capacity will be commissioned in the medium and high scenarios, respectively.

Source: https://mp.weixin.qq.com/s/htcZXfR935OtO7WvmC2xxQ

announcements add announcements     mail print