June 24, 2024
According to the annual report “Global Photovoltaic Market Outlook 2024-2028” recently released by SolarPower Europe, the installed capacity of photovoltaic systems worldwide in 2023 has almost doubled compared to the previous year, and it is expected that the total installed capacity of photovoltaic systems worldwide will reach 2TW by 2024.
According to the analysis of this report, the global installed capacity of photovoltaic systems in 2023 is 447GW, while the installed capacity of photovoltaic systems in 2022 is 239GW, a year-on-year increase of 87%. This growth rate is unprecedented since 2010, when the installed capacity of photovoltaic systems worldwide was only 4% of the current level.
Walburga Hemetsberger, CEO of the European Photovoltaic Industry Association, stated that the world has truly entered the era of photovoltaics. She added, “The development trend of the global photovoltaic market will depend on the fairness of global financing channels and the political will demonstrated by governments around the world to build flexible energy systems that adapt to the reality of renewable energy
The report predicts that since the cumulative installed capacity of photovoltaic systems reached 1TW in 2022, the global cumulative installed capacity of photovoltaic systems will reach 2TW this year. By the end of 2023, the cumulative installed capacity of photovoltaic systems worldwide will be 1.6TW. Despite facing challenges in high interest rates and grid connection, the report still predicts that by 2028, 1TW of photovoltaic systems will be installed globally annually. However, the report also points out that global photovoltaic growth may slow down in the coming years.
Although there are currently 31 countries worldwide with an annual installed capacity of over 1GW of photovoltaic systems, an increase from 28 countries in 2022, there are almost no emerging countries on this list. The European Photovoltaic Industry Association stated that the flexibility of financing and energy systems must be further released, as the current installed capacity growth is unevenly distributed globally.
Michael Schmela, Director of Market Intelligence at the European Photovoltaic Industry Association, pointed out that “the main task now is to set realistic goals and address known challenges by installing a large number of battery energy storage systems, such as cutting-edge issues such as licensing, regulation, profitable business models, and system flexibility. The photovoltaic industry is ready to provide decarbonized energy systems, and policy makers must recognize the need to provide solutions related to climate and energy security.
In 2023, 80% of the installed photovoltaic system capacity worldwide will be concentrated in the top ten markets. According to the ranking of installed photovoltaic system capacity in 2023, these ten markets are China, the United States, Brazil, Germany, India, Spain, Japan, Italy, Australia, and the Netherlands. China installed 253GW of photovoltaic systems last year, accounting for 57% of the world’s total installed capacity. In contrast, the newly installed capacity of photovoltaic systems in the United States is only 32.4GW.
Sonia Dunlop, CEO of the Global Solar Commission, said, “China continues to lead the pace of transformation in the global photovoltaic market. However, in order to keep global warming within 1.5 ℃, it is more important than ever for the global photovoltaic industry to remain united. No country or company can achieve this goal alone. We must work together to explore emerging markets with enormous potential, build fair and resilient supply chains, and provide significant funding for the photovoltaic industry to lead the transformation of the global energy structure.
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