Smart News: Global PV installations to reach 270 GW in 2023

Smart News Global PV installations to reach 270 GW in 2023

Photovoltaic installations continue to grow at an accelerated pace, according to Wood Mackenzie, 2023 will be no exception and more than 270 GW of capacity will be added.

In its latest forecast update for the global PV market for the second quarter of 2023, Wood Mackenzie expects accelerated construction across all regions to continue, with capacity additions increasing to 330 GW per year by 2032, with an average annual growth of 5% from 2023 to 2032.

After last year's slowdown due to supply chain issues, the US is on track for stellar growth in 2023 with a 39% year-over-year recovery. The country has managed to sidestep supply chain issues in the opening quarter of 2023, which began with a record first quarter of 6.1 GW of capacity added across all markets, and all but community solar posted a record first quarter.

Between 2023 and 2032, the US is expected to install 465GW of solar capacity.

As European Union countries present updated National Energy and Climate Plans (NECPs) and increase their solar energy targets, such as Spain, which almost doubled its previous target from 39GW to 76GW of solar capacity by 2030, Wood Mackenzie predicts, that Europe will add over 530GW of capacity in the period 2023-2032.

Other key drivers for Europe's growth in 2023 will be faster permitting regulations and countries updating their auctioning mechanism – Germany increased the maximum bid price for ground-mounted solar auctions to encourage -a big turnout earlier this year.

The accelerated reduction in electricity rates in the first quarter of 2023 did not slow the pace of solar installations, but continued inflation and rising interest rates will contribute to slower growth than that seen in 2022, according to Wood Mackenzie. although the company expects the distributed market to grow by 5% in 2023.

In addition, Romania has become a growing distributed PV market in Europe and is expected to reach a cumulative capacity of 6.5 GW by 2027. Earlier this year, PV Tech Premium explored how the country's upcoming contract for difference is attracting developers to Romania.


Contact form

Contact Form BG