Recently, the International Energy Agency's Photovoltaic Power Systems Programme (PVPS) released a 2024 snapshot of the global photovoltaic market, covering photovoltaic installations, manufacturing, policy trends, and grid integration. Data reveals that the global cumulative installed solar pv capacity increased from 1.2TW in 2022 to 1.6TW in 2023, with newly added solar pv capacity growing from 236GW in 2022 to 446GW in 2023.
Driven by proactive development policies, China's newly added photovoltaic capacity surged to a record-breaking 235GW (DC), representing over 60% of the global newly added photovoltaic capacity, with a cumulative installed capacity reaching 662GW. Notably, China's newly added photovoltaic capacity in 2023 accounted for over 15% of the global cumulative installed capacity, almost equivalent to the cumulative photovoltaic installed capacity in Europe.
Europe continued its robust growth, propelled by increases in Germany (14.3GW), Poland (6.0GW), Italy (5.3GW), and the Netherlands (4.2GW), installing 61GW (of which approximately 55.8GW were within the EU), while Spain experienced a slight decrease (7.7GW).
The primary photovoltaic markets in the Americas, the United States and Brazil, both experienced growth. After a slow increase in 2022, the United States added 33.2GW of photovoltaic capacity in 2023, while Brazil maintained the momentum from 2022, adding 11.9GW of photovoltaic capacity, placing it among the top ten globally.
Photovoltaic power plays a crucial role in energy transition, with photovoltaic electricity accounting for over 75% of all new renewable energy electricity technologies in 2023, generating nearly 60% of the newly added renewable energy electricity, thanks to continuous cost reduction, higher technological performance and accessibility, and generally faster permitting processes compared to wind and hydroelectric power. As penetration rates increase, countries need to establish new governance models aligned with market and climate policy-driven deployment targets to ensure photovoltaic deployment.
Source: Seraphim
