The global number of photovoltaic installations will almost double in 2023; China, USA, the rest in the lead

The number of solar PV installations worldwide increased by 87% in 2023, adding 447 GW (gigawatts) of new capacity, compared to 239 GW in 2022, according to SolarPower Europe’s annual report. Global Solar Energy Market Outlook 2024–2028.

This record growth brought the world’s total solar power capacity to 1.6 TW (terawatts).

According to SolarPower Europe, last year’s new solar installations would cover more than half of India’s annual electricity demand, or more than all of Brazil’s energy consumption.

Compared to Europe, the annual number of installations would exceed the total annual electricity consumption of Sweden, the Netherlands, Belgium, Finland, the Czech Republic, Austria, Portugal and Greece combined.

The report highlighted that 80 percent of these installations were concentrated in the 10 largest markets, mainly in developed economies. China led the way, installing 57% of new global solar capacity in 2023. This equates to 253 GW, or almost the total number of installations installed globally in the previous year.

“The world has truly entered the era of solar energy,” said Walburga Hemetsberger, CEO of SolarPower Europe. “The sky is no longer the limit. How far solar energy can reach will be determined by equitable global access to finance and the political will to deliver flexible energy systems adapted to a renewable reality.

Despite strong growth, expansion has been uneven. Emerging economies are estimated to account for only 15 percent of total clean energy investment globally IEA World Energy Investment (WEI) 2024 report.

The global goal to triple renewable energy by 2030 requires $12 trillion in investment, with solar power expected to provide half of that goal.

The report predicts solar growth will slow between 2024 and 2028

The Global market prospects predicts that the world will exceed 2 TW of total solar power capacity this year, reaching 1 TW in 2022.

However, economic growth is expected to slow between 2024 and 2028 due to high interest rates, resolved energy crises and network constraints.

Michael Schmela, Director of Market Intelligence at SolarPower Europe, emphasized the need to set realistic goals and address challenges such as permits, regulatory frameworks and system flexibility. “By 2028, we could install over 1 TW of solar energy per year. The sector is ready to deliver a low-carbon energy system, and policymakers must wake up to the climate and energy security solution that is already at their feet.

China’s prominent role in the global solar market is underlined by its huge installation rate and increase in production scale, which led to a 50 percent drop in solar panel prices last year.

Sonia Dunlop, CEO of the Global Solar Council, stressed the importance of industry unity and cooperation to achieve global solar transformation goals.

The report, presented at the recent Intersolar Europe conference in Munich, was created in cooperation with the Global Solar Council and contains a comprehensive analysis of the development of solar energy around the world.

Top 10 solar markets in 2023

Rank	Country	Installations 2023
1	China	253 GW
2	United States	32.4 GW
3	Brazil	15.4 GW
4	Germany	15.0 GW
5	India	12.5 GW
6	Spain	8.9 GW
7	Japan	6.2 GW
8	Italy	5.2 GW
9	Australia	5.1 GW
10	Netherlands	4.9 GW

31 GW-scale markets in 2023

Rank	Country	Installations 2023
1	China	253 GW
2	United States	32.4 GW
3	Brazil	15.4 GW
4	Germany	15.0 GW
5	India	12.5 GW
6	Spain	8.9 GW
7	Japan	6.2 GW
8	Italy	5.2 GW
9	Australia	5.1 GW
10	Netherlands	4.9 GW
11	Poland	4.6 GW
12	South Africa	3.2 GW
13	France	3.2 GW
14	United Arab Emirates	3.1 GW
15	South Korea	3.0 GW
16	Turkey	2.7 GW
17	Taiwan	2.7 GW
18	Austria	2.7 GW
19	Sweden	2.0 GW
20	Saudi Arabia	1.9 GW
21	Belgium	1.9 GW
22	United Kingdom	1.8 GW
23	Chile	1.6 GW
24	Mexico	1.7 GW
25	Greece	1.6 GW
26	Hungary	1.6 GW
27	Switzerland	1.5 GW
28	Portugal	1.5 GW
29	Romania	1.5 GW
thirty	Pakistan	1.3 GW
31	Bulgaria	1.2 GW

Note: These numbers are based on SolarPower Europe models, which are based on various sources.