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A record 270 GW of solar is predicted worldwide for 2023
By: Michelle Lewis | Aug 3 2023 - 3:29 pm PT
Full article: https://electrek.co/2023/08/03/a-record-270-gw-of-solar-is-predicted-worldwide-for-2023/
A record 270 (gigawatts) GW of newly installed solar capacity is expected to be achieved worldwide in 2023, according to global research firm Wood Mackenzie.
Wood Mackenzie predicts in its latest solar market outlook https://www.woodmac.com/reports/power-markets-global-solar-pv-market-outlook-update-q2-2023-150143569/ that solar will continue accelerating to an annual 330 GW by 2032. The company says it will be driven by ambitious clean energy targets, coal phaseouts, an urgent desire for energy security, increasing policy support, and falling solar levelized cost of energy levels.
China
Wood Mackenzie understandably predicts China to be the solar panel manufacturing leader for at least the next five years. In the near term, policy incentives in the US, Europe, and India aren’t expected to put a significant dent in China’s market share. -snip-
The US
The US solar industry experienced its largest first quarter on record in Q1 2023. The Inflation Reduction Act ramped up additions of more than 3 GW of planned US solar – a 25% year-over-year increase. -snip-
US residential solar also set a Q1 2023 record, but sales have slowed due to consumer skittishness over possible economic uncertainty.
Europe
The UK led the pack for quarterly residential solar installations in Q1 2023, where levels were double that of Q1 2022 volumes. If the UK’s pace continues, its residential solar installed capacity will grow by at least 60% in 2023.
Wood Mackenzie predicts in its latest solar market outlook https://www.woodmac.com/reports/power-markets-global-solar-pv-market-outlook-update-q2-2023-150143569/ that solar will continue accelerating to an annual 330 GW by 2032. The company says it will be driven by ambitious clean energy targets, coal phaseouts, an urgent desire for energy security, increasing policy support, and falling solar levelized cost of energy levels.
China
Wood Mackenzie understandably predicts China to be the solar panel manufacturing leader for at least the next five years. In the near term, policy incentives in the US, Europe, and India aren’t expected to put a significant dent in China’s market share. -snip-
The US
The US solar industry experienced its largest first quarter on record in Q1 2023. The Inflation Reduction Act ramped up additions of more than 3 GW of planned US solar – a 25% year-over-year increase. -snip-
US residential solar also set a Q1 2023 record, but sales have slowed due to consumer skittishness over possible economic uncertainty.
Europe
The UK led the pack for quarterly residential solar installations in Q1 2023, where levels were double that of Q1 2022 volumes. If the UK’s pace continues, its residential solar installed capacity will grow by at least 60% in 2023.
Link to Mackenzie's Solar Market Outlook: https://www.woodmac.com/reports/power-markets-global-solar-pv-market-outlook-update-q2-2023-150143569/
