IEA PVPS’ Snapshot of Global PV Markets 2023

• IEA PVPS says global solar installations in 2022 were a total of 240 GW, taking cumulative to around 1.2 TW
• China led, followed by Europe, the US, India and Brazil adding 106 GW DC, 39 GW, 18.6 GW, 18.1 GW and 9.9 GW, respectively
• Supply pressures and need for energy transition is pushing policymakers to accelerate the installation pace

According to the IEA Photovoltaic Power Systems Programme (PVPS) member countries represented 953 GW or 80% of 1.18 TW of cumulative solar power installations the world had at the end of 2022, with 240 GW installed last year to which the members added 184 GW.

In its 11^th edition of the Snapshot of Global PV Markets 2023, IEA PVPS counts at least 23 nations to have installed over 1 GW capacity last year. While China represented the lion's share of 87.41 GW AC (106 GW DC), Europe contributed 39 GW led by 8.1 GW in Spain, 7.5 GW in Germany and 4.9 GW in Poland.

The European continent suffered at the hands of high electricity prices to accelerate PV installations thus boosting its competitiveness. Another good thing is that the enhanced competitiveness of the PV segment has led to it reaching grid parity in several countries, to a much larger range of segments.

The US market added around 18.6 GW as per the report as it battled trade disputes and grid connection backlogs. India increased its installations by 18.1 GW while Brazil, the 'most dynamic market in Latin America' stood next having added 9.9 GW.

According to the report writers, increase in raw material and logistics costs in 2022 did not slow down the growth of PV markets significantly except for in India thanks to 'red tape constraints'.

They observe, "It is highly possible that stable costs could have led to faster growth rates, although, considering manufacturing capacity, there may have still been prices rises on polysilicon, even if new manufacturing plans had been launched earlier."

Energy crisis, the need for energy transition and the supply chain disruptions due to PV's largely centralized global supply is pushing policymakers to formulating policies to support local manufacturing, easing permitting and facilitating prosumer models and managing grid congestion.

"PV played an important role in the reduction of the CO2 emissions from electricity in 2022, with two-thirds of new renewable capacity installed in 2022, generating over 50% of generation from new renewable capacity and avoiding approximately 1 399 Mt of annual CO2 emissions, up 30% from 2021," reads the report. "This represents around 10% of the total electricity and heat sector emissions and 4% of all energy emissions. This continued positioning PV as one of the key existing and developing solutions to fight climate change here and now."

Complete report is available for free download on IEA PVPS website.