Global Market Outlook for Solar Power 2024-2028 Published
The Italian PV has undeniably lived dark years after the closure of the generous incentives of the Energy Bill. Still, finally, the sector has risen to the point of entering the ranking of the 10 top PV markets in the world for 2023, ahead of Australia and the Netherlands. The news comes from the Global Market Outlook for Solar Power 2024-2028 published this morning in Munich by SolarPower Europe.
How much photovoltaic power is active in the world?
The document sums up the past year by revealing how PV installations have grown worldwide by another 447 GW. Equal to an increase (record) on an annual basis of 87%. These additions have increased the total. In detail, at the end of 2023 there was a cumulative PV capacity of 1.6 TW in the world.
“The world has truly entered its solar age. The sky is no longer the limit. How far solar can go will be determined by equitable global access to financing, and the political will to deliver flexible energy systems fit for the renewable reality“, said Walburga Hemetsberger, CEO of SolarPower Europe.
The top PV markets in the world for added capacity
The figure for 2023, therefore, is positive. However, it must be stressed that growth is not progressing homogeneously. In contrast, 80% of new solar installations appear to be concentrated in 10 markets that disproportionately include advanced economies. While the number of advanced solar markets – ie installing at least 1 GW per year – grew last year to 31 countries (three more than in 2022), the list cuts the world in two slices.
So who are the top 10 PV markets in the world for 2023? As explained, in the list also peeps Italy, with a very good 8 has place and 5.2 GW of new solar systems installed last year. Good also see the geographic dimensions of other countries.
In detail, the ranking shows:
| Countries | Installations 2023 |
| China | 253 GW |
| US | 32,4 GW |
| Brazil | 15,4 GW |
| Germany | 15,0 GW |
| India | 12,5 GW |
| Spain | 8,9 GW |
| Japan | 6,2 GW |
| Italy | 5,2 GW |
| Australia | 5,1 GW |
| Holland | 4,9 GW |
China dominates undisputed with a volume of new capacity difficult to match and that brings the cumulative national total to well 608.9 GW solar, beyond the hydroelectric power in operation. In other words, the Chinese PV park is today the second largest electricity source in the country, after coal. And although it will likely continue to drive global PV growth, for analysts it remains one of the most dynamic and difficult to predict markets. “On the production front – the Association emphasizes – a massive increase in capacity led last year to a collapse in the prices of solar panels of about 50% and a growing consolidation of the solar manufacturing industry in the country”.