Global solar installations almost double in 2023; China, US lead rest

Global solar installations surged by 87 per cent in 2023, with 447GW (gigawatts) of new capacity added compared to 239GW in 2022, according to SolarPower Europe’s annual Global Market Outlook for Solar Power 2024-2028.

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

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

Compared to Europe, the annual installations would exceed the total yearly electricity consumption of Sweden, Netherlands, Belgium, Finland, Czechia, Austria, Portugal, and Greece – combined.

The report highlights that 80 per cent of these installations were concentrated in the top 10 markets, predominantly advanced economies. China led the charge, installing 57 per cent of the world’s new solar capacity in 2023. This equates to 253 GW, nearly the total global installations of the previous year.

“The world has truly entered its solar age,” said Walburga Hemetsberger, CEO of SolarPower Europe. “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.”

Despite the robust growth, the expansion is uneven. Emerging economies account for only 15 per cent of total clean energy investment worldwide, as per the IEA World Energy Investment (WEI) 2024 report.

The global goal of tripling renewables by 2030 requires $12tn in investment, with solar expected to deliver half of this target.

Solar growth to slow between 2024 and 2028: predicts report

The Global Market Outlook predicts the world will surpass 2TW of total solar capacity this year, having reached 1TW in 2022.

However, growth is expected to slow between 2024 and 2028 due to high interest rates, resolved energy crises, and grid limitations.

Michael Schmela, director of Market Intelligence at SolarPower Europe, emphasised the need for realistic target setting and addressing challenges such as permitting, regulatory frameworks, and system flexibility. “By 2028, we could be installing more than 1 TW of solar a year. The sector is ready to deliver a decarbonised energy system, and policymakers must wake up to the climate and energy security solution on their doorsteps.”

China’s significant role in the global solar market is underscored by its massive installation rates and manufacturing scale-up, leading to a 50 per cent drop in solar panel prices last year.

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

The report, launched at the recent Intersolar Europe in Munich, is produced in partnership with the Global Solar Council and offers a comprehensive analysis of solar developments worldwide.

Top 10 Solar Markets in 2023

Rank	Country	2023 Installations
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	2023 Installations
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
30	Pakistan	1.3 GW
31	Bulgaria	1.2 GW

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