{"id":77683,"date":"2024-03-16T07:34:16","date_gmt":"2024-03-16T06:34:16","guid":{"rendered":"https:\/\/www.vpsolar.com\/?p=77683"},"modified":"2024-03-14T12:16:26","modified_gmt":"2024-03-14T11:16:26","slug":"global-market-outlook-report-for-solar-power-2023-2027","status":"publish","type":"post","link":"https:\/\/www.vpsolar.com\/en\/global-market-outlook-report-for-solar-power-2023-2027\/","title":{"rendered":"Global Market Outlook Report for Solar Power 2023-2027"},"content":{"rendered":"

We present below an extract from the recently published annual Global Market Outlook for Solar Power 2023-2027<\/strong> report, which presents past and current results on 26 countries that have reached at least 1 GW<\/strong> of solar energy installed in 2022, and medium- and long-term future perspective for the renewable energy sector.<\/p>\n

Positive results have been registered in 2023 in the solar market: +43% growth of photovoltaic energy systems<\/strong> installed compared to 2022. The number of Countries with at least 1 GW installations is in fact increased from 17 Countries in 2021 to 26 in 2022.<\/p>\n

The number of Countries is expected to grow over 50 in 2025.<\/p>\n

These results would bring the total operational capacities to exceed 2 TW at the beginning of 2025 and 3.5 TW at the end of 2027.<\/p>\n

The Report predicts approximately 402 GW of new solar installations in 2023 and almost 800 GW by 2027<\/strong> with the potential for an annual TW-scale market by 2030.[vc_row][vc_column width=”1\/2″][vc_column_text]<\/p>\n

Solar photovoltaic is the most installed technology in 2022<\/h2>\n

Considering the full range of renewable technologies, the solar photovoltaic sector in 2022 accounted to two thirds of the overall installations of energy capacity, with a growing rate of 24% of electricity production compared to other types of renewable energy.<\/p>\n

Even though there are improvements in the PV energy production, the solar technology can produce nowadays only 4,5% of the global electricity demand, and over 70% of the energy comes from fossil or non-renewable sources.<\/p>\n

The advantage of the solar energy remains the price, as it is significantly cheaper than fossil and nuclear energies. In Europe, this element is of a major importance and has led to an increment of photovoltaic annual installations especially in the Netherlands where the installations of Watt per capita is 1,029 W\/per capita, Germany 815 W\/per capita and Denmark 713W\/capita.<\/p>\n

Overall, in 2022 European Countries<\/strong> have achieved a growing rate of 44% having installed 14.1 GW, arriving to a total installed capacity of 46.1 GW, achieving a level of 19% of the global market.[\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_single_image image=”77633″ img_size=”full” alignment=”center” onclick=”link_image”][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n

European market prospects 2023 \u2013 2027<\/h2>\n

From a broader perspective, the war in Ukraine has unleashed inflationary pressures around the world, and the global economy is still facing important repercussions from the energy crisis.<\/p>\n

The Euro area entered 2023 with inflation rates above 8%, and it was up to 7% in April 2023. The IMF expects inflation to decline more slowly in the future and is unlikely to return to the target level before 2025.<\/p>\n

The European solar market<\/strong> is in any case ready for growth, driven by legislative initiatives and state incentives for energy transition plans with the aim to achieve more independence from Russian gas.<\/p>\n

Europe’s growth will rely on the European Union’s efforts to improve its renewable targets for 2030, including through the REPowerEU plan.<\/p>\n

The global supply chain is improving, in fact giant PV manufacturing facilities have been built and the increment of availabilities of products as a result have brought to a reduction of prices in recent months and are expected to fall further.[\/vc_column_text][\/vc_column][\/vc_row][vc_row content_placement=”middle”][vc_column width=”1\/2″][vc_column_text]<\/p>\n

Global PV capacity forecast 2024 \u2013 2027<\/h2>\n

Milestones for global installed PV generation capacity over the next five years are projected as follows:<\/p>\n

    \n
  • 1.5 TW in 2023,<\/li>\n
  • 1.9 TW in 2024,<\/li>\n
  • 2.4 TW in 2025,<\/li>\n
  • 2.9 TW in 2026,<\/li>\n
  • 3.5 TW in 2027<\/li>\n<\/ul>\n

    [\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_single_image image=”77629″ img_size=”full” alignment=”center” onclick=”link_image”][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n

    Market segments 2023 \u2013 2027: C&I, Utility, Residential<\/h2>\n

    The growing amount of PV installation demonstrates the interest of increasing self-consumption and independence from the grid, from both residential and commercial sector.<\/p>\n

    The residential sector has been registered as the largest segment of the market followed by C&I and utility systems<\/strong>. In particular, the installations of utility scale plans are growing slowly and still need a boost from the legislation. Starting from 2024 the utility scale segment is expected to increase and to achieve + 57% in 2027.<\/p>\n

    The forecast for the residential segment<\/strong> is an installation of annual capacity of 183 GW in 2024 and up to 268 GW in 2027.<\/p>\n

    The introduction of new energy efficiency obligations in several countries will be a new input to the photovoltaic market and as well heating sector, with new regulations to facilitate the global decarbonisation process.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

    We present below an extract from the recently published annual Global Market Outlook for Solar Power 2023-2027 report, which presents past and current results on 26 countries that have reached<\/p>\n","protected":false},"author":1,"featured_media":77636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[141],"tags":[9056,9057,4850,3430],"class_list":["post-77683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-global-market-outlook-en","tag-report-en","tag-solar-photovoltaic","tag-solar-power-en"],"yoast_head":"\nGlobal Market Outlook Report for Solar Power 2023-2027<\/title>\n<meta name=\"description\" content=\"Below an extract from the recently published annual Global Market Outlook for Solar Power 2023-2027 report\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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