This document provides the most comprehensive global overview of the development of the Photovoltaics sector, covering policies, drivers, technologies, statistics and industry analysis. · Global PV Installations: A record-breaking 456 GW of photovoltaic capacity was installed globally in 2023.
India is another primary potential market for solar energy in Asia Pacific. Solar energy installation is increasing owing to rapidly growing energy demand from various sectors. A positive outlook for clean energy deployment and an encouraging regulatory framework are some key factors propelling regional expansion.
Initially driven by European installations, since 2012 the market has been led by the Asia-Pacific region, which accounted for 57% of annual additions in 2021, and 59% of the global PV fleet. With a 37% compound annual growth rate (CAGR), solar PV emerged as the fastest growing energy technology and the one with the brightest prospects.
Solar power utilizes the sun's energy as either thermal energy (heat) or photovoltaic cells in solar boards and clear photovoltaic glass to create power. The aggregate sum of solar energy incidents on Earth is vastly abundant at present and can foresee energy requirements.
Overall, the solar sector is seeing rapid technological innovation, a growing manufacturing supply chain, and a suite of technologies to ensure grid integration. The paper also covers the status of the solar market as covered in the World Solar Markets Report.
Detailed analysis of solar investments can help countries, policymakers, financial institutions, and decision-makers in understanding the current status as well as the trends in the solar investment landscape and guide them in making focused interventions to accelerate solar energy adoption and clean energy transition. 4.1. Global solar investments