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.
The utilization of renewable energy as a future energy resource is drawing significant attention worldwide. The contribution of solar energy (including concentrating solar power (CSP) and solar photovoltaic (PV) power) to global electricity production, as one form of renewable energy sources, is generally still low, at 3.6%.
Further, the report captures the market trends covering solar infrastructure and electricity access rates in ISA Member countries. Global investment in renewables reached USD 0.5 Tn in 2022 due to the global rise in solar PV installations. Solar PV dominated investment in 2022, accounting for 64% of the renewable energy investment.
This was the largest annual capacity increase ever recorded and brought the cumulative global solar PV capacity to 1,133 GW. The solar PV market continued its steady growth despite disruptions across the solar value chain, mainly due to sharp increases in the costs of raw materials and shipping.
By 2050, Asia, led by China, is projected to dominate the solar PV market with around 57% of global PV installations, followed by North America (21%) and Europe (11%).
An important strength of photovoltaic solar energy (PV) is that PV conversion can be realised with a multitude of materials and device designs and can be used for many different applications and markets.