Solar capacity additions surged 74% in 2023, reaching a record 346 GW annual additions. China was the key driver behind the acceleration but solar’s phenomenal growth is spreading globally, with 28 countries installing over one gigawatt of new capacity in 2023.
Credited with 50+ papers and patents, he holds a Ph.D. in Engineering and an MBA in Finance. Expertise In 2023, global solar photovoltaic (PV) capacity increased by a record 407 gigawatts (GW) and brought the total global cumulative installed PV capacity to 1,589 GW at the end of 2023.
The global installed solar capacity is on track to exceed 2TW by this year. SPE offered three scenarios regarding annual solar installations between 2024 and 2028. By 2024, the medium scenario forecasts a global growth rate of 22% to a market size of 544GW, approximately 100GW more than in 2023.
The current manufacturing capacity under construction indicates that the global supply of solar PV will reach 1 100 GW at the end of 2024, with potential output expected to be three times the current forecast for demand.
The growth of solar varies considerably around the world. In 2023, 80% of new installations were concentrated in the top ten markets. China continued to dominate the installed capacity as it added 253GW to the grid, marking a 167% year-on-year growth and installing 57% of the world’s solar in 2023.
In 2023, cumulative solar PV capacity reached some 649 gigawatts in China alone. Investments in solar photovoltaic energy has grown during the last years and the technology remains one of the most heavily funded renewable sources. Find up-to-date statistics and facts on the global solar photovoltaic industry.