Solar power market outlook

What is the global market outlook for solar power 2024-2028?

Welcome to the Global Market Outlook for Solar Power 2024-2028. For an established sector like solar, approaching double growth in one year was simply not part of any analyst’s script. But it happened in 2023. The world deployed 447 GW of new solar PV capacity last year; an incredible 87% more than

How big is the global solar market compared to 2022?

The world deployed 447 GW of new solar PV capacity last year; an incredible 87% more than 2022 and achieving a growth rate we haven’t seen since 2010, when the global solar market was only 4% of today’s size. In last year’s Global Market Outlook, we actually did anticipate growth for several reasons, but not as high as what was achieved.

Will China's solar market grow in 2024?

For 2024, our Medium Scenario forecasts a global growth rate of 22% to a market size of 544 GW, approximately 100 GW more than in 2023 (see Fig. 4). As we’ve seen in recent years, current global market forecasting will depend largely on getting China’s solar deployment right due to its outstanding position in the global PV landscape.

Are low prices hurting the solar industry?

By Jenny Chase, Lead Analyst, Solar, BloombergNEF The global PV industry is expected to install 592 gigawatts of modules this year, up 33% from the boom year of 2023. Low prices for modules are stimulating demand in new markets, but hurting manufacturers, who are competing intensely to maintain market share.

How will the global PV market grow in 2028?

Scenarios for the annual growth of the global PV market. Michael Schmela, Director of Market Intelligence at SolarPower Europe said, “It’s all just a little bit of history repeating – the world revises its solar estimates upwards and we get a glimpse at the vast potential of solar. By 2028, we could be installing more than 1 TW of solar a year.

What is Taiwan solar photovoltaic (PV) market outlook?

Taiwan Solar Photovoltaic (PV) Analysis: Market Outlook to 2035, Up... The solar industry’s rapid expansion has directly benefitted the market for key components such as PV modules, which make up solar panels that harness solar energy for both residential and commercial applications.