Solar Expansion Accelerates: Global PV Market on Course For Record Growth in 2022

Münster, Germeny - Driven by geopolitical tensions, the international solar market grew at a high pace in 2022 according to the data available so far.

Based on an evaluation by Solar Power Europe 2022, PV systems with a record capacity of 41,400 MW were newly connected to the grid in the EU member states. Compared to the previous year of 2021, this is an increase of 47 percent (2021: 28,100 MW).

The record-breaking EU solar market in 2022 is 38 percent or 10,000 MW above what Solar Power Europe expected a year ago and even 16 percent or 5,500 MW above the already high scenario of December 2021.

With the 2022 development no longer affected by COVID-19-related constraints and severe supply chain bottlenecks, driven by the energy crisis in the wake of Russia's war of aggression, the outlook on solar energy has changed dramatically, according to Solarpower Europe. Meanwhile, the EU and its member states viewed solar energy as an environmentally friendly, affordable and unmatched fast solution to reduce dependence on Russian fossil fuels, the solar association said.

The global solar market also grew strongly in 2022. In an interview with online platform PV Magazine, Bloomberg New Energy Finance (BNEF) analyst Jenny Chase estimates that new PV installations with a total capacity of around 270,000 MW (270 GW) were built worldwide in 2022. Compared to the previous year 2021, this is an increase of about 60 percent (2021: approx. 170,000 MW / 170 GW). For 2023, BNEF expects a further strong continuation of the high growth rate and an increase in the global market volume to around 316,000 MW (316 GW).

Source: IWR Online, 31 Jan 2023