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PV Additions

Solar PV additions at a glance

Solar Photovoltaic (PV)

 

Solar PV is currently the fastest growing renewable energy sector:

  

  • In 2022, 231 GWdc (around 185 GWac) of PV was installed globally, bringing cumulative PV installs to 1.2 TWdc [NREL, 2023], (BNEF: 268 GW; Solar Power Europe (SPE): 239 GW [PVM, 2023])

    • Analysts project 2023 annual installations to grow to more than 300 GW, and by 2025 over than 400 GW [NREL, 2023],

  • IRENA has listed the top 10 global solar PV markets in 2022 in terms of cumulative installed capacity (Figure 1).

  • In 2022, global PV shipments were approximately 283 GW46% greater than in 2021 [NREL, 2023],

  • China installed 97 GW of solar power capacity in 2022, representing 42% of the world total (231 GWdc), ranking 1st,

  • U.S. held onto 2nd, despite a 6.9% drop in installations to 21.9 GW.

  • India installed 17.4 GW of solar power capacity in 2022, up 27% from 2021.

  • Brazil installed 9.9 GW of solar power capacity in 2022, almost twice as much as in 2021, representing about 4.2% of the world total (231 GWdc), ranking 4th, (SPE: 10.9 GW}

  • Figure 2 shows top 10 global solar PV markets in terms of PV additions (2022 & 2021).

  • Rooftop sectors in Brazil, Italy, and Spain grew by 193%, 127%, and 105%, respectively [PVM, 2023],

  • Figure 3 shows the LCOE progress btw 2010-2020, and the 2030 targets for solar PV & CSP in U.S., w/o the investment tax credit or state/local incentives.

  • In 2022, 96% of PV shipments were mono c-Si (Monocrystalline silicon) tech, compared to 35% in 2015 [NREL, 2023],

  • Cadmium telluride (CdTe) is growing rapidly in acceptance and now represents the second most utilized solar cell material in the world [NREL, 2023],

  • Solar’s next growth phase is about maximising land use. Floating solar, agrivoltaics and earth mount solar are some alternative means of implementing large-scale solar [WM, 2023].

Concentrated Solar Power (CSP)

 

After grew five-fold globally btw 2010 and 2019 [HelioCSP, 2020], global Concentrated Solar Power (CSP) installed capacity reached approximately 6.4 GW at the end of 2022, with 1.3 GW under construction.  Spain embraced CSP tech in 2008 and remains the world leader (see here its plants), followed by the U.S. and China [NREL, 2023].

Figure 1: Cumulative solar PV deployment - 2022

PV 2022 v7.png

Figure 2: Top 10 solar PV markets (by added PV capacity)

top 10 PV makt - v7.png

Figure 3: LCOE progress btw 2010-2020, and the 2030 targets for solar PV & CSP

PV util resi - v7.png
Fig 1 PV Cumul
Fig 2 top 10 PV mrkets
Fig 3 - PV Util Resid
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