A record 270 (gigawatts) GW of newly installed solar capacity is expected to be achieved worldwide in 2023, according to global research firm Wood Mackenzie.
Solar worldwide in 2023
Wood Mackenzie predicts in its latest solar market outlook that solar will continue accelerating to an annual 330 GW by 2032. The company says it will be driven by ambitious clean energy targets, coal phaseouts, an urgent desire for energy security, increasing policy support, and falling solar levelized cost of energy levels.
China
Wood Mackenzie understandably predicts China to be the solar panel manufacturing leader for at least the next five years. In the near term, policy incentives in the US, Europe, and India aren’t expected to put a significant dent in China’s market share.
Developers are taking advantage of much cheaper polysilicon prices to expand utility-scale solar plants on a massive scale. WoodMac does, however, expect China to shift its export focus from panels to cells and wafers.
The US
The US solar industry experienced its largest first quarter on record in Q1 2023. The Inflation Reduction Act ramped up additions of more than 3 GW of planned US solar – a 25% year-over-year increase.
US utility-scale solar installations achieved a strong 66% year-over-year rebound in Q1, but projects still experience the headwinds of interconnection delays and supply chain glitches.
US residential solar also set a Q1 2023 record, but sales have slowed due to consumer skittishness over possible economic uncertainty.
Europe
The UK led the pack for quarterly residential solar installations in Q1 2023, where levels were double that of Q1 2022 volumes. If the UK’s pace continues, its residential solar installed capacity will grow by at least 60% in 2023.
Romania, with 210 sunny days a year, is emerging as a top distributed solar market in Europe. Wood Mackenzie expects it to hit 6.5 GW of cumulative distributed solar capacity by 2027. A €610 million subsidy program is expected to result in 150,000 home installations, driving 112% year-over-year growth.
Read more: In a ‘watershed moment,’ interconnecting the US grid just got a lot more efficient
Photo: China News Service
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online, and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. –ad*
FTC: We use income earning auto affiliate links. More.
