TrendForce: In 2023, the global new PV installed capacity will increase by 53.4%
TrendForce's latest global solar PV market research shows that some of the unmet demand that emerged during 2021-2022 has carried over to 2023. In 2023, the newly installed photovoltaic capacity in the world will reach 351GW, with an annual growth rate of 53.4%. However, there are also some underlying factors that could negatively impact the market.
According to TrendForce analysis, the Asia-Pacific region will have the largest installation demand in 2023, followed by the combined regions of Europe, the Americas, and the Middle East and Africa. It is currently estimated that the newly installed photovoltaic capacity in the Asia -Pacific region will reach 202.5GW in 2023, with a year-on-year growth rate of 55.4%. Countries in the Asia-Pacific region that are expected to achieve high growth rates of more than 40% include China, Malaysia, and the Philippines.
In Europe, it is estimated that in 2023, the newly installed photovoltaic capacity in the region will increase by 39.7% year-on-year, reaching about 68.6GW. Germany, Spain and the Netherlands are the main sources of demand. In order to solve the problem of high electricity prices, many European governments provide subsidies and tax credits to promote the deployment of photovoltaic systems.
From the perspective of the Americas as a whole, it is estimated that the total newly installed photovoltaic capacity in 2023 will be about 64.6GW. This figure implies a year-on-year growth rate of 65.2%. In the Americas, photovoltaic demand is highly concentrated in a few countries such as the United States, Brazil, and Chile. Colombia and Canada will witness a surge in grid connections for new PV projects this year.
Finally, the Middle East and Africa region showed steady growth. In 2023, these two regions will add 14.9GW of new photovoltaic installed capacity, an increase of about 49.5% year-on-year. TrendForce pointed out that the growth of installed cap city in Middle Eastern and African countries are highly dependent on renewable energy tenders, and projects involving large-scale ground-mounted photovoltaic power plants account for most of the demand. The main growth contributors for these two regions are UAE, Saudi Arabia, So uth Africa and Israel . At present, the total number of projects under construction or under construction in the two regions has exceeded 9GW.
Article source: IT House
