www.solarpowereurope.orgGlobalMarketOutlookForSolarPower2024-2028FOCUSONCHINASupportedby:ForewordWelcometotheGlobalMarketOutlookforSolarPower2024-2028.Foranestablishedsectorlikesolar,approachingdoublegrowthinoneyearwassimplynotpartofanyanalyst’sscript.Butithappenedin2023.Theworlddeployed447GWofnewsolarPVcapacitylastyear;anincredible87%morethan2022andachievingagrowthratewehaven’tseensince2010,whentheglobalsolarmarketwasonly4%oftoday’ssize.Inlastyear’sGlobalMarketOutlook,weactuallydidanticipategrowthforseveralreasons,butnotashighaswhatwasachieved.Atthattime,averystronggrowthinglobalmanufacturingcapacitieswasalreadyvisible,makingproductsavailableagainafterthepressuresofthepandemicandenergycrisis.This,ofcourse,alsobroughtovercapacity–effectivelydoublingsupplyagainstdemand.Resultingpricedropstriggeredbyheftycompetitionfromallthesenewcapacitieswasexpectedaswell(thoughnotattheseveritytheindustryeventuallyexperienced).Infact,ourgrowthforecastforallglobalmarketscombined,otherthanChina,wasnearlyspoton–wedeviatedonlyby3%absolute.TheaccuracyandvalueoftheannualGlobalMarketOutlookforSolarPowerwouldnotbepossiblewithouttheindustrystakeholdersandallnationalandregionalsolarindustryassociationsthatprovidetheirinputandexpertiseeachyear.Wewouldliketoextendourgratitudetothoseexpertsandtheirorganisationsinsupportingourmapping...
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