We understand the importance of renewable energy all over the world day by day. While most countries are trying to increase existing investments, especially in solar energy, the intense trend continues. According to global research firm Wood Mackenzie, record-scale solar capacity will be reached worldwide by 2023.Record growth in solar energy
Wood Mackenzie estimates that newly installed solar capacity will reach approximately 270 GW worldwide this year. If this projected growth is confirmed by the final figures, there will be a significant increase of 33 percent compared to 2022. The research firm predicts an annual expansion of 1 percent in the global solar energy market in 2024, followed by a 5 percent increase in 2025. However, a potential drop of 1 percent is expected in 2026. In particular, the Asia-Pacific region, which includes China, looks set to dominate solar power distribution by 2032.
Wood Mackenzie understandably predicts that China will be the leader in solar panel production for at least the next five years. In the near term, policy stimulus in the US, Europe and India is not expected to deal a significant blow to China’s market share. Developers are massively expanding their utility-scale solar installations, taking advantage of much cheaper polysilicon prices. However, WoodMac expects China to shift its export focus from panels to cells and wafers.The US solar energy sector, on the other hand, experienced its largest first quarter on record in the first quarter of 2023. U.S. grid-scale solar installations recorded a strong 66% year-over-year recovery in the first quarter, but projects still suffer from interconnection delays and supply chain disruptions. Residential solar power in the US also broke a record in the first quarter of 2023, but sales slowed due to the fear of consumers against possible economic uncertainties.
Turning to Europe, in the first quarter of 2023, the UK topped the list of quarterly residential solar installations, which doubled the volume in the first quarter of 2022. If the UK’s pace continues, residential solar installed capacity will approach at least 60 percent in 2023.
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