IEA-PVPS: Global installed PV capacity to reach 446GW by 2023

Recently the International Energy Agency's (IEA) Photovoltaic Power Systems Programme (PVPS) released a snapshot of the global PV market to 2024, covering PV installed capacity, manufacturing, policy trends, and grid connections. The data shows global cumulative installed PV capacity growing from 1.2 TW in 2022 to 1.6 TW in 2023, with new PV capacity increasing from 236 GW in 2022 to 446 GW in 2023.

Driven by aggressive development policies, China's installed PV capacity soared to a record 235GW (DC), accounting for more than 60% of the world's new PV capacity and a cumulative total of 662GW. Significantly, China's new PV capacity in 2023 accounts for more than 15% of the world's cumulative total, almost equal to the cumulative PV capacity installed in Europe.

Led by growth in Germany (14.3GW), Poland (6.0GW), Italy (5.3GW) and the Netherlands (4.2GW), Europe continued to see strong growth with 61GW installed (of which around 55.8GW of installed capacity was in the EU), while Spain saw a slight decline (7.7GW).

The main PV markets in the Americas - the United States and Brazil - both recorded growth. The US added 33.2GW of installed PV capacity in 2023 after experiencing slow growth in 2022; Brazil maintained the vigor of its market in 2022, adding 11.9GW of installed PV capacity, and its cumulative installed capacity ranked among the world's top ten.

PV plays an important role in the energy transition, with PV accounting for more than 75% of all new renewable electricity technologies and generating close to 60% of new renewable electricity in 2023, thanks to sustained cost reductions, higher technological performance and accessibility, and a permitting process that is typically faster than that of wind and hydropower. As penetration increases, countries will need to establish new governance models compatible with market- and climate policy-driven deployment targets to ensure that PV can be successfully deployed.

Seraphim is a Tier 1 solar module manufacturer, listed by BNEF. We research, develop, produce, and sell solar PV products since 2011.

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