WoodMac predicts 270 GW of new global PV capacity in 2023

Wood Mackenzie forecasts that newly installed PV capacity will reach approximately 270 GW throughout the world this year. This projected growth, if confirmed by final figures, will indicate a substantial 33% increase from 2022.

The research firm predicts a 1% year-on-year expansion in the global solar market for 2024, followed by a 5% increase in 2025. However, a potential decline of 1% is anticipated in 2026. Notably, the Asia-Pacific region, including China, is poised to dominate PV deployment until 2032.

Wood Mackenzie said that the remarkable escalation in China’s manufacturing capacity is driving new solar installations to unprecedented heights.

“Massive expansion of manufacturing capacity in China is pushing solar installations to record levels,” WoodMackenzie said. “Developers are taking advantage of plummeting polysilicon prices to rapidly expand utility-scale solar plants despite increased curtailment risks.”

The report notes China’s significant influence in the PV manufacturing landscape, and suggests that the nation might transition from exporting modules to focusing on upstream cells and wafers. The research notes that policy incentives for local PV manufacturing in the United States, Europe, and India are unlikely to significantly erode China’s market share in the near future.