The global PV base once again grew significantly in 2022, reaching 1 185 GW (≈ 1,2 TW) of cumulative capacity according to preliminary market data, both despite and because of post-covid prices hikes and European geo-political strife. With 240 GW of new systems installed and commissioned, and nearly a dozen countries with penetration rates over 10%, (over 19% for Spain!), PV has demonstrated that it is a serious, major, long-term contributor to cost competitive electricity generation and emissions reductions of the energy sector.
Major trends include:
Nine countries now have penetration rates over 10% with Spain, Greece and Chile above 17%, and whilst grid congestion has become an issue, policy measures, technical solutions and storage are already providing workable solutions to enhance PV penetration.
Individual markets remain sensitive to policy support despite competitively across most market segments in many countries, however policy support is moving to indirect measures such as accelerated permitting or facilitating prosumer models or managing grid congestion. Increasing concerns about the concentration of the upstream supply chain in China has led to initiatives and policy support for local manufacturing.
PV played an important role in the reduction of the CO2 emissions from electricity in 2022, with two-thirds of new renewable capacity installed in 2022, generating over 50% of generation from new renewable capacity and avoiding approximately 1 399 Mt of annual CO2 emissions, up 30% from 2021. This represents around 10% of the total electricity and heat sector emissions and 4% of all energy emissions. This continued positioning PV as one of the key existing and developing solutions to fight climate change here and now.
 All capacity data in this report is DC, unless specified otherwise. For some countries, this means publishing different values to official data – for example, China’s National Energy Administration (NEA) publishes in AC and PVPS applies a conversion ratio from AC to DC. See section 3 for more information.