For the 28th consecutive year, the IEA-PVPS Trends report is now available. This document provides the most comprehensive global overview of the development of the Photovoltaics sector, covering policies, drivers, technologies, statistics and industry analysis.
• The market passed 1 TW in cumulative capacity.
• Annual capacity of 235.8 GW, which is a new record, with China contributing 45% and Europe 17%.
• Strong growth in China, Europe, Americas, and globally 2022 annual capacity is up 35% compared to 2021.
• New capacity is evenly spread between distributed and centralised systems, despite big disparities in different countries and regions (centralised dominant in India, USA, Spain, more even distribution in China).
• Entry into Top Ten annual markets required more than 3.9 GW and is not limited to large counties and/or populations, as presence of the Netherlands demonstrates.
• Some countries had market slowdowns due to supply issues, grid congestion and labour shortages. Grid congestion and labour shortages will continue to be an issue in some countries.
• High cost of electricity in Europe, Australia, and others from Ukraine war meant that high module prices in first half of 2022 didn’t impact competitiveness.
• Some support mechanisms (contract for difference) collecting revenue for state governments because of high electricity market prices.
• Continued growth in prosumer policies and volumes.
• Significant investment in new silicon, cell and module manufacturing capacity (up to 716 GW) but with older, less profitable manufacturing lines sitting idle under 400 GW was manufactured.
• Continuing investments as governments roll out local manufacturing support schemes (USA, Europe, China, India) whilst trade conflicts and forced labour issues also influence manufacturing support.
• Speed of manufacturing upscaling is faster than market development so significant module price drops in 2023 with market oversupply.
• M10/G12 cell size doubled in market share, now over 80%, as major manufacturers agree to standardising module sizes.
Risk of access and capacity constraining market development:
• Grid capacity increasingly becoming a problem in some countries as PV volumes increase, some countries responding with significant investment and investment plans in transmission infrastructure, but also using curtailment and other levers on distribution levels.
• More forward planning required to find equitable ways all across the world of paying for required infrastructure upgrades as PV increasingly the preferred solution for energy generation.