Global Market Outlook For Solar Power 2024–2028
For an established sector like solar, approaching double growth in one year was simply not part of any analyst’s script. But it happened in 2023. The world deployed 447 GW of new solar PV capacity last year; an incredible 87% more than 2022 and achieving a growth rate we haven’t seen since 2010, when the global solar market was only 4% of today’s size.
In last year’s Global Market Outlook, we actually did anticipate growth for several reasons, but not as high as what was achieved. At that time, a very strong growth in global manufacturing capacities was already visible, making products available again after the pressures of the pandemic and energy crisis. This, of course, also brought overcapacity – effectively doubling supply against demand.
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