2023 Solar to Surge to Record 270 GW

• Solar installations to reach historic high in 2023 with 270 GW of new capacity. China to remain leader in panel manufacturing while US sees boom in utility & residential solar. UK to lead in residential solar, Romania in distributed projects. Solar LCOE falling; 330 GW capacity by 2032.

Wood Mackenzie’s latest report forecasts a historic high in solar installations in 2023 with a record 270 GW of new capacity worldwide. China is predicted to remain the leader in panel manufacturing, while the US is experiencing a boom in utility-scale and residential solar. In Europe, the UK is expected to lead in residential solar while Romania is emerging as a leader in distributed solar projects. With ambitious clean energy targets, coal phaseouts, and increasing policy support, solar levelized cost of energy levels are falling and solar capacity is expected to reach 330 GW by 2032.

What is the Future of Global Solar Installations?

• The total installed global solar capacity is expected to reach 2,600 GW by 2032, a tenfold increase in the installed global solar capacity in 2020.
• With improved technology and policy measures, solar energy is anticipated to become the most competitive energy source in many countries, making it a very attractive option for investors.
• Solar energy will become an increasingly important part of the global energy mix, accounting for a significant portion of electricity production in many countries.
• Innovations in solar technology, such as energy storage and smart grid systems, are expected to make solar energy even more cost-effective and reliable.
• Developing countries, particularly those in Africa and Asia, are expected to become key markets for solar installations in the coming years, as they strive to increase energy access for their populations.
• The future of solar energy is bright, with increasingly efficient technologies, decreasing costs, and more countries embracing solar power.