SolarPower Europe – Global Market Outlook, 2024-2028

In 2023, the global solar capacity saw a significant increase, with 447 GW of new solar capacity being connected to the grid. Solar PV accounted for 78% of the 576 GW of new renewable capacity added, marking an increase from previous years. This growth confirms solar's role as a leader in the global energy transition, installing more capacity than all other renewable technologies combined. The surge in installed solar capacity can be attributed to an increase in global PV manufacturing capacities, resulting in improved availability of solar modules and price drops for system components. Additionally, demand for solar power was stimulated by the global energy crisis and the shift towards electrification in various sectors. Orders from previous years were finally installed in 2023 due to increased availability of products and installers at more affordable prices.