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What is the global market outlook for solar power 2024-2028?

Welcome to the 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

How big is the global solar market compared to 2022?

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.

How many GW-scale solar markets are there in 2023?

The strong PV expansion in 2023 brough a new record number of sizeable solar markets. The number of GW-scale solar markets – countries installing at least 1 GW – increased from 28 in 2022 to 31 in 2023, 14 of which are located in the European Union. We estimate this group to further augment to 37 GW-scale markets in 2024 and 50 in 2025.

How accurate is the global market outlook for solar power?

The accuracy and value of the annual Global Market Outlook for Solar Power would not be possible without the industry stakeholders and all national and regional solar industry associations that provide their input and expertise each year.

Will China's solar market grow in 2024?

For 2024, our Medium Scenario forecasts a global growth rate of 22% to a market size of 544 GW, approximately 100 GW more than in 2023 (see Fig. 4). As we’ve seen in recent years, current global market forecasting will depend largely on getting China’s solar deployment right due to its outstanding position in the global PV landscape.

Which countries have a strong solar market in 2023?

Eight of the top 10 largest solar markets experienced growth in 2023, with only India and Japan experiencing a downturn in their market. The United States got back on track after a turbulent solar business year in 2022 and recorded a 48% growth rate in 2023, with 32.4 GW of solar PV grid-connected.