Wood Mackenzie forecasts that newly installed PV capacity will reach approximately 270 GW throughout the world this year. This projected growth, if confirmed by final figures, will indicate a substantial 33 percent increase from 2022.
The research firm predicts a 1 percent year-on-year expansion in the global solar market for 2024, followed by a 5 percent increase in 2025. However, a potential decline of 1 percent is anticipated in 2026. Notably, the Asia-Pacific region, including China, is poised to dominate PV deployment until 2032.
"Massive expansion of manufacturing capacity in China is pushing solar installations to record levels," WoodMackenzie said. "Developers are taking advantage of plummeting polysilicon prices to rapidly expand utility-scale solar plants despite increased curtailment risks."
