In its latest update for the global solar photovoltaic market outlook in the second quarter of 2023, Wood Mackenzie forecasts that construction in all regions will continue to accelerate. By 2032, annual installed capacity will increase to 330GW, with an average annual growth rate of 5% from 2023 to 2032. In the foreseeable future, China will continue to dominate the solar supply chain, including polysilicon and components, with its market share currently exceeding 80% in all manufacturing stages.
While the United States, India, and Europe have introduced policy incentives to boost domestic PV manufacturing, these measures are not expected to weaken China’s market share in the short term. This shift is expected to redirect the export focus from components to batteries and silicon wafers. Due to supply chain issues, the growth rate in the United States declined last year, but in 2023, the growth rate is expected to reach an astonishing level, with a year-on-year increase of 39%. In the first quarter of 2023, the United States resolved its supply chain issues, and the installed capacity in the first quarter reached a record high for all markets except community solar.
From 2023 to 2032, the expected solar PV installed capacity in the United States will reach 465GW. Additionally, several European Union member states have published updated national energy and climate plans, raising their solar targets. For example, Spain has nearly doubled its previous target, increasing its photovoltaic capacity from 39GW to 76GW by 2030. Wood Mackenzie predicts that Europe will add over 530GW of generation capacity from 2023 to 2032.
Post time: Aug-10-2023