Global photovoltaic installed capacity may reach 350.6GW in 2023
According to the latest forecast of research agency TrendForce, the installed capacity of photovoltaic systems installed worldwide may reach 350.6GW in 2023. If this can be achieved, it will increase by 53.4% in 2023 compared to 228.5GW in 2022.
Photovoltaic systems installed worldwide in 2016~2023 (unit: GW)
TrendForce said there was strong demand for installing PV systems as PV module prices were falling. In addition, a large number of PV projects that were postponed in 2021 and 2022 due to supply chain disruptions are now gradually coming online.
The Asia-Pacific region is expected to account for the majority of installed PV system capacity installed this year, with a market demand of around 202.5GW. China, Malaysia and the Philippines will lead this growth.
Europe is expected to install 68.6GW of PV systems, with Germany, Spain and the Netherlands leading the way. TrendForce said about 64.6GW of PV systems could be installed in North America. The installed capacity of PV systems installed in the Middle East and Africa this year will reach 14.9GW, an increase of 49.5% year-on-year.
The top three PV markets in terms of installation demand around the world in 2023
According to the company’s forecast, China will be the world’s largest market for installed PV systems this year, with an estimated demand of 148.9GW. This was followed by 40.5GW in the US, 17.2GW in India, 14.2GW in Brazil, 11.8GW in Germany, 11.4GW in Spain and 8GW in Japan.