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In 2023 global renewable energy investments increased by 8% to USD 623 billion, with solar investments accounting for 63% or USD 393 billion (+12%). The total installed solar photovoltaic capacity exceeded 1.6 TWp at the end of 2023, with an annual newly installed capacity of more than 420 GWp. The number of countries installing 1 GWp/year or more has increased to 35. After the increases in hardware costs for solar photovoltaic systems and battery storage in 2022, prices in both markets mostly decreased in 2023. Levelised costs of electricity for non-tracking solar photovoltaic systems as well as levelised cost of battery storage decreased. However, the global benchmark of levelised cost for electricity for tracking systems increased mainly due to higher costs for labour, balance of systems and debt in the USA. The market outlook for 2024 is optimistic as electrification of heating, transport and industry creates additional demand for renewable electricity, including solar. However, a more rapid deployment of renewable energy is needed to stay on track for not more than 1.5 °C global temperature increase.

In 2022 the cumulative installed photovoltaic electricity generation capacity increased to over 1 TW, 10 years after it reached the 100 GW level in 2012. In 2022, overall investment in renewable energy has increased by 16% to USD 499 billion compared to USD 953 billion for fossil fuels, which saw an increase of 6%. Investments in solar photovoltaics accounted for USD 301.5 billion or 60% of the renewable energy investments. The annual installations of solar photovoltaic electricity generation systems increased by about 40% to over 230 GWp in 2022. Compared to 2021, the number of countries which installed 1 GWp/year or more has increased by almost 80% to 32. Despite the increase in hardware costs for solar photovoltaic systems and battery storage, both markets had a strong growth, driven by the soaring energy prices in 2022. The increase of the levelised costs for solar photovoltaic electricity was well below the increase of electricity generated with fossil fuels. The electrification of heating, transport and industry will create additional demand for renewable electricity, including solar, if we want to stay on track for not more than 1.5 °C global temperature increase. [ABSTRACT FROM AUTHOR]

For the past 10 years photovoltaic electricity generation has been the fastest-growing power generation source worldwide. It took almost six decades to achieve 100 GW of solar energy capacity in 2012, but the 1 TW level is likely to be broken during 2022. Overall investments in solar energy has increased by 19% to USD 205 billion (EUR 171 billion). In 2021 more than 180 GW of new solar photovoltaic electricity generation capacity was installed. After the decline in 2020, the Chinese solar market recovered to 53 GW in 2021. This development and the continuous growth in Europe and the USA as well as in new emerging markets were the main drivers. The number of countries installing more than 1 GW annually has increased to 18 in 2021. The continuation of price reductions in the battery storage sector has again resulted in a growing market for local battery storage systems in solar farms as well as for decentralised photovoltaic electricity generation systems. It is also increasingly clear that apart from classic electricity use, renewable electricity for electric vehicles and for generation of green hydrogen will become more and more important in the future. [ABSTRACT FROM AUTHOR]

For the past 10 years, photovoltaic electricity generation has been the fastest-growing power generation source worldwide. It took almost six decades to achieve 100 GW of solar energy capacity in 2012, but the 1 TW barrier is likely to be broken during 2022. Despite the ongoing COVID-19 pandemic, the overall investments in solar energy have increased by 12% to USD 148.6 billion (EUR 125 billion). In 2020, more than 135 GW of new solar photovoltaic electricity generation capacity was installed. The recovery of China, the continuous growths in Europe and the USA as well as new emerging markets were the main drivers. The number of countries installing more than 1 GW annually has increased to 18 in 2020. The continuation of price reductions in the battery storage sector has again resulted in a growing market for local battery storage systems in solar farms as well as decentralised photovoltaic electricity generation systems. Apart from classic electricity use, renewable electricity for the generation of green hydrogen will become more and more important in the future. [ABSTRACT FROM AUTHOR]

Solar photovoltaic electricity generation is the fastest growing power generation source world-wide. The significant cost reduction of solar PV over the last decade, and the zero fuel cost volatility have increased the attractiveness. In 2017, the newly installed solar PV power of over 90 GW was more than all the world-wide cumulative installed PV capacity until the mid of 2012. China was again the main driver behind this strong growth with more than 50 GW of annual installations in 2017. Apart from the electricity sector, renewable energy sources for the generation of heat and environmental friendly synthetic-fuels for the transport sector will become more and more important in the future.