According to the new report, 2022 saw solar deployment experience significant growth worldwide with 239GW of new solar capacity added, marking a record-high 45% annual growth rate.
Rising energy prices, stabilised supply chains, and post-pandemic recovery efforts propelled this growth. But despite these achievements, solar energy still only meets 4.5% of global electricity demand, with non-renewable sources dominating at over 70%.
China led the expansion with nearly 100GW added, followed by the US, India, Brazil, and Spain. Despite supply chain disruptions and inflation, solar PV remains cost-competitive compared to fossil fuels and nuclear energy.
Projections suggest continued growth, with an anticipated 43% increase in solar capacity in 2023. By 2027, the global solar market is expected to reach 3.5TW, with over 50 countries installing at least 1GW of solar capacity.
The report also highlights Southeast Asia’s potential for solar growth and examines corporate power purchase agreements (PPAs) in emerging markets, emphasising the need for supportive policy frameworks to unlock solar energy’s vast potential.
The full report can be read here.
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