Solar power europe global market outlook

What is the global market outlook for solar power?

Produced in partnership with the Global Solar Council, the Global Market Outlook for Solar Power provides industry-leading market intelligence and sets out clear signals for investors to take solar further, while also informing SolarPower Europe's award-winning political advocacy.

What is Europe's solar power market outlook for 2023-2027?

SolarPower Europe’s new EU Market Outlook for Solar Power 2023-2027 reveals a record 56 GW of solar installations in Europe in 2023. However, the forecast for next year is lower. Almost 17 million more European homes were powered by solar in 2023, due to a 40% growth in solar installations from 2022.

How big is the global solar market?

The global solar market is growing exponentially. It took around a decade for world-wide solar capacity to reach 1 TW, from 100 GW in 2012. In just 3 years, SolarPower Europe predicts global solar to more than double to 2.3 TW in 2025.

Will China determine the rate of global solar growth?

For now, it seems that China will determine the rate of global solar growth, though it continues to be one of the most dynamic, and difficult to predict, markets. In 2023 alone, China installed 57% of global capacity – 253 GW – equivalent to the levels installed globally in 2022.

How will India's new solar installations affect its electricity consumption?

2023’s new solar installations would cover more than half of India’s annual electricity needs or more than Brazil’s entire consumption. Compared to Europe, the annual installations would exceed the total yearly electricity consumption of Sweden, Netherlands, Belgium, Finland, Czechia, Austria, Portugal, and Greece – combined.

How big is China's solar industry?

In 2023 alone, China installed 57% of global capacity – 253 GW – equivalent to the levels installed globally in 2022. On the manufacturing side, a massive scale-up of capacity have led to solar panel price collapses of around 50% last year, and a growing consolidation of the solar manufacturing industry in the country.