Global solar installations may hit 350.6 GW in 2023, says TrendForce

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TrendForce says solar demand could grow by more than 53.4% this year due to lower module prices and delayed projects from 2021 and 2022 that are now going online. China will be the largest market this year with 148.9 GW, followed by the United States with 40.5 GW, India with 17.2 GW, Brazil with 14.2 GW, Germany with 11.8 GW, Spain with 11.4 GW, and Japan with 8 GW.

The world could potentially install 350.6 GW of PV systems this year, according to new estimates from Taiwanese market research firm TrendForce. If confirmed, the growth would represent a 53.4% increase compared to 2022, when new global solar additions hit 228.5 GW.

This year, solar demand will be particularly strong due to decreasing PV panel prices. In addition, a high number of projects that were delayed in 2021 and 2022 for supply chain issues are now gradually going online, said TrendForce.

The Asia-Pacific region is expected to account for most of the installed capacity this year, with around 202.5 GW of projected demand. China, Malaysia, and the Philippines will lead this growth.

Europe is predicted to account for 68.6 GW of the total, with Germany, Spain, and the Netherlands taking the lead. The Americas will likely deploy about 64.6 GW, said TrendForce. The Middle East and Africa will jointly deploy 14.9 GW of new PV installations this year, up 49.5% year on year, according to the research firm.

China will be the largest market this year with 148.9 GW of expected demand, followed by the United States at 40.5 GW, India at 17.2 GW, Brazil at 14.2 GW, Germany at 11.8 GW, Spain at 11.4 GW, and Japan at 8 GW, said TrendForce.