Best photovoltaic markets in the world, Italy enters the top ten

Global Market Outlook for Solar Power 2024-2028 published

The Italian photovoltaics has undeniably lived dark years after the closure of the generous incentives of the Energy Bill, but finally, the sector has raised its head. To the point of entering the ranking of the 10 best photovoltaic markets in the world for 2023, ahead of Australia and the Netherlands. The news comes from the Global Market Outlook for Solar Power 2024-2028 published this morning in Munich by Solarpower Europe.

How much photovoltaic power is active in the world?

The document sums up for the past year by revealing how photovoltaic installations have grown worldwide by another 447 GW. Equal to an increase (record) on an annual basis of 87%. These additions have increased the total. In detail, at the end of 2023 there was a cumulative photovoltaic capacity of 1.6 TW in the world.

Annual photovoltaic power growth worldwide

The world has entered the solar age,” said Walburga Hemetsberger, CEO of Solarpower Europe. “The sky is no longer the limit. How far photovoltaics can reach will be determined by fair global access to finance and the political will to provide flexible energy systems suitable for renewable reality”.

Crescita della capacità cumulata totale

The best photovoltaic markets in the world for added capacity

The figure for 2023, therefore, is positive. However, it must be stressed that growth is not progressing homogeneously. In contrast, 80% of new solar installations appear to be concentrated in 10 markets that disproportionately include advanced economies. While the number of advanced solar markets – ie installing at least 1 GW per year – grew last year to 31 countries (three more than 2022), the list cuts the world in two slices.

read also Worldwide photovoltaic market, 2023 closes with a bang

So who are the top 10 photovoltaic markets in the world for 2023? As explained, Italy also has a very good 8 on the list, and 5.2 GW of new solar systems were installed last year. Good also see the geographic dimensions of other countries.

In detail the ranking shows:

CountryInstallations 2023
Cina253 GW
Stati Uniti32,4 GW
Brasile15,4 GW
Germania15,0 GW
India12,5 GW
Spagna8,9 GW
Giappone6,2 GW
Italia5,2 GW
Australia5,1 GW
Olanda4,9 GW

China dominates undisputed with a volume of new capacity difficult to match and that brings the cumulative national total to well 608.9 GW solar, beyond the hydroelectric power in operation. In other words, the Chinese photovoltaic park is today the second largest electricity source in the country, after coal. And although it will likely continue to drive global photovoltaic growth, for analysts it remains one of the most dynamic and difficult to predict markets. “On the production front – the Association emphasizes – a massive increase in capacity led last year to a collapse in the prices of solar panels of about 50% and a growing consolidation of the solar manufacturing industry in the country”.

Related Articles

Back to top button