Kristof graduated as a Master of Business Engineering at the University of Antwerp in 2018 (major in Corporate Finance and Financial engineering). In his master thesis, he examined the profitability of a momentum strategy on various government bond markets. Kristof joined the team of Econopolis as a Business Analyst in September 2018, focusing on data management and the follow-up of the latest wealth management technologies. Since 2020 Kristof, became Senior Consultant within Econopolis Consulting, a strategic advisory services with a focus on climate and energy transition.
Five takeaways from the Global Market Outlook for Solar Power 2024-2028
SolarPower Europe recently released a comprehensive report presenting key insights and updates on the global solar PV sector. This Climate Shocker will guide you through the most significant findings from the report:
- In 2023, a record 447 GW of solar capacity was installed globally, reflecting an impressive year-on-year increase of 87%. This milestone establishes 2023 as a record-breaking year for solar PV.
- Solar PV accounted for 78% of the net renewable power generating capacity in 2023, which makes solar PV the leading technological driver for new renewable energy capacity (see Figure 1). This number was 66% in 2022 and 56% in 2021.
- Several factors contribute to this substantial growth in solar PV capacity. Firstly, a notable increase in global PV manufacturing capacity significantly enhanced the availability of solar modules, following the supply chain issues experienced during the pandemic. Overcapacity led to a dramatic decrease in system component prices throughout 2023, with module prices dropping by approximately 50%. Secondly, the ongoing global energy crisis continued to stimulate demand across various regions, as solar PV proved to be a reliable and cost-effective solution. Additionally, the accelerated electrification of the heat and transport sectors further boosted demand.
- China installed 253 GW of new solar PV capacity, accounting for 57% of global capacity, and marking a 167% year-on-year growth rate. This makes the country the primary driver of global market expansion. Other countries in the top five largest solar PV markets include the United States, Brazil, Germany, and India.
- SolarPower Europe anticipates that an average of 876 GW will be installed annually worldwide, implying an annual growth rate of 14.4%. In the “High Scenario”, the organisation expects 1,112 GW of installations per year, implying a growth rate of almost 20%.
In 2023, the world's solar PV capacity installations were over 3x greater than the combined total of all other renewable technologies.
Figure 1: Net renewable power generating capacity installed in 2023 (GW). Chart from Econopolis Strategy. Source: SolarPower Europe, 2024
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