Global Solar Capacity Soars by 87% in 2023, Reaches 1.6 Million MW

Global Solar Capacity Soars by 87% in 2023, Reaches 1.6 Million MW

Global photovoltaic capacity saw an unprecedented increase of 87% in 2023, reaching a staggering 1,600,000 MW, according to a report by SolarPower Europe. This growth translates to an additional 447 GW of new solar power, significantly up from 239 GW added in 2022. The report, titled "Global Market Outlook for Solar Power 2024-2028," predicts the total capacity will reach 2 TW by the end of 2024.

Walburga Hemetsberger, CEO of SolarPower Europe, highlighted the critical role of fair financing and political commitment in driving this expansion. China continues to dominate the solar market, contributing 656 GW, while the United States, Germany, and Spain also made substantial advancements.

The report underscores that to meet global renewable energy targets by 2030, an estimated $12 trillion investment is needed. With this growth, the solar sector aims for an annual increase of 1 million MW to sustain its trajectory.

In Europe, Germany remains the leader in solar installations, followed by Spain. The continent's ambitious targets are reflected in its policies and investments, aiming to significantly reduce carbon emissions and enhance energy security.

The rapid growth in solar capacity is part of a broader shift towards renewable energy sources, crucial for combating climate change and achieving sustainable development goals. As countries strive to transition from fossil fuels, the solar industry’s robust expansion offers a beacon of hope for a greener future.