Why did the global PV base grow so much in 2022?

4.6MW PV system on an old industrial site at Retzwiller (France) image credits : TRYBA ENERGY. The global PV base once again grew significantly in 2022, reaching 1 185 GW (≈ 1,2 TW) of cumulative capacity according to preliminary market data, both despite and because of post-covid prices hikes and European geo-political strife.

How much is the photovoltaic market worth?

The photovoltaic market is forecast to have a value of 251.4 billion U.S. dollars by 2030, growing at a CAGR of 10.1 percent from 2020 to 2030. Get notified via email when this statistic is updated. *Forecast. Access All Statistics.

How much solar power does IEA PVPS have in 2021?

The IEA PVPS countries represented 767 GW of cumulative PV at the end of 2021, which is at least 81% of the global PV capacity. Next to the members of the IEA PVPS programme, the other major markets in the world represent at least 175 GW cumulative installed capacity at the end of 2021.

What is a snapshot of global PV markets?

This 12th edition of the “Snapshot of Global PV Markets” aims at providing preliminary information on how the PV market developed in 2023. The 29th edition of the PVPS complete “Trends in Photovoltaic Applications” report will be published in Q4 2024.

How big is the PV market in 2021?

The US market saw its market increasing to 26,9 GW which allowed it to overtake the European Union that was ranked second last year. Utility-scale installations accounted for about 75% of the new additions. The European Union lost its position as the second global PV market and ranked third in 2021 by installing close to 26,8 GW.

How many GW of PV systems have been installed in 2021?

At least 175 GW of PV systems have been installed and commissioned in the world last year which means that the total cumulative installed capacity for PV at the end of 2021 reached at least 942 GW. While these data will have to be confirmed in the coming months, some important trends can already be extracted: