A Snapshot of the Global PV Market

This paper presents the latest survey results for the calendar year 2023 concerning PV markets and policies, as well as other key issues. An increasing number of national markets experienced notable growth in 2023, with impacts on policy development. The global PV market grew to at least 350 GWp in 2023, compared to 236 GWp in 2022. This represents a year-on-year growth of more than 48%. Some estimations mention up to 380 GWp. Asia scored the very first place again in 2023 with China (200 GWp), India (10 GWp), Japan (6.6 GWp) and more appearing in the top markets. With around 33 GWp deployed this year, the market in USA. The market in EU grew significantly to around 56 GWp. The top countries are Germany (14GWp), Spain (8.2GWp) and Italy (4.8GWp). Fast development was observed once again in Latin America, with around 10 GWp installed in Brazil. • The global installed capacity reached over 1,500 GW in 2023 and 2 TW milestone will be achieved faster than previously expected. Production capacities have significantly increased in 2023, in particular upstream (polysilicon and wafer) and will keep on increasing in 2023. And excess capacity of polysilicon significantly contributed PV module price reduction China remains the main manufacturing hub worldwide, by far. Larger wafers and larger modules continue their dominance on the market, with 182 mm and 210 mm wafers established as the new standards, with 166 mm disappearing. Bottlenecks of various materials were reported in 2023, for example encapsulants, highly pure quartz sand for crucibles and shortage of Cu cables. The Global PV industry needs to address these resources issues and more sustainable production for the TW market.