87% increase in global photovoltaic capacity recorded last year

Global photovoltaic capacity increased by 87% in 2023, compared to the previous year, according to a new report from SolarPower Europe.

The Global Market Outlook for Solar Power 2024-2028 report found that 447 gigawatts (GW) of photovoltaic capacity was installed last year, raising the total global capacity to 1.6 terawatts (TW).

This follows on from a 239 GW capacity increase in 2022, the report found. According to SolarPower Europe, total global capacity is set to surpass 2 TW this year.

Tripling renewable capacity

It added that to achieve the goal of tripling renewables by 2030, significant financing, digitalisation, and flexibility in energy systems will be necessary, with projections suggesting the installation of 1 TW of photovoltaic capacity annually starting in 2028.

The number of ‘gigawatt countries’ – nations in which capacity exceeds 1 GW – is also increasing, accounting for 31 countries in 2023, and expected to rise to 37 in 2024.

In terms of general renewable capacity, in 2023, 576 GW of renewable capacity was added globally, with photovoltaics accounting for 78% of this total. Wind power contributed 20%, or 117 GW of new capacity.

“The world has truly entered its solar age,” commented Walburga Hemetsberger, CEO of SolarPower Europe. “How far solar can go will be determined by equitable global access to financing, and the political will to deliver flexible energy systems fit for the renewable reality.”

Battery storage

Battery storage also saw a notable increase in the past year – Europe added 17.2 gigawatt hours (GWh) of battery storage, a 94% increase from the previous year. The residential sector led this growth, adding 12 GWh of new capacity. The commercial and industrial sectors and on-grid batteries for large-scale energy storage also saw increases, adding 1.6 GWh and 3.6 GWh, respectively.

Germany, already a leading country in terms solar energy, recorded its highest-ever growth rate in added photovoltaic capacity last year, with a 97% increase. The trend of combining photovoltaic systems with battery storage also continued, with 77% of residential photovoltaic systems installed with battery storage in 2023, up from 46% in 2019.

“This trend is likely to continue as supportive regulations are expected to be introduced in the near future,” added David Wedepohl, managing director of international affairs at BSW-Solar. “When combined with intelligent storage systems, the benefits for the energy system go far beyond self-consumption.”