Global Photovoltaic Installed Capacity May Reach 660 GW in 2024?
The global demand for photovoltaic (PV) solar panels is on the rise, and the outlook for the industry is incredibly positive. According to a recent report by Bernreuter Research, the PV industry is predicted to reach a total installed capacity of 660 GW by 2024. The report states that low module prices will drive demand in the coming years, which will lead to increased adoption of solar energy across the globe.
One of the key factors driving growth in the PV industry is the rapidly decreasing cost of solar modules. As the cost of producing solar panels continues to decrease, more businesses and homeowners are turning to solar as a viable energy source. This, in turn, is driving up demand for PV modules and pushing the industry towards its predicted growth trajectory.
Image: Bernreuter Research
The report also highlights the specific growth rates of some of the biggest PV players in the market. Companies like JinkoSolar, Longi Solar, and Trina Solar have a target growth rate of 40%, while other major players like Canadian Solar, JA Solar and REC Solar are not far behind. These growth targets reflect the confidence these companies have in the future potential of the PV industry.
Another factor to consider is the increase in government incentives and subsidies for solar energy. In recent years, more and more countries around the world have introduced incentives to encourage the adoption of clean energy sources like solar. This has helped to create a more supportive environment for the growth of the PV industry.
Based on 2023 global PV installed capacity of 444 GW, the report estimates that the industry will add an additional 622 GW of installed capacity by 2024. This represents a compound annual growth rate of 9.8%, which is impressive growth for any industry.
While there are some challenges and obstacles that the PV industry will need to overcome, the overall outlook is incredibly positive. As more and more people and businesses turn to solar energy, the industry will continue to grow and mature. With such strong growth projections, there has never been a better time to invest in the PV market than now.
In conclusion, the PV industry is growing at an impressive rate, and the future looks incredibly positive. The combination of low module prices, government incentives, and rapidly decreasing costs is driving demand for solar energy around the globe. With the PV industry on track to reach a total installed capacity of 660 GW by 2024, it is clear that the future of solar energy is one of incredible potential and exciting possibilities.