The photovoltaic installed capacity in Europe is expected to exceed 58 GW in 2023

According to a research report recently released by the research firm Rystad Energy, the scale of installed photovoltaic systems in Europe is experiencing rapid growth. As of October this year, the cumulative installed capacity of photovoltaic systems has already matched the total installed capacity of the previous year, with the newly added photovoltaic system capacity expected to increase by 30% year-on-year. By the end of this year, the installed capacity of photovoltaic systems is projected to exceed 58 GW.

After briefly ceding the top position to Spain last year, Germany is in the process of reclaiming its leading position in the European photovoltaic market. It is expected to have an annual growth rate of 84% this year, with a record-breaking installed capacity of 13.5 GW for photovoltaic systems in the country. Meanwhile, despite achieving record-breaking results in 2022, Spain is facing challenges in maintaining its growth momentum this year.

Poland and the Netherlands are other major photovoltaic markets in Europe, and the growth of their photovoltaic markets is being driven by a significant increase in the installation of rooftop photovoltaic system capacity. It is projected that rooftop photovoltaic system capacity installed in Europe this year will account for 70% of the total photovoltaic system installed capacity.

In contrast to the success story of the photovoltaic market, Europe's wind power generation, including onshore and offshore wind, is facing potential obstacles to its expansion, despite previous strong growth.

Due to permitting bottlenecks and rising supply chain costs, Rystad Energy predicts that the installed capacity of onshore wind facilities in Europe will decrease by 11% in 2023 compared to the previous year. The installed capacity of offshore wind facilities is expected to grow this year, but due to some project delays, the increase is projected to be only 2%.

According to a research report released by Bloomberg New Energy Finance (BNEF), driven by the declining prices of photovoltaic components and the rapid construction of photovoltaic projects in China and other regions, the global installed capacity of photovoltaic systems is expected to increase by 56% in 2023, reaching a record level of nearly 400 GW.

The International Energy Agency (IEA), in its report titled "World Energy Outlook" released in early October this year, stated that in this year alone, the installed capacity of renewable energy power generation facilities globally will exceed 500 GW, with $1 billion being invested in photovoltaic deployment every day.

According to the IEA's report, by 2030, in the Stated Policies Scenario (STEPS), the installed capacity of renewable energy power generation facilities will account for 80% of the total energy facility capacity, with photovoltaic systems alone constituting over half of it.

Photovoltaic systems have become a significant global industry and are set to reshape the electricity market even within the Stated Policies Scenario. However, considering manufacturing plans and the competitiveness of this technology, there is ample room for further growth.