Global solar demand to grow by 40% in 2023 as prices fall, capacity grows

Global demand for solar PV could rise up to 40% in 2023 as favourable economics in the solar sector combine with broad policies like the Inflation Reduction Act (IRA) and REPowerEU schemes.

Bloomberg Intelligence’s ‘Global Solar Energy Midyear Outlook’ report predicts that solar will remain the energy sector’s fastest-growing sub-segment, predominantly driven by its position as the most cost-effective electricity generation method in much of the world. Bloomberg credited solar PV with a levelised cost of electricity (LCOE) of around US$50/MWh.

At the same time as installations are set to grow, sales for manufacturers are forecast to slow slightly as prices fall.

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Source: PV Tech

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