What is a solar photovoltaic system?

Solar photovoltaic is a renewable energy technology that utilizes sunlight in order to generate electricity. A photovoltaic system is comprised of one or multiple solar panels, made up of solar photovoltaic cells, and a solar inverter.

How much does PV contribute to electricity demand?

In several countries, the PV contribution to the electricity demand has passed the 10% mark with Australia in first place with 15,5%. Spain is second with an estimated 14,2 % and Greece third with a theoretical penetration level of 13,6%. In total, PV contribution amounts to close to 5% of the electricity demand in the world.

Which countries have a high PV market concentration compared to previous years?

However, compared to previous years, the market is still showing a decreasing market concentration trend. Honduras, Australia, Germany, Greece, Chile, Spain, the Netherlands, Italy, Japan, Israel, Belgium, India, China, and Turkey now have enough PV capacity to theoretically produce more than 5% of their annual electricity demand with PV.

What is a snapshot of global PV markets?

This 10th edition of the “Snapshot of Global PV Markets” aims at providing preliminary information on how the PV market developed in 2021. The 27th edition of the PVPS complete “Trends in Photovoltaic Applications” report will be published in Q4 2022.

How many GW of PV systems have been installed in 2021?

At least 175 GW of PV systems have been installed and commissioned in the world last year which means that the total cumulative installed capacity for PV at the end of 2021 reached at least 942 GW. While these data will have to be confirmed in the coming months, some important trends can already be extracted:

What percentage of renewable electricity is generated by solar PV?

In 2021, solar PV stood for approximately 40% of the total renewable electricity production from new production assets. The difference with the figure above is due to the different capacity factors of renewable technologies.