Why did the global PV base grow so much in 2022?

4.6MW PV system on an old industrial site at Retzwiller (France) image credits : TRYBA ENERGY. The global PV base once again grew significantly in 2022, reaching 1 185 GW (≈ 1,2 TW) of cumulative capacity according to preliminary market data, both despite and because of post-covid prices hikes and European geo-political strife.

What is a snapshot of global PV markets?

This 11th edition of the “Snapshot of Global PV Markets” aims at providing preliminary information on how the PV market developed in 2022. The 28th edition of the PVPS complete “Trends in Photovoltaic Applications” report will be published in Q4 2023.

How much does photovoltaics contribute to the world's electricity demand?

In total, PV contribution amounts to over 8% of the electricity demand in the world. Public policies with regards to photovoltaics tend to change as governments seek to promote solar or react to changing costs to investors or even state aid programs.

Why did PV module prices fall in 2022?

After several years of tension on material and transport costs, module prices plummeted in a massively over-supplied market, maintaining the competitivity of PV even as electricity prices decreased after historical peaks in 2022. Major trends include:

Which countries have a strong PV market?

The American market contracted to 18,6 GW under the combined influence of trade issues and grid connection backlogs, whilst Brazil installed a high 9,9 GW, nearly doubling the previous year’s new capacity. India once again showed strong growth with 18,1 GW, predominantly in centralised systems, and a PV penetration of nearly 10%.

How much does PV contribute to electricity consumption?

The increasingly large volumes of installed capacity are making a tangible contribution to electricity consumption around the world. The two principal PV markets, China and the Europe Union, demonstrate this with approximately 10% each. In total, PV contribution amounts to over 8% of the electricity demand in the world.