The world could install up to 574 GW of new PV capacity this year, according to a new global PV outlook report from BloombergNEF. It said that new solar installations hit 444 GW in 2023, significantly surpassing its previous forecast of around 413 GW.
The research firm said it also expects new global PV installations to reach 627 GW in 2025 and 672 GW in 2026, and then grow further to 718 GW in 2027 and 722 GW in 2028. For 2029 and 2030, it predicts annual PV growth of 820 GW and 880 GW, respectively.
These figures diverge substantially from those released by Wood Mackenzie in January. It predicted flat annual average growth over the next eight years, bucking the trend of rapid growth over the last decade.
