Global solar market adds 447 GW, led by China

However, 80% of the new installations were concentrated in the top 10 markets.

New global solar installations nearly doubled in 2023 with an 87% year-on-year (YoY) growth with the addition of 447 gigawatts (GW) solar projects, according to a report by SolarPower Europe.

In the Global Market Outlook for Solar Power 2024-2028, SolarPower said China dominated the new solar installations, accounting for 57% or 253 GW.

“The world has truly entered its solar age. The sky is no longer the limit. How far solar can go will be determined by equitable global access to financing, and the political will to deliver flexible energy systems fit for the renewable reality,” SolarPower Europe CEO Walburga Hemetsberger.

Despite the increase, which brought the world’s total solar capacity to 1.6 terawatts, SolarPower said that 80% of the installations were concentrated in the top 10 markets. 

After China, the US installed the second largest solar capacity last year with 32.4 GW, followed by Brazil (15.4 GW), Germany (15 GW), and India (12.5 GW).

Completing the top 10 solar markets are Spain (8.9 GW), Japan, (6.2 GW), Italy (5.2 GW), Australia (5.1 GW), and the Netherlands (4.9 GW).

This year, Solar Power expects the total solar capacity to reach 2 TW, but YoY growth between 2024 and 2028 will be slow due to high interest rates, the energy crisis, and the need for grid upgrades.