Photovoltaic industry development status and future development trends

     In the context of global sustainable development, the energy system is undergoing an unprecedented revolutionary transformation. Due to its low environmental impact and huge development potential, photovoltaic energy has become the main driving force for the growth of renewable energy. It is expected that the installed capacity of photovoltaic power generation will nearly triple by 2030.

Regional development trends of global photovoltaic industry

     Globally, the photovoltaic industry is experiencing unprecedented growth. Countries have adopted different strategies and goals in promoting the development of renewable energy, especially photovoltaics, reflecting the diversity of energy transformation paths in different regions.

• In Europe, the EU has set an ambitious photovoltaic development blueprint, planning to reach 320GW and 600GW of cumulative photovoltaic installed capacity by 2025 and 2030 respectively, and is committed to increasing the proportion of renewable energy power generation to 45%. This plan aims to accelerate Europe's green transition and play a leading role in the global response to climate change.

• In the Americas, the U.S. photovoltaic market ushered in a new round of growth driven by the inflation reduction bill. With the implementation of this bill and related investment tax credit (ITC) details, it is expected that the number of new photovoltaic installed capacity in the United States will reach 570GW in the next ten years. In Latin America, countries such as Brazil and Chile have maintained high growth in photovoltaic installed capacity after adjusting their subsidy policies.

• In the Asia-Pacific region, India has clearly proposed the National Solar Plan (NSM) to increase the photovoltaic installed capacity target to 300GW by 2030, which means that an average of 20-30GW of new photovoltaic installed capacity will be added every year. Southeast Asian countries such as Vietnam, the Philippines, Thailand and Indonesia have also set green transformation goals and have become the focus of overseas markets for Chinese photovoltaic companies.

• In the Middle East and Africa, countries such as Saudi Arabia, the United Arab Emirates, and Egypt have also set carbon neutrality or renewable energy goals, launched a series of large-scale photovoltaic project bidding plans, and introduced or updated incentive policies such as electricity price subsidies to provide local The development of the photovoltaic industry provides fertile soil. At the same time, as Africa's electricity demand grows rapidly, the prerequisites for photovoltaic development are gradually maturing. Countries such as South Africa have signed a number of new energy power cooperation agreements with China.

  
  

     It is this series of regional policy promotions that have caused the global photovoltaic installed capacity to show a rapid growth trend. According to data from IRENA (International Renewable Energy Agency), the world's newly installed capacity will reach 345.5GW in 2023. It is predicted that the world's newly installed capacity will reach 660GW in 2028, and it is expected to reach 14% this year.