The solar power sector has maintained its momentum and continues to expand globally. According to the Global Market Outlook 2023-2027 issued by SolarPower Europe, 239 GW of new solar capacity was installed worldwide in 2022, equivalent to a 45% annual growth rate — the highest since 2016.

The amplification of solar technology continues to be driven by China, with almost 100 GW added in a single year and a 72% growth rate. The U.S. held onto second place, despite a 6.9% drop in installations to 21.9 GW, followed by India with 17.4 GW and Brazil with 10.9 GW. Spain is emerging as Europe’s largest photovoltaic market with 8.4 GW. Overall, 26 countries added more than 1 GW of solar in 2022.

The top 10 countries with the largest solar share in 2022. Source: SolarPower Europe

The positive market developments in the first months of 2023 promise another solar boom year, expected to result in up to 402 GW of newly added solar to the grid by the end of the year – equal to 43% growth. The world could be installing 1 TW of solar annually by the end of the decade, hitting up to 800 GW per year already in 2027.

The rooftop segment grew by 50% last year, with installations reaching 118 GW from 79 GW in 2021. Utility-scale solar grew by 41% to hit 121 GW, despite high module prices in 2021 and 2022. On a global scale, the utility-scale segment is expected to reach 182 GW in 2023, marking 51% growth from the previous year.