New solar installations to hit 413 GW this year, says BloombergNEF
New solar installations to hit 413 GW this year, says BloombergNEF
BloombergNEF says historically low module prices will drive the global solar industry to record installations in 2023.
Image: BloombergNEF
BloombergNEF has released its updated solar market outlook for 2023, projecting that 413 GW of module capacity will be installed this year. This capacity will mostly be driven by China’s contribution of 240 GW, along with strong growth in many other global regions.
The quarterly update was provided via Bloomberg’s podcast “Switched On” in the episode, “Solar supply glut crushes margins but buildout booming.”
If the world does install 413 GW of solar, we will have witnessed a growth of over 58% from the 260 GW installed in 2022, which itself marked an almost 42% increase from the 183 GW installed in 2021. During this two year period, the world will have experienced 125% growth, indicating that a doubling of deployed annual capacity occurred in around one and a half years.
This capacity growth will be driven by several factors. Foremost is China, which has driven the price of solar modules toward $0.10/W.
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Analyst Notes On Article:
- The Solar PV module price has zero bearing on the installed price in Industrial and Residential installations. The above statement is in error. Residential PV installed costs are over $3.15/w and industrial PV installed costs $1.15 for the same modules.
- If BNEF is correct in its 2023 rollup, then this is huge for silver. BNEF states 2023F installations ae 413GW, which is exactly double the installations in 2022. Silver consumption in solar has skyrocketed in 2023 to 288Moz, or 25% of global silver supply. BNEF provides a forecast for the remainder of the decade, which if true would produce a peak silver demand of 29% of supply by 2025.
Read the full article at: Solar surging 58% in 2023, 413 GW of installations expected globally – pv magazine USA (pv-magazine-usa.com)