Global Solar PV installed capacity forecast in 2022

28 Dec , 2021

In 2022, the global PV installed capacity will be about 220GW, and 26 markets will reach the GW level. Global warming is getting worse and non-renewable energy is gradually depleted. It has become a global consensus to establish an energy system based on renewable energy to achieve green and sustainable development.


At present, the global renewable energy penetration rate is still at a low level, with a broad development space. Photovoltaic power generation has obvious economic advantages, the unit cost of electricity has been lower than coal power. The future will continue to decline, the development potential should not be underestimated.


Latest research report shows that due to the impact of the overseas epidemic in 2021, the PV installed capacity demand has not been fully released under the condition of higher prices in the PV industry chain, the new PV installed capacity is expected to be about 150-160 GW. The new PV installed capacity demand in 2022 is expected to increase by about 30% year-on-year to 200-220 GW, of which distributed will see faster growth.


The report points out that in 2022, there are 26 PV markets in the world will reach the GW level, adding 5 GW level markets. These markets will account for 88.6% of the global PV installed capacity. Among them, India, Vietnam, Saudi Arabia, Brazil and other markets have a large number of projects under construction, these countries and regions in the coming year will usher in the peak of centralized grid connection; the annual PV installed capacity demand of mature markets such as Japan, Australia, and the Netherlands has been steady.


The Asia-Pacific region, as the region with the largest contribution to new PV installed capacity , PV demand will grow steadily, India, Vietnam, and Australia are the main incremental markets; The PV market in the Americas is highly concentrated. North America is dominated by the United States, which is expected to add 30GW of new installations annually in the next five years.


Latin America is dominated by Brazil, Chile and Mexico, accounting for 90% of the market. Among them, the continuation of Brazil’s distributed policy will continue to drive the continued growth of the distributed market in 2022.


The central and East African markets have huge potential for incremental space, the types of PV installed capacity are mainly ground power stations and industrial and commercial. Market financing conditions and large-scale project scale advantages are obvious. Market advancement depends on the impact of the epidemic and government regulatory approval. The market demand in Europe remains strong, with 9 GW-level markets accounting for 73% of the overall market share in Europe.


As for the Chinese market to watch, China’s new installed PV capacity will reach 75GW in 2022, driven by whole-county promotion, large bases and guaranteed grid-connected projects.