In a report published today (1 June), the International Energy Agency (IEA) revealed that global renewable electricity capacity additions are set to rise by 107GW (the largest ever increase) to 440GW in 2023 with solar photovoltaics (PV) accounting for two-thirds of this growth.
According to the Renewable Energy Market Update, the majority of this momentum is driven by a strong drive in the deployment of solar PV caused by growing policy support, higher fossil fuel prices and energy security concerns.
Higher electricity prices have stimulated the growth of rooftop solar, continued the report and manufacturing capacity for all solar PV productions segments is expected to more than double to 1,000GW by 2024.
This was mostly led by supply diversification in Europe, India and the US.
Based on these trends, the IEA preedicted that there will be sufficient global solar PV manufacturing capacity in 2030 to comfortably meet the level of demand envisaged in the IEA's Net Zero Emissions by 2050 Scenario.
The Microgeneration Certification Scheme (MCS),announced that 130,596 solar photovoltaic (PV) systems were installed in UK homes last year leading to a 114% rise from 2021.
The growth in domestic solar has continued into 2023, with Q1 seeing 50,719 MCS certified domestic solar installations, a 114% rise from the same period in 2021.
Overall the forecast for renewable capacity additions in Europe has soared by 40% since Russia’s invasion of Ukraine, which led many countries to reduce their reliance on Russian gas by boosting their solar uptake.
“Solar and wind are leading the rapid expansion of the new global energy economy. This year, the world is set to add a record-breaking amount of renewables to electricity systems – more than the total power capacity of Germany and Spain combined,” said IEA executive director, Fatih Birol.
“The global energy crisis has shown renewables are critical for making energy supplies not just cleaner but also more secure and affordable – and governments are responding with efforts to deploy them faster. But achieving stronger growth means addressing some key challenges. Policies need to adapt to changing market conditions, and we need to upgrade and expand power grids to ensure we can take full advantage of solar and wind’s huge potential.”
This article first appeared in Solar Power Portal's sister publication Current±. Additional reporting by Lena Dias Martins.
Solar Power Portal's publisher Solar Media will host the UK Solar Summit on 27-28 June 2023 in London. The event will explore UK’s new landscape for utility and rooftop solar, looking at the opportunities within a GW+ annual market, and much more. For more information, go to the website.