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One study recently released by NREL (National Renewable Energy Laboratory) of the DOE (Department of Energy) of U.S designed that the solar energy keep growth of at least 9% per year worldwide in the coming years.
The survey estimates that, in 2023, about 350GW would have been installed globally, which represented a record never before achieved in a single year.
However, this volume should continue bullish bias consecutively, since the North American laboratory estimates that, at least until 2027, increases in annual global installations will be continuous, being:
- 390 GW in 2024 (+12% y/y);
- 450 GW in 2025 (+14% y/y);
- 510 GW in 2026 (+14% y/y);
- 560 GW in 2027 (+9% y/y).
Batteries
NREL also draws attention in its study to the fact that batteries are also gaining strength in the global solar market, especially in the residential sector, where 15 GW will be installed in 2023.
Of this amount, around 88% of installations occurred in five countries: Germany, Italy, Japan, the United States and Australia. “Growth in these markets occurred mainly due to an increase in incentives for storage”, highlights the laboratory.
The study also highlights that the Chinese solar energy market, despite being the largest in the world currently, has a relatively small residential battery market, especially due to its high level of product manufacturing.
“This is due to low retail rates, low concern about power cuts and low subsidies”, highlights the study.
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