![]() ![]() Wood Mackenzie expects it to hit 6.5 GW of cumulative distributed solar capacity by 2027. Romania, with 210 sunny days a year, is emerging as a top distributed solar market in Europe. If the UK’s pace continues, its residential solar installed capacity will grow by at least 60% in 2023. The UK led the pack for quarterly residential solar installations in Q1 2023, where levels were double that of Q1 2022 volumes. US residential solar also set a Q1 2023 record, but sales have slowed due to consumer skittishness over possible economic uncertainty. US utility-scale solar installations achieved a strong 66% year-over-year rebound in Q1, but projects still experience the headwinds of interconnection delays and supply chain glitches. ![]() The Inflation Reduction Act ramped up additions of more than 3 GW of planned US solar – a 25% year-over-year increase. The US solar industry experienced its largest first quarter on record in Q1 2023. WoodMac does, however, expect China to shift its export focus from panels to cells and wafers. In the near term, policy incentives in the US, Europe, and India aren’t expected to put a significant dent in China’s market share.ĭevelopers are taking advantage of much cheaper polysilicon prices to expand utility-scale solar plants on a massive scale. Wood Mackenzie understandably predicts China to be the solar panel manufacturing leader for at least the next five years. The company says it will be driven by ambitious clean energy targets, coal phaseouts, an urgent desire for energy security, increasing policy support, and falling solar levelized cost of energy levels. Wood Mackenzie predicts in its latest solar market outlook that solar will continue accelerating to an annual 330 GW by 2032. ![]() A record 270 (gigawatts) GW of newly installed solar capacity is expected to be achieved worldwide in 2023, according to global research firm Wood Mackenzie. ![]()
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