Under the leadership of solar energy, the world is increasing its installed capacity of renewable energy at an astonishing rate in 2023. The International Energy Agency predicts that by 2023, more than 440 gigawatts of renewable energy will be added globally, exceeding the total installed capacity of Germany and Spain.
According to data from the International Renewable Energy Agency, China, Europe, and the United States all set records for annual solar installation in 2023. China’s new photovoltaic installed capacity outshines all other countries, ranging from approximately 180 to 230 gigawatts (the final data depends on the outcome of the project’s grid connection at the end of the year). Europe has added 58 gigawatts of installed capacity.
Solar photovoltaic is now the cheapest form of electricity in most countries. From December 2022 to November 2023, the prices of solar panels in Europe plummeted by 40% to 53%, currently at a historic low.
After the final figures for 2023 are confirmed, it is expected that the total installed capacity of solar energy globally will exceed that of hydroelectric power generation. But in terms of actual power generation, hydropower will still generate more clean electricity for a period of time because it can generate electricity.
In the United States, California still has the most solar energy, followed by Texas, Florida, North Carolina, and Arizona. Both state and federal incentives have a significant impact on the growth of solar energy in the United States.
In the United States, the solar manufacturing industry is also growing. The Chairman and CEO of the Solar Industry Association stated, “We have seen the impact of the Inflation Reduction Act in driving investment. Over the past year, we have announced over 60 solar manufacturing facilities.”
Like solar energy, most of the growth in wind power installed capacity, exceeding 58 gigawatts, is in China. If all planned projects are completed, China is expected to achieve its ambitious goal of 1200 gigawatts of utility scale solar and wind power generation capacity by 2030 five years ahead of schedule.
The Global Wind Energy Council stated that China is one of the few wind energy markets this year, with Europe’s new installed capacity decreasing by 6% year-on-year.
Short term challenges such as high inflation, rising interest rates, and rising building material costs have forced some offshore wind power developers to renegotiate or even cancel project contracts, while some onshore wind power developers have postponed projects until 2024 or 2025. On a global scale, wind power installation has slowed down this year. The top three markets this year are still onshore wind power in China, the United States, and Germany, as well as offshore wind power in China, the United Kingdom, and Germany. Analysts predict that the global wind energy industry will rebound in 2024, with global wind energy installations expected to increase by nearly 12%.
In June 2023, the global installed wind energy capacity exceeded 1 terawatt. It took over 40 years to reach this milestone, and at the current industry speed, the second terawatt increment may take less than 7 years.
In the future, the proportion of photovoltaic power generation in renewable energy will gradually increase. MULTIFIT Company, a high-tech enterprise dedicated to the research and development, production, sales, and construction services of green energy such as solar power generation, has consistently focused on providing world-class photovoltaic power station solutions and innovative research and development of new energy electrical products. It has cultivated a group of sales and research and development teams with ideals, experience, and technology, We will be committed to promoting the progress and application of photovoltaic technology, and contribute more to achieving the goals of carbon peak and carbon neutrality. Adhere to the leadership of technological innovation, assist in the transformation and upgrading of energy structure, and continuously provide “Chinese wisdom” for the global “dual carbon” strategy with an efficient, low-carbon, and sustainable development model.
Post time: Jan-11-2024