The countries that install the most photovoltaic (PV) energy

Installations of photovoltaic solar sources broke a record in 2023 and Brazil was the third country with the highest installed capacity added last year. This is stated in the most recent study “Global Market Outlook For Solar Power 2024 – 2028”, carried out by SolarPower Europe.

According to the research, the country increased 15.4 GW of installed power and represented around 4% of global growth. In total, the world added 447 GW.

The study also noted that the solar source grew by 87% in 2023, compared to 2022, ending last year with the mark of 1.6 TW of installed capacity.

Also according to SolarPower Europe, in 2023 solar energy was responsible for 78% of new renewable energy connections, a figure higher than the previous two years, when this figure was 56% and 66%, respectively.

China led the expansion with 253 GW, representing 71% of global growth, followed by the United States, with 32.4 GW, and Brazil, with 15.4 GW.

Other countries that stood out were Germany (15 GW), India (12.5 GW), Spain (8.9 GW), Japan (6.2 GW), Italy (5.2 GW), Australia (5.1 GW) and Netherlands (4.9 GW).
According to the study, the 2022 energy crisis continued to stimulate demand in several regions. As a result, solar energy has proven to be a reliable and cost-effective option.

This month, the IEA (International Energy Agency) published a report noting that the goal set at COP-28 of tripling global renewable energy capacity by 2030 is ambitious but achievable.

According to the SPE, annual investments in renewable energy should amount to 1.3 trillion dollars per year. The total investment expected for the year 2024 is 929 billion dollars.

The study presents three scenarios for 2028 for the solar source: the lowest growth scenario in the world would reach the mark of 4.4 TW, the medium growth scenario 5.1 TW and in the best scenario it would be 5.9 TW. The growth by then would be 668 GW, 876 GW and 1,112 GW respectively.