Emerging Markets Drive Global PV Installations to Record High
Recently, PV Info link, an industry research firm, released its latest analysis report, announcing that, driven by various favorable policies, the global PV new installed capacity exceeded 170 million kilowatts in 2021. That creates a new record high while the emerging megawatt market continues to emerge. The global PV new installed capacity is expected to exceed 200 million kilowatts in 2022.
The latest statistics from the PV Info link show that the global PV new installed capacity reached 172.6 million kilowatts in 2021, increasing 23.1% yearly. In addition, Turkey and other emerging markets performed well.
Dr. Smith, the solar energy expert, pointed out that more than 70% of the global PV market was concentrated in Europe and the United States. Today, the global PV market shows a blossoming, comprehensive development. Brazil, Turkey, and other emerging markets are an eye-catching performance. The number of megawatt markets has been raised to 20, compared with 11 in 2018 increased by 9.
According to Rodrigo Lopes Sauaia, CEO of the Brazilian Photovoltaic Solar Energy Association (Absolar), PV power prices have fallen by 70% in the past nine years, one of Brazil’s most competitive power. In this situation, the cumulative installed capacity of PV power in Brazil has grown from 7,000 watts in 2012 to approximately 13 million kilowatts by 2021. Nowadays, Brazil has become the third-largest renewable energy market globally, and PV power generation has become the sixth-largest source of electricity in Brazil.”
Dr. Smith also affirmed the role of emerging PV markets in boosting the scale of new PV installations worldwide.” South Africa, Saudi Arabia, Morocco, Algeria, and other PV markets have seen significant new demand, driving the rapid expansion of the PV industry in the region. ”
Meanwhile, Dr. Smith also highlighted the positive effects of the long-term power purchase agreements (PPAs) that multiple governments allow PV power producers to sign with green power purchasers. “Long-term fixed tariffs are conducive to enhancing the willingness of power generation companies to develop and build power plants. After implementing the PPA policy in Europe, the installed scale of PV power plants that signed PPAs exceeded 30 million kilowatts, driving the growth of the newly installed scale of PV in Europe.
Industry media journalists pointed out that governments are increasing their support for developing PV power projects to achieve their respective carbon reduction goals. According to the world photovoltaic industry association, as of November 2021, 177 countries worldwide are considering or have announced net-zero emission targets, accounting for 90 percent of the total, which has also contributed to the increased recognition of PV power generation by large companies. Citing data from a third-party industry research firm, the reporter indicated that 67 companies signed an initiative to commit to 100% green energy usage in 2021. By the end of 2021, 355 companies worldwide had made these commitments.
PV Info link believes that global PV market demand will further increase in the above context. In 2022, the global PV new installed capacity will reach 214 million kilowatts.
In the coming years, Dr. Smith expects that the global PV new installed capacity will maintain rapid growth; and the annual increasing installed capacity will reach 232 million kilowatts – 286 million kilowatts from 2022-2025.
