Recently, Rob Barnett, a senior clean energy analyst at Bloomberg, predicted that global PV installations will increase by 30% this year, driving global solar energy growth to new heights. The global PV installation capacity is close to 1 terawatt, marking a significant milestone in the energy transition path, with expected PV installations reaching 250 gigawatts this year.

In 2022, China is expected to have approximately 108 gigawatts of PV capacity in operation. China is the world's largest renewable energy investment country, with 323 gigawatts of PV and 338 gigawatts of wind power.

Renewable energy in the United States has also reached a historic high, with the renewable energy generation from solar and wind installations reaching 28% in April. "The solar boom is just beginning, and for all companies involved in the solar supply chain, we see enormous growth prospects," said Barnett.

Climate targets are one of the driving factors for the hot demand for solar energy, but Rob Barnett also indicated that there is another force accelerating short-term demand—increased demand for clean energy, especially in Europe, due to rising energy costs.

The cost of PV continues to decrease, increasing its cost competitiveness compared to oil. Prices of oil surged following Russia's invasion of Ukraine. According to a recent component shipment report from the Energy Information Administration, the shipment volume of solar components has sharply decreased over 20 years, dropping from $4.88 per watt in 2000 to $0.34 per watt in 2021.

Barnett expects that even if oil and natural gas prices cool down, solar energy demand will continue to gather momentum.

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