Global PV system developers installed 345.5GW of PV systems in 2023, according to a recently released report by the International Renewable Energy Agency (IRENA) titled Renewable Energy Capacity Statistics 2024. The Chinese PV market is largely driving this growth, accounting for nearly three-quarters of the new PV system capacity installed globally, but the International Renewable Energy Agency (IRENA) says faster growth is needed to meet the 2030 PV deployment target.

In a recently released groundbreaking report, the International Energy Agency (IEA) said that nearly 510GW of installed renewable energy capacity will be installed globally in 2023, a 50 per cent jump from the previous year. This growth is driven by the rapid increase in installed capacity of photovoltaic systems, which account for three-quarters of the world's new renewable energy capacity. China has emerged as the world's leading renewable energy nation, with installed PV systems in 2023 equal to those installed globally in 2022, while wind power installations have soared by an impressive 66 per cent year-on-year. Europe, the United States and Brazil are also experiencing record high growth in installed renewable energy capacity.

This figure from the International Renewable Energy Agency (IRENA) represents an increase of 32.2 per cent compared to 2022, indicating that the global PV market has once again set an annual record for installations. The installed capacity of PV systems installed globally last year accounted for about 73 per cent of the total installed capacity of renewable energy generation facilities of 473GW.

China added 216.9GW of installed PV system capacity last year, accounting for 63 per cent of the world's new installed PV system capacity, while Asia added 237.7GW of installed PV system capacity, the agency said.In 2023, the United States, Germany and Brazil added 24.8GW, 14.3GW and 11.9GW of new installed PV system capacity, respectively.

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