In 2022, the surge in energy prices triggered by the Russia-Ukraine war has led to a significant increase in countries' attention to renewable energy, and the photovoltaic market is booming. Global module demand will reach 280GW in 2022, a significant increase of 56.5% compared with 2021. As the energy transformation of various countries continues to advance, Brilliance predicts that global component demand will increase by about 25% in 2023, and there is the possibility of further growth if countries can break through policy restrictions.

Global market growth in 2023 will be lower than the previous year, mainly due to a higher base year. A large part of the unexpected growth of the global photovoltaic market in 2022 is largely stimulated by the Russia-Ukraine war and soaring energy prices, making it difficult to achieve the same growth rate in 2023 as the previous year.

Compared with the supply shortage in 2022, the photovoltaic industry will gradually transition to oversupply in 2023, resulting in lower prices and conducive to short-term demand expansion. Overall, the market outlook for next year is optimistic, but it is currently full of uncertainties, especially in terms of policies in countries such as India and the United States. The contradiction between protecting domestic production capacity and developing markets needs to be resolved.

The European market may face the impact of overall economic changes on demand next year, and measures proposed against forced labor may also affect future photovoltaic development. China lifted COVID-19 lockdown and changes in the industry's competitive landscape could lead to significant short-term changes on the supply side. In the long term, as governments promote energy transition and policy target deadlines approach, the market size will continue to grow.