SolarPower Europe’s Global Market Outlook for Solar Power 2024–2028 reports 447 GW of new solar installations in 2023. Europe strengthens its position among the world’s top PV markets.
Global Market Outlook confirms record year for solar power
SolarPower Europe has published its Global Market Outlook for Solar Power 2024–2028, confirming that 2023 marked another historic year for photovoltaic growth worldwide.
Global solar installations increased by 447 GW over the year, an annual rise of 87 percent. This expansion pushed cumulative global photovoltaic capacity to 1.6 terawatts by the end of 2023, consolidating solar energy as a central pillar of the energy transition.
“The world has truly entered its solar age. The sky is no longer the limit. How far solar can go will be determined by equitable global access to financing, and the political will to deliver flexible energy systems fit for the renewable reality,” said Walburga Hemetsberger, CEO of SolarPower Europe.
Global photovoltaic capacity surpasses 1.6 TW
The report highlights how solar power continues to scale at unprecedented speed. However, growth remains geographically concentrated. Around 80 percent of new solar installations in 2023 were added in just ten countries, predominantly advanced economies.
The number of advanced solar markets, defined as countries installing at least 1 GW annually, rose to 31 in 2023, three more than in 2022. Nevertheless, the global distribution of photovoltaic capacity still shows significant regional imbalances.
Europe among the top PV markets in 2023
Several European countries secured leading positions among the world’s top PV markets for annual installations. Germany ranked fourth globally with 15.0 GW of new capacity, followed by Spain with 8.9 GW and Italy with 5.2 GW.
The full ranking of new solar installations in 2023 is as follows:
| Country | Installations (GW) |
| China | 253.0 GW |
| United States | 32.4 GW |
| Brazil | 15.4 GW |
| Germany | 15.0 GW |
| India | 12.5 GW |
| Spain | 8.9 GW |
| Japan | 6.2 GW |
| Italy | 5.2 GW |
| Australia | 5.1 GW |
| Holland | 4.9 GW |
China remains the dominant force in the global solar market. With cumulative photovoltaic capacity reaching 608.9 GW, solar power has become the country’s second-largest source of electricity generation after coal, surpassing hydropower in installed capacity.
While China is expected to continue driving global PV expansion, analysts note that the market remains highly dynamic and increasingly complex to predict. On the manufacturing side, a rapid increase in production capacity contributed to a roughly 50 percent drop in solar module prices in 2023, accelerating consolidation within the global solar industry.
