BloombergNEF raises forecast for global PV installations in 2023 to 392 GW

The market research company Bloomberg New Energy Finance (BloombergNEF) has once again increased its forecast for newly installed photovoltaic capacity worldwide in 2023 to 392 gigawatts (GW). The »acceleration in China« is the main reason for this, but also the equally rapid development in other countries, analyst Jenny Chase said in a blog post.
Polysilicon producers have slowed production slightly, according to BloombergNEF, but »huge oversupply« is still expected. Global production capacity equivalent to 570 GW of module capacity is to be reached by the end of the year.
In general, industry margins are low, according to BloombergNEF, because of intense competition among Chinese companies and high inventories of solar modules in Europe and other major markets. According to the report, solar module prices are already at a low of 16.5 U.S. cents per watt, and by the end of the year BloombergNEF expects 14.5 cents for a typical monocrystalline and monofacial module.

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