TrendForce expects global PV additions of 351 GW in 2023

Taiwanese market research company TrendForce Corp. expects 350.6 gigawatts (GW) of newly installed photovoltaic capacity worldwide in 2023. This would represent growth of 53.4 percent compared with the addition of 2022, which TrendFoce estimates at 228.5 GW.
The main reason for the expected enormous growth is the fact that in 2021 and 2022, many projects were postponed until 2023 due to pandemic-related supply bottlenecks and high prices for solar modules – which in turn were mainly due to shortages of solar silicon. Meanwhile, »prices have fallen back to their usual ranges across the supply chain due to a significant growth in the overall production capacity for polysilicon.« However, TrendForce also sees factors that could negatively impact the market, particularly generally reduced economic growth and high inflation in many countries.
At the current optimistic forecast, TrendForce expects additions of 202.5 GW, representing growth of 55.4 percent in the Asia-Pacific region, including 148.9 GW (up 73.5 percent) in China alone. The estimate for Europe is 68.8 GW (up 39.7 percent), of which more than 40 percent would be in Germany (11.8 GW), Spain (11.4 GW) and the Netherlands (6.5 GW). The forecast for the Americas is 64.6 GW (up 65.2 percent). Here, the analysts see »a possibility of a doubling« for the U.S. market; their estimate for 2023 is 40.5 GW (up 101.1 percent). For the Middle East and Africa, TrendForce expects new installations of 14.9 GW (up 49.5 percent).
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