Global Market Outlook For Solar Power 2023 - 2027

SolarPower Europe’s annual award-winning Global Market Outlook for Solar Power is the most authoritative market analysis report for the global solar power sector.

With comprehensive historical market data, 5-year forecasts for the key global markets, as well as analysis of the segmentation between rooftop and ground-mounted systems, this report is an indispensable tool for the solar industry and energy stakeholders alike.

Download the Global Market Outlook 2023-2027 and discover:

The global solar market
Focus: The Southeast Asian Solar Market
Corporate PPAs in emerging markets
GW scale markets

Questions about this report? Contact Bethany

Bethany Meban

Senior Press and Communications Advisor

b.meban@solarpowereurope.org

+32 492 97 82 48

Key Takeways

Solar is on the fast track

In 2022, the world installed 239 GW of new solar, finally surpassing the TW-scale. That’s 45% more solar power capacity than the year before. The positive market developments in the first months of 2023 promise another solar boom year, expected to result in 341 GW of newly-added solar to the grid, by the end of the year – equal to 43% growth.

Cost leadership

Despite increasing solar LCOEs for the first time, solar remained cheaper than power from fossil fuels and nuclear.

Towards annual TW level

The forecast is bright – between 341 and 402 GW of solar will be installed worldwide in 2023. From a total TW solar fleet today, the world could be installing 1 TW of solar annually by the end of the decade – hitting up to 800 GW per year already in 2027.

It's not all sunshine

Despite the positive outlook, challenges remain. Limited grid capacity, and a lack of flexibility or storage in national electricity systems, is posing a critical risk to the global solar transition. Out of the 26 significant solar countries, 20 report grid bottlenecks as a key barrier to solar development.