Global Market Outlook For Solar Power 2023 - 2027

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.

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

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.

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.