Global Trends in Solar PowerJuly 2023Trends in Solar PV..………………………………………………..15Global Solar Overview……………………………………………..7Introduction…………………………………………………………….4Executive Summary………………………………………………....3Solar & Equity……………………………………………………….48Way Forward………………………………………………………..53References……………………………………………………..……54Contents12347564.1 NDCs and Renewable Energy Trends………………………… 164.2 Policy and Regulatory Trends……………………………………. 194.3 Solar Technology Trends…………………………………………… 254.4 Solar Supply Chain Trends………………………………………… 304.5 Solar Market Trends………………………………………………… 354.6 Solar Investment Trends…………………………………………… 424.7 Solar Employment Trends………………………………………… 45Executive SummaryIn response to an unprecedented health crisis, countries had hoped to seize the post Covid-19 opportunity for agreen and sustainable recovery. Renewable energy sector experienced record growth in power capacity in 2022 dueto the newly installed PV systems, overall rise in electricity demand, government incentives and growing awarenessof need to transition to clean energy sources.The solar PV market maintained its record-breaking streak, with new capacity installations totalling to approximately191 GW in 2022 (IRENA, 2023). This was the largest annual capacity increase ever recorded and brought thecumulative global solar PV capacity to 1,133 GW. The solar PV market continued its steady growth despitedisruptions across the solar value chain, mainly due to sharp increases in the costs of raw materials and shipping. In2022, 114 ISA countries (members and signatories) represented approximately...
