One of the key elements of the drive towards the decarbonisation of the global economy, and the use of renewable energy, is solar power. In 2022 the International Energy Agency (“IEA”) forecast that by 2027 installed solar generation capacity (both distributed and grid-scale) could more than double to over 3,000 GW globally from the actual 2022 figures of 1,183 GW, overtaking all other forms of electricity generation.
Extrapolating growth out to 2030 indicates a total installed solar panel capacity of between 4,000 and 5,000 GW, with annual production of between 500 GW and 700 GW of photovoltaic (“PV”) panels, compared to 236 GW in 2022, with China currently producing ~80%, and the broader Asia region over 90%.
