With the global emphasis on environmental protection and sustainable development, the new energy industry continues to maintain a strong growth momentum. According to market research, China's investment in clean energy project assets will reach nearly US$800 billion in 2024 and reach US$1 trillion by 2030. Technological innovation in the field of new energy is an important driving force to promote the development of the industry, and new breakthroughs and progress are constantly emerging in battery technology, photovoltaic technology, wind energy technology, etc., to improve the efficiency of new energy and reduce costs. With the goal of carbon peak and carbon neutrality, clean energy technology manufacturers are putting decarbonization at the heart of their products and strategies. According to market research institutes, 2024 could be a milestone year for technology decarbonization. At the same time, the proportion of the global photovoltaic energy market has increased significantly, and the installed capacity has increased nearly threefold, and China's photovoltaic industry is in a leading position in the global industrial chain.
Global PV storage market demand pattern
China's PV industry has made remarkable achievements over the past decade, with solar power costs reduced by nearly 90% and becoming a central force in the global development of renewable energy. It is expected that in the next few years, China's installed capacity of ground-mounted PV plants and distributed PV will double, and according to the survey, by 2030, the capacity of ground-mounted PV will grow from the current 917.1GW to 3,467.1GW, and the distributed PV will also grow from the current 694.4GW to 2,353.5GW. According to the 2024 Renewable Energy Report released by the International Energy Agency, China's photovoltaic power generation will lead the global renewable energy industry in the next six years. By 2030, China's installed renewable energy capacity is expected to account for nearly 60% of the world's total installed capacity, and the growth of photovoltaic power generation will account for 80% of the world's new renewable energy generation. According to industry forecasts, the global installed photovoltaic capacity is expected to reach new heights in 2024. Some PV analysts predict that the global installed PV capacity will be 520GW in 2024.
Chart: History of global PV installed demand
In the past decade, the global demand for PV installed capacity has been in its infancy, and the scale is relatively small. With the continuous progress of renewable energy and technology, European countries have begun to implement photovoltaic subsidy policies, and the demand for photovoltaic installed capacity has gradually increased. In recent years, the global demand for installed photovoltaic capacity has continued to maintain steady growth. Especially in China, United States, Europe and other countries and regions, with the continuous promotion of policies and technological progress, the installed scale of photovoltaic capacity continues to expand. In particular, China's installed PV capacity has exceeded more than half of the world's installed capacity twice in a single year in the past decade. Europe has also maintained its growing installed capacity, with 61GW installed.
With the continuous advancement of technology and the reduction of costs, the technological trends of the photovoltaic industry are also constantly changing. For example, new cell technologies such as TOPCon, HJT, and perovskite cells are developing rapidly, and the conversion efficiency of photovoltaic cells has been improved and gradually recognized by the market. It is expected that the PV industry will become more competitive in the future, thereby driving the growth of PV installed capacity demand. In addition, governments continue to increase their support for renewable energy, and by formulating more preferential policies and providing financial support, the government will encourage more enterprises and individuals to invest in the photovoltaic industry.
Global PV installed demand has experienced significant growth over the past few decades and continues to grow strongly. Looking ahead, with the advancement of technology, policy support and the increase in market demand, the global demand for photovoltaic installed capacity will continue to grow. However, at the same time, it is also necessary to pay attention to challenges such as overcapacity and market competition to promote the healthier development of the photovoltaic industry.
