The Rise of Solar Photovoltaic Power

Solar PV generation increased by a record 270 TWh (up 26%) in 2022, reaching almost 1300 TWh. It demonstrated the largest absolute generation growth of all renewable technologies in 2022, surpassing wind for the first time in history. This generation growth rate matches the level envisaged from 2023 to 2030 in the Net Zero Emissions by 2050 Scenario. Continuous growth in the economic attractiveness of PV, massive development in the supply chain, and increasing policy support, especially in China, the United States, the European Union, and India, are expected to further accelerate capacity growth in the coming years. The tracking status of solar PV has therefore been upgraded in 2023 from “more effort needed” to “on track”. Solar PV’s installed power capacity is poised to surpass that of coal by 2027. Policy support remains a principal driver of solar PV deployment in the majority of the world.

Source: https://www.iea.org/energy-system/renewables/solar-pv