Global PV installations to grow by 30% in 2022

    Global PV installations will increase by 30% this year, and demand will drive global solar Power Solar Panel growth to new heights. The global installed PV capacity is approaching 1 terawatt, an impressive milestone on the road to energy transition, with installed PV capacity expected to reach 250 GW this year.

    In 2022, China is expected to have about 108 GW of photovoltaics in operation, and China is the world's largest investor in renewable energy, with 323 GW of photovoltaics and 338 GW of wind power.

    Renewables also hit an all-time high in the U.S., with solar and wind installations generating 28% of renewable electricity in April. “The PV boom is just getting started, and we do see this huge high-end growth prospect for all the companies involved in the solar supply chain,” Barnett said.

    Climate targets are one of the hottest drivers of solar demand, but Rob Barnett said there is another force that is accelerating demand in the short term - a bigger driver of demand for clean energy, especially in Europe, is rising energy costs.

    The cost of PV continues to fall, making it increasingly cost-competitive with oil, which surged after Russia invaded Ukraine. Shipments of solar modules have fallen sharply over 20 years, from $4.88/W in 2000 to $0.34/W in 2021, according to the Energy Information Administration's recent module shipments report.

    Barnett expects solar demand to maintain its momentum even as oil and gas prices cool.