PVTIME – The International Energy Agency (IEA), the leader in the global dialogue on energy, recently revealed the evolution of renewable energy, including solar power, in its latest report, Energy Technology Perspectives 2024.
IEA reported that the global market value of the top six mass-manufactured clean energy technologies, including solar PV, wind, electric vehicles (EVs), batteries, electrolysers and heat pumps, have grew nearly fourfold between 2015 and 2023, when it exceeded US$700 billion, or about half the value of all the natural gas produced globally that year. Growth has been driven by the rapid development of clean technologies, particularly in electric vehicles, solar PV and wind. Under current policies, the market for these clean technologies is set to nearly triple to more than US$2 trillion by 2035. This is close to the average value of the global crude oil market in recent years.
Global investment in clean technology manufacturing rose by 50% in 2023, reaching US$235 billion. This increase is equal to nearly 10% of the growth in investment in the global economy as a whole. Solar PV and battery manufacturing account for four-fifths of clean technology manufacturing investment in 2023, with electric vehicle manufacturing accounting for a further 15%.
The report states that global PV module manufacturing capacity has increased from 450GW to 1.2TW between 2021 and 2023, with global PV module capacity utilisation remaining at around 55% in 2023. By the end of June 2024, the PV manufacturing project backlog was around 460GW of modules, 280GW of cells, 490GW of polysilicon and 150GW of wafers. If all expansion plans are completed and operational, total production capacity across the supply chain will jump from 850GW at the end of 2023 to around 1TW at the end of 2030, with wafers being the limiting link in the total capacity, and solar module production capacity will be over 1.6TW.
According to the IEA, global demand for solar PV modules will grow from 460GW in 2023 to 675GW in 2035 and then to 725GW in 2050 under the positive scenarios, which include all the policies to which countries have committed. Meanwhile, solar PV will account for half of the world’s electricity generation capacity by 2050.
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