Global solar PV market outlook update: Q3 2023 Report

Commodity Market Report 22 September 2023

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Report summary

Wood Mackenzie's Q3 2023 Global solar market outlook update presents our latest view on global and regional solar PV installation forecasts through 2032. We project global solar PV installations will grow at an annual average of over 4% from 2022 to 2032. Our latest projections see an increase of 20% for annual capacity in 2023, surpassing 320 GWdc. Global annual solar PV installations will reach 360 GWdc in 2032. These new estimates for 2032 global solar PV annual installed capacity represent a 6.5% increase compared to our projections for 2032 in last quarter's market outlook. Bringing together our regional expertise in the Americas, Europe, APAC, the Middle East and Africa, this quarterly report examines how key policy, supply chain, finance and other market developments from the past quarter will affect solar PV buildout across all segments in all territories.