Task1StrategicPVAnalysisandOutreach

PVPS

Snapshotof

GlobalPVMarkets

2024

ReportIEA-PVPST1-42:2024

Task1StrategicPVAnalysisandOutreach–2023SnapshotofGlobalPVMarkets

WhatisIEAPVPSTCP?

TheInternationalEnergyAgency(IEA),foundedin1974,isanautonomousbodywithintheframeworkoftheOrganizationforEconomicCooperationandDevelopment(OECD).TheTechnologyCollaborationProgramme(TCP)wascreatedwithabeliefthatthefutureofenergysecurityandsustainabilitystartswithglobalcollaboration.Theprogrammeismadeupof6000expertsacrossgovernment,academia,andindustrydedicatedtoadvancingcommonresearchandtheapplicationofspecificenergytechnologies.

TheIEAPhotovoltaicPowerSystemsProgramme(IEAPVPS)isoneoftheTCPswithintheIEAandwasestablishedin1993.Themissionoftheprogrammeisto“enhancetheinternationalcollaborativeeffortswhichfacilitatetheroleofphotovoltaicsolarenergyasacornerstoneinthetransitiontosustainableenergysystems.”Inordertoachievethis,theProgramme’sparticipantshaveundertakenavarietyofjointresearchprojectsinPVpowersystemsapplications.TheoverallprogrammeisheadedbyanExecutiveCommittee,comprisedofonedelegatefromeachcountryororganisationmember,whichdesignatesdistinct‘Tasks,’thatmayberesearchprojectsoractivityareas.

TheIEAPVPSparticipatingcountriesareAustralia,Austria,Belgium,Canada,Chile,China,Denmark,Finland,France,Germany,Israel,Italy,Japan,Korea,Malaysia,Mexico,Morocco,theNetherlands,Norway,Portugal,SouthAfrica,Spain,Sweden,Switzerland,Thailand,Turkey,andtheUnitedStatesofAmerica.TheEuropeanCommission,SolarPowerEurope,theSmartElectricPowerAlliance,theSolarEnergyIndustriesAssociation,andtheCopperAlliancearealsomembers.

Visitusat:

WhatisIEAPVPSTask1?

TheobjectiveofTask1oftheIEAPhotovoltaicPowerSystemsProgrammeispromotingandfacilitatingtheexchangeanddisseminationofinformationonthetechnical,economic,environmentalandsocialaspectsofPVpowersystems.Task1activitiessupportthebroaderPVPSobjectives:tocontributetocostreductionofPVpowerapplications,toincreaseawarenessofthepotentialandvalueofPVpowersystems,tofostertheremovalofbothtechnicalandnon-technicalbarriersandtoenhancetechnologyco-operation.

Authors

Data:IEAPVPSReportingCountries,BecquerelInstitute(BE).

Analysis:Ga?tanMasson,ElinaBosch,AdrienVanRechem,Melodiedel’Epine(BecquerelInstitute),IEAPVPSTask1members

Editor:Ga?tanMasson,IEAPVPSTask1Manager.

Design:IEAPVPS

DISCLAIMER

TheIEAPVPSTCPisorganisedundertheauspicesoftheInternationalEnergyAgency(IEA)butisfunctionallyandlegallyautonomous.Views,findingsandpublicationsoftheIEAPVPSTCPdonotnecessarilyrepresenttheviewsorpoliciesoftheIEASecretariatoritsindividualmembercountriesDatafornon-IEAPVPScountriesareprovidedbyofficialcontactsorexpertsintherelevantcountries.Dataarevalidatthedateofpublicationandshouldbeconsideredasestimatesinseveralcountriesduetothepublicationdate.

COVERPICTURE

PlusUltraAmsterdam200kWpintheplaneandonthecantileveredfins(theNetherlands).imagecredits:SaintGobain

Solutions/Photostuip/BIPVNederland

ISBN978-3-907281-55-0:2024SnapshotofGlobalPVMarkets

INTERNATIONALENERGYAGENCY

PHOTOVOLTAICPOWERSYSTEMSPROGRAMME

IEAPVPSTask1

StrategicPVAnalysisandOutreach

ReportIEA-PVPST1-42:2024April2024

ISBN978-3-907281-55-0

Task1StrategicPVAnalysisandOutreach–2024SnapshotofGlobalPVMarkets

3

TABLEOFCONTENTS

TableofContents 3

ExecutiveSummary 4

1SnapshotoftheGlobalPVMarketin2023 7

1.1EvolutionofAnnualInstallations 7

1.2ImpactoftheUkraineWarandover-capacityinmanufacturing 9

1.3FocusontheTopMarketsin2023 10

1.4MarketSegmentation 10

2CumulativeInstalledCapacityintheWorld 11

2.1EvolutionofRegionalShareofPVInstallations 12

2.2LimitsofReportingConventions 15

2.3Decommissioning,RepoweringandRecycling 15

2.4ACorDCNumbers? 16

3ElectricityProductionfromPV 17

4Policy&MarketsTrends 18

4.1PolicyTrends 18

4.2CompetitiveTenders&MerchantPV 18

4.3ProsumersPolicies 19

4.4GridIntegrationandAccess 20

4.5LocalManufacturingPolicies 20

4.62024MarketPerspectivesinIEAPVPSCountries 20

5PVintheBroaderEnergyTransition 22

5.1PVandOtherRenewableEnergyEvolutions 22

5.2PVFosteringDevelopmentofaCleanerEnergySystem 23

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EXECUTIVESUMMARY

TheglobalPVcumulativecapacitygrewto1.6TWin2023,upfrom1.2TWin2022,withfrom407.3GWto446GW1ofnewPVsystemscommissioned–andintheorderofanestimated150GWofmodulesininventoriesacrosstheworld.Afterseveralyearsoftensiononmaterialandtransportcosts,modulepricesplummetedinamassivelyover-suppliedmarket,maintainingthecompetitivityofPVevenaselectricitypricesdecreasedafterhistoricalpeaksin2022.

Majortrendsinclude:

?Withactivedevelopmentpolicies,China’sPVinstallationssoaredtoarecord235GWDC(orevenupto277GW2)orover60%ofnewglobalcapacityreaching662GWofcumulativecapacity.Remarkably,thisannualcapacityrepresentsover15%ofthetotalglobalcumulativecapacityandisnearlytheequivalentofthesecondlargestcumulativecapacity:Europe.Thisonceagainrepresentedamorethandoubledannualinstalledcapacity,upfrom105.5GWin2023and54.9GWin2021.

?Europedemonstratedcontinuedstronggrowthinstalling61GW(ofwhich55.8GWintheEU),ledbyaresurgenceinGermany(14.3GW),andincreasedvolumesinPoland(6.0GW),Italy(5.3GW)andtheNetherlands(4.2GW)whilstSpaindroppedslightly(7.7GW).

?IntheAmericas,bothmajormarketsgrew-theUSA,afteraslow2022installed33.2GW,andBrazilsustaineditsdynamic2022markettoinstall11.9GW,bringingitscumulativecapacityintotheTopTenworldwide.

?Indiahadaslightlysloweryearwith16.6GW,onceagainpredominantlyincentralisedsystems.OtherAsia-Pacificmarketssloweddowntoo,includingAustralia(3.8GW),whileKorea(3.3GW)andJapan(6.3GW)remainedsteady.

MarketgrowthoutsideofChinareachedanhonourable30%,whileChina’sowndomesticgrowthwasabove120%whichexplainedthetremendousPVmarketdevelopment.

Thenumberofcountrieswiththeoreticalpenetrationratesover10%doublesincelastyearto18,andwhilstsmallerpopulationssuchasSpain,theNetherlands,ChileandGreecewereleaders,morepopulouscountries,includingGermanyandJapanalsopassed10%.Whilegrid

1AllcapacitydatainthisreportisDC,unlessspecifiedotherwise.Forsomecountries,thismeanspublishingdifferentvaluestoofficialdata–forexample,China’sNationalEnergyAdministration(NEA)publishesinACandPVPSappliesaconversionratiofromACtoDC.ArangeofvaluesisoftenprovidedtoaccountforuncertaintyinAC/DCconversionratios,inparticularwithregardstonewutilityscalecapacityinChina,wheretheminimalannualvolumeconsidersofficialChinareportingandthemaximalannualvolumeconsidersafurther42GWthatcouldhavebeeninstalledconsideringtheuncertaintysurroundingofficialconversionratiosfromACtoDCofUtilityscalesystems.Formanyfigures,thesetwovalueshavebeenrepresentedwithfull(minimum)andadditionalshaded(maximum)bars.Ifnorangeisspecified,compileddatareferstothelowertotalswithOfficialChinareportingvalues.Seesection3formoreinformation.

2See(1)above

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congestionhasbecomeanissue,policymeasures,technicalsolutionsandstoragearealreadyprovidingworkablesolutionstoenhancePVpenetration.

Individualmarketsremainsensitivetopolicysupportanddomesticelectricityprices

despitecompetitivityacrossmostmarketsegmentsinmanycountries.TheabilityoflocalmanufacturingprojectsinitiatedinpreviousyearstogoaheadisuncertainassignificantincreasesinmanufacturingcapacityinChinahaveledtosupplyoutstrippingglobaldemandandconsequentrecordlowmoduleprices.SignificantdropsinPVmodulepricesduetoincreasedinventory,oversupplyandcompetitiveenvironmentamongmanufacturerscausedstrainonlocalmanufacturing.

PVplayedanimportantroleinthereductionoftheCO2emissionsfromelectricityin2023,withmorethan75%ofnewrenewablecapacityinstalledin2023,generatingnearly60%ofgenerationfromnewrenewablecapacity.

OversupplyofPVmodulesin2023hasshedalightonthedifficultiestoalignproductionanddemandinaveryversatileenvironment:whileproductioncapacitiesincreasedsignificantlyinChina,theglobaldemandwasframedbyconstraintsinmarketssuchastheUSA,India,Korea,andAustralia,notexclusively.GrowthoutsideChinahappenedinalimitednumberofcountries.UnevenpoliticalsupportinsomemarketscouldalsobeattributedtothedifficultiestodeveloplocalPVmanufacturingfacilitiesinanalreadyinundatedmarket.

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1SNAPSHOTOFTHEGLOBALPVMARKETIN2023

IEAPVPShasdistinguisheditselfthroughouttheyearsbyproducingunbiasedreportsonthedevelopmentofPVallovertheworld,basedoninformationfromofficialgovernmentbodiesandreliableindustrysources.This12theditionofthe“SnapshotofGlobalPVMarkets”aimsatprovidingpreliminaryinformationonhowthePVmarketdevelopedin2023.The29theditionofthePVPScomplete“TrendsinPhotovoltaicApplications”reportwillbepublishedinQ42024.

1.1EvolutionofAnnualInstallations

Itappearsthat1581GWrepresentstheminimuminstalledcumulativecapacitybytheendof2023,andatleast407.3GWbutperhapsasmuchas446GW3ofPVsystemshavebeencommissionedintheworldlastyear.IEAPVPScountries4,forwhomthereisafirmlevelofcertaintyinthedata,represented1342.7GW(or85%)ofcumulativecapacityand352.8GW(87%)ofannualinstallations.Thisyear’snewinstallationshavenearlydoubledthoseof2022,upfrom236GW,withagrowthrateofover80%-aratenotseensince2011.

In2023,atleast29countriesinstalledmorethan1GW,upfrom25countriesin2022.Nineteencountries(notincludingtheEU)nowhavemorethan10GWoftotalcumulativecapacityandfivehavemorethan40GW.Chinaalonerepresentedaminimumof662GWfollowedbytheEuropeanUnion(asEU27)with268.1GW,theUSAranksthirdat169.5GWandIndiahasovertakenJapantotakefourthplacewith95.3GW.

GWpFIGURE1:EVOLUTIONOFANNUALPVINSTALLATIONS

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Source:IEAPVPS

3Theminimalannualvolumeof407.3GWconsidersofficialChinareporting;themaximalannualvolumeof446GWconsidersafurther42GWthatcouldhavebeeninstalledconsideringtheuncertaintysurroundingofficialconversionratiosfromACtoDCofUtilityscalesystems.Formanyfigures,thesetwovalueshavebeenrepresentedwithfull(minimum)andadditionalshaded(maximum)bars.Ifnototherwisespecified,compileddatareferstothelowertotalswithOfficialChinareportingvalues.

4Forthepurposeofthisreport,IEAPVPScountriesarethosethatareeithermemberintheirownrightorthroughtheadhesionoftheEC.

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Inthepasttwoyears,themarketinChinahasgrownsoquicklyandspectacularlythatnoothermajormarkethasbeenabletokeepup–notevenEuropewithitsownsustainedgrowth(seeFigure2).Withcontinueddynamicgrowth,Chinaremainsthemajorregionalmarketin2023withover60%ofnewcapacity(comparedto45%in2022),whilstEuropeandtheUSAaccountforjust20%,significantlylessthanin2022.The2023growthinChinacamemostlyfromanattempttoabsorbthemassiveproductionofPVcomponentsfromlocalmanufacturers,hence2023numbersforChinaarefarbeyondtheauthoritiestargetsforPVdeployment.

Source:IEAPVPS

Withcontinueddynamicgrowth,Chinaremainsthemajorregionalmarketin2023withapproximately60%ofnewcapacity(comparedto45%in2022),whilstEuropeandtheUSAaccountforjustover20%,significantlylessthanin2022.The2023growthinChinacamemostlyfromanattempttoabsorbthemassiveproductionofPVcomponentsfromlocalmanufacturers,hence2023numbersforChinaarefarbeyondtheauthoritiestargetsforPVdeployment.

Overthepast10years,annualgrowthratesfornewcapacityinChinahavefluctuatedaccordingtopolicyandotherconstraints,withseveralyearsofnegativegrowthandseveralotheryearsofgrowthratesover100%(includingthisyear’sover125%).TheglobalmarketexcludingChinahashadasteadierevolutionwithgrowthratesof10%to37%overthisperiod.However,withthenewsizeoftheChinesemarket,thesteadyinginfluenceofothermarketswilldiminishsignificantly.

GWp

FIGURE3:GROWTHOFNEWANNUALCAPACITYINMAJORMARKETS

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1.2ImpactoftheUkraineWarandover-capacityinmanufacturing

Fromearly2022,thepoliticaltensionsinEuropeandresultingreducedgasacquisitionshadresultedinseveralhighpeaksinwholesaleanddomesticelectricityprices,notjustinEuropebutacrossarangeofothercountriesasfarasAustralia-althoughby2023thesepriceshavestabilisedsomewhat.InEurope,2023spotpriceswereinthe50€/MWhto100€/MWhrange,downfrom2022peaksover300€/MWhto500€/MWh.Despitethereductioninelectricityprices,theyremainhigherthanwhatmanyPVplantscanprovide,leavingthedooropentoPVcompetitivenessonelectricitymarkets,independentlyoftherecord-lowpricesforPVmodulesseenfrommid-2023.

In2023,thecontinuedincreaseinmanufacturingcapacitylargelyoutstrippedthemarket’sabilitytoabsorbnewmoduleavailability.Bytheendof2022,modulestockshadalreadyreachedavolumeabovethatoftheEuropeanandUSAinstalledmarketscombined,and2023onlysawanaccelerationofthistrend.Thereisnowanestimated150GWofmodulestock.Compoundingtheeffectsofincreasedmanufacturingcapacityleadingtolargeinventories,thetransitionofthemainstreamindustryfromPERCtoTOPCon(amongstothern-typetechnologies),andanimportantbutnotsufficientglobalmarketgrowth.Thishasresultedinmassivepricedropsalongthevaluechain.

DomesticdemandinChina,pulledbyfavourablelocalpolicies,hasensuredthatapartoftheoversupplyhasbeenabsorbed.However,theuptakehasn’tbeenabletocompensateforthetremendousoversupplyalone,andthehonourablebutinsufficientgrowthofglobalPVmarketshasledtoasignificantdropinPVmodulemarketprices.Atthebeginningof2024,severalChinesemanufacturersthatremainedlargelyviablein2023,calledforurgentmeasuresinChinatoavoidtheentireindustrycollapsing,asdidsmallermanufacturersoutsideChina.Increasingcontroversysurroundingtheverylowlate2023modulepricesontheinternationalmarkethasledtoindustrydiscussiononunsustainablepricedumping.

ThelowpricesandlargeinventorieshavebeenparticularlyimpactingontheslowdevelopmentoflocalmanufacturingprojectsoutsideofChinaandSouth-EastAsia,wherecompetitivenesswasalreadyconsideredhardtoreach.ThishascomfortedpolicymakersadvocatingfortradebarriersandadditionalincentivesforlocalmanufacturingespeciallyintheUSAandIndia,andavividdebateintheEU.

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1.3FocusontheTopMarketsin2023

TheChinesemarketgrewataveryhighrateofover125%andinstalledaminimumof235GW(officialChinareporting)uptoapossible277GWin2023(upfrom106GWin2022and55GWin2021).With55.8GWofannualinstallations,theEuropeanUnionrankedsecond,followedbytheUSAat33.2GW(backtostrongvolumesafteraslower2022)followedbyIndiawithaslightlycontractedmarketof16.6GW.VerystronggrowthinGermanywith14.3GWsawthecountryleapfrogastillstrongBrazil(11.9GW)intofourthplace.

Note:TheEuropeanUniongrouped27Europeancountriesin2023,outofwhichGermany,Spain,Poland,ItalyandtheNetherlandsalsoappearintheTopTen,eitherfortheannualinstalledcapacityorthecumulativeinstalledcapacity.TheEuropeanCommissionisamemberofIEA-PVPSthroughitsJointResearchCentre(EU-JRC).

*OfficialChinareportingcapacity,belowIEA-PVPSpreliminaryassessmentof277GW/704GW

Source:IEAPVPS

ToreachtheTopTenfornewcapacityin2023,countriesneededtoinstallatleast4.2GWofPVsystems(comparedto3.9GWin2022andjust1.5GWbackin2018).AustraliagavewaytotheNetherlandsasitsmarketdecreasedforthe2ndconsecutiveyear.WithintheTopTenoftotalcumulativeinstalledcapacitiesthereisanincreasedgapof44GWbetweenfifthplacedGermanyandsixthplacedSpain,asthebottomofthetablefailedtomeetthedynamicmarketsofthosehigherupthetable.Japan’sstablemarketisnotsufficienttokeepitsplaceasitisovertakenbyIndia.

1.4MarketSegmentation

Bothrooftopandutilityscalesegmentsgrewin2023.Marketsegmentswerereasonablybalanced,withapproximately45%ofnewcapacityonrooftops–althoughdatauncertaintyinconvertingutilityscaleACcapacitytoDCcapacityinChinaissuchthatthisdistributionisuncertain.Theshareoftherooftopsegmenthadbeengrowingcontinuouslysince2018asmarketsopeninnewcountries,decreasingcostsandhigherelectricityconsumptioncostsmakeitmoreaccessibleforresidentialandcommercialinvestors,withbothdominantmarketsharesandnotablevolumes(>4GW)inGermany,Brazil,PolandandItaly,andtoalesserextent(>2.5GW)intheNetherlands,AustraliaandFrance.InothercountriessuchastheUSA,IndiaandSpain,utilityscalesystemscovermorethan65%ofthelocalmarket.Chinahasfluctuatedyearly,andthisyear’smajorityofutilityscalesystemsmaynotberepeatednextyear.

Onbothsegmentsnewapplicationsareingrowth;fromBIPVintherooftopsegmenttoutilityscalefloatingPV.

Stillmarginalbutgrowing,agrivoltaicprojectsandBIPVareasyethardtoquantify,asareVIPV/VAPV5volumes(PVintegratedinvehicles),althoughtheyareexpectedtodevelopwellinthecomingyears.Technologicalevolutions,suchasbifacialPVorthenewmoduletechnologieswillalsoimpactthedevelopmentofthesenewmarketsegments.

GWpFIGURE4:SEGMENTATIONOFPVINSTALLATION2013-2023

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Source:IEAPVPS,BecquerelInstitute

2CUMULATIVEINSTALLEDCAPACITYINTHEWORLD

In2023theglobalcumulativeinstalledcapacityreached1.6TW,reachinganestimated1581GWto1624GW,asshowninFigure5.Mostremarkably,thenewannualcapacityinstalledinChinain2023(235GW-OfficialChinareportingto277GW–IEA-PVPSpreliminaryassessment)isjustoverofthetotalcumulativeinstalledcapacityinEurope(314.7GW,ofwhich268.1GWisintheEU).Cumulativecapacityhitthetopofthe20%to35%growthraterangeofthepast10years.

AsindicatedinTable1,thetop5countriesfromChinadowntoIndiaandthenGermany(81.6GW)haveatleast40GWmorethanthenextcountriesandhavewidenedthegapbymorethan10GWsincelastyear.Thenextgroupofcountrieswithbetween25GWand40GW,foundacrossmostcontinents,isonlyjusttrailedbyFrance(23.6GW)andtheNetherlands(22.4GW).

5BIPV–BuildingIntegratedPV;VIPV–VehicleIntegratedPV;VAPV-VehicleAddedPV

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GWpFIGURE5:EVOLUTIONOFCUMULATIVEPVINSTALLATIONS

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2.1EvolutionofRegionalShareofPVInstallations

ThemajorityshareofglobalPVinstallationsisheldbyAsia-Pacificandhasonceagainincreasedin2023,risingtoover60%,withacumulativeinstalledcapacityofatleast947GW.AcloserlookshowsusthatitisChina,notAsia-Pacificasawhole,thathasincreaseditsshare(seeFigures6Aand6B).ExcludingChina,thethreeothermajorregionalmarkets–theremainderofAsia-Pacific,EuropeandtheAmericas-areallroughlyequivalent,thefirsttwoholding19%andthelatter15%ofglobalcumulativePVinstallations.

TherestofAsia-Pacific’smarketsweregenerallyinslightcontractionorsteadyover2023comparedto2022.TheJapanesemarkethasvariedfrom6GWto10GWayearoverthepast10yearsnowandseemstobefindingstabilityatabout6.3GW,reachingacumulativecapacity91.4GW.Withasimilarcumulativecapacity,Indiahashadamorevolatilemarket,rangingfromunder1GWin2014upto2022’s18.6GW.Hurdlestosteadygrowthincludeadministrativeprocedures,gridaccessandfinancing.Withveryambitiouslocalmanufacturinganddevelopmenttargets,Indiaisstillexpectedtotakealeadingrole.TheAustralianmarketwasapromisinglysteady4GWto5GWfor5yearsbuthasdroppedbelow4GWthisyear,whilstinthesameperiodKoreahasbouncedbetween2.6GWand5GW,settlingatjustover3GWthepast2years.Thesetwocountriesbothhaveacumulativecapacityofbetween25GWand35GW.TheothernationalmarketswithanysignificantcapacityinAsia-PacificareVietnam(whosefragilegridstoppednewcapacityaftertwomulti-GWyearsin2019/2020)andTaiwanwhomayhit3GWin2023.Whilsteachcountryhascitedspecificreasonsforthesluggishmarkets,amorefundamentalunderlyingproblemremains.

AcrosstheEuropeanregionalmarkettherewasgrowthinannualcapacityinnearlyallmarkets,ridingontheincreasedcompetitivenessofPVwithrespecttohighelectricitypricesfromtheconsequencesoftheUkraineconflict,butalsourgentpoliticalmandatestoincrease

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energyautonomyandrenewableenergyproduction.ThemaincontributorisstillGermany(adding14.3GWtoreach81.6GW),ridingonstrongpoliticalmotivation,followedbytwocountrieswithover30GWcumulativecapacity:Spain(downfrom8.5GWin2022to7.7GWin2023)andItaly(over100%growthto5.3GWnewcapacity).ThesearefollowedbyFranceat23.6GW(+3.9GW),theNetherlandsat22.4GW(+4.2GW)andPolandcatchingup(+6GWto18.5GW).NearlyadozenotherEuropeancountriesinstalledmorethan1GWin2023.

TheAmericasregionalmarketislargelydrivenbytheUSA,returningtovolumessimilarto2021afteraslower2022byadding33.2GWtoreach169.5GWorover70%ofcumulativecapacityintheregion.However,thedynamicgrowthinBrazilhascontinued,adding11.9GW(upfrom9.9GWin2022)toreach35.5GW.Chile(up1.3GWto9.2GWcumulativecapacity)mayreachdoubledigitsin2024,whilstCanada(7.3GWcumulativecapacity)couldinthenext3years.

GWpFIGURE6A:EVOLUTIONOFREGIONALPVINSTALLATIONS

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FIGURE6B:EVOLUTIONOFREGIONALSHAREOFGLOBALMARKET

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IntheMiddleEastandAfrica,SouthAfricainstallednearly3GWandwasresponsibleforthebulkofnewcapacity,withlessthananestimated700MWelsewhere.Thisisdespiteasignificantvolumeofprojectsannouncedfromthepastyears–theabilityoftheregiontoseeprojectsintoconstructionisstilltobeproven.Forexample,Egypthadjustover300MWofnewcapacityin2023,with700MWinconstructionbutanannouncedpipelineofover11GW.

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2.2LimitsofReportingConventions

AsthePVmarketgrowsconstantly,reportingofPVinstallationsisbecomingmorecomplex.IEAPVPShasdecidedtocountallPVinstallations,bothgrid-connectedandoff-grid,whennumbersarereported,andtoestimatetheremainingpartonunreportedinstallations.Forcountrieswithhistoricallysignificantcapacityandgoodreporting,aslowyetgrowinggapbetweenshipped/importedcapacityandinstalledcapacitycanbeattributedtoseveralfactorsincludingconversionfactorsfromACtoDC,repoweringanddecommissioning.ConvertingACtoDCpower,particularlyondatasetscoveringawidegeographicala