Recently, IEA pointed out that the installed capacity of renewable energy in China and Europe will set a world record in 2022, but the growth momentum after that may slow down in the next year. This findings come from the Renewable Energy Market Update Report released by the agency in May.
IEA pointed out that the global installed capacity of renewable energy is expected to reach 320GW this year - which is equivalent to the national power demand of Germany or the total natural gas power generation of the European Union. Photovoltaic systems installed in 2022 account for 60% of the total installed capacity of renewable energy. It is estimated from other research institutions that the installed capacity of photovoltaic systems installed worldwide this year is more than 200GW.
The installed capacity of the EU to install renewable energy in 2022 will increase rapidly to significantly reduce its supply of natural gas to Russia. Based on this year's growth, IEA said that China, the European Union and Latin America grew much faster than originally expected.
IEA is optimistic about the growth of the photovoltaic market and it is expected to break new world records in 2022 and 2023. The installed capacity of global renewable energy in 2023 will reach 200GW. The photovoltaic market in China and India is accelerating growth, which will be beneficial to the favorable policy support for large-scale photovoltaic projects. With the rise of electricity charges, roof photovoltaic systems installed by EU households and enterprises are expected to help consumers save money.
From 2022 to 2023, China’s installed capacity will account for 45% of the new installed capacity of global renewable energy, with an average annual installation of more than 140GW, which is mainly driven by the installation of large-scale photovoltaic systems. The growth trend of the photovoltaic market is fully in line with the goal set by the Chinese government to install 1200GW photovoltaic systems and wind power generation facilities by 2030. Compared with 2021, the new increment in 2022 is expected to increase slightly.
IEA also analyzed the development of India's renewable energy market. With some delayed projects coming into services (especially photovoltaic projects), India is expected to set a new record for the installed capacity of renewable energy in 2022. Nevertheless, the poor financial situation of India's state-owned distribution company (DISCOM) remains a major challenge to India's renewable energy growth, which may lead to project cancellation and renegotiation of long-term contracts.
