The development of photovoltaic industry in the world and key countries/regions

Jul 11, 2023

From the perspective of the manufacturing end of the photovoltaic industry chain, in the whole year of 2022, driven by the demand of the application market, the production scale of the manufacturing end of the global photovoltaic industry chain will continue to expand.

According to the latest data released by the China Photovoltaic Industry Association in February 2023, the global newly installed photovoltaic capacity is expected to be 230 GW in 2022, a year-on-year increase of 35.3%, which will further expand the manufacturing capacity of the photovoltaic industry chain.

From the point of view of the countries/regions of focus:

Europe: According to the data released by the European Photovoltaic Association, the 27 EU countries will add 41.4 GW of new PV installed capacity in 2022, a year-on-year increase of nearly 50%. It is optimistic that the annual installed capacity of PV will approach 120 GW in 2026. Among them, Germany ranks first with a new installed capacity of 7.9 GW in 2022; by Spain with a newly installed capacity of 7.5 GW. It is estimated that Germany will add more than 10 GW of new installed capacity in 2023, and a total of 62.6 GW will be added in 2023-2026. Spain is expected to add 51.2 GW of installed capacity between 2023 and 2026, with cumulative installations increasing from 26.4 GW in 2022 to 77.7 GW.

Brazil: According to statistics from the Brazilian Ministry of Mines and Energy cited by Fitch, the total installed photovoltaic capacity in Brazil will reach 22 GW in 2022, with 9.0 GW of newly added capacity, a significant increase of 73.3% year-on-year. Affected by the Distributed Power Generation Act introduced in January 2022, Brazil will begin to impose grid usage fees on small distributed projects in 2023. Since the local distributed projects in Brazil account for more than 65% of the overall installed capacity, this bill is significant. Affecting the market and forming a large-scale rush to install, Brazil will become one of the hottest markets for photovoltaic installations in 2022.

Japan: According to statistics from Fitch and the U.S. Energy Information Administration (EIA), Japan's installed photovoltaic capacity will reach 77.6 GW in 2022, a year-on-year increase of 4.4%, and the newly added installed photovoltaic capacity will be 3.1 GW. In January 2023, the Tokyo Metropolitan Assembly voted and passed the revised regulations on "requiring that new houses in Tokyo must be equipped with solar panels from April 2025", which stipulates that large residential buildings and a household with an area of less than 2,000 square meters Homeowners who build homes are obliged to install solar panels on their roofs. In addition, the Ministry of Economy, Trade and Industry of Japan will implement a policy starting from 2024 to purchase electricity generated by enterprises through rooftop photovoltaics at a high price, and plans to adopt a fixed-price acquisition system (FIT). 2 to 30%.

United States: The U.S. photovoltaic market is one of the few markets to experience recession. As trade restrictions on China hinder the import of key low-cost spare parts and materials in photovoltaic equipment, the new installed capacity of solar energy in the United States in 2022 is estimated to be 23% lower than that in 2021. %.

For all enterprises in the photovoltaic industry chain, in the context of high demand for downstream installed capacity, leading manufacturers have shown a more stable performance growth rate. 2022 is a big year for "cross-border" photovoltaics of major listed companies. Judging from the performance performance that has been disclosed so far, most "cross-border light chasers" have not yet realized their photovoltaic business revenue. Leading photovoltaic enterprises have scale advantages, first-mover advantages, and continuous expansion of production capacity, which puts greater pressure on photovoltaic enterprises and second- and third-tier manufacturers that enter the market later. The large scale and low cost of integration may make the profits of some links more concentrated, the trend of the strong becoming stronger will become more and more obvious, and the trend of reshuffle of small manufacturers may gradually appear.

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The development of photovoltaic industry in the world and key countries/regions