Tel : +86-592-5927399
Email : Sales@powerstone-tec.com
EU: Excess supply and slowing demand growth
Walburga Hemetsberger, the CEO of SolarPower Europe, has emphasized that solar energy has already played a crucial role in helping Europe during the crisis, and now it's time for Europe to reciprocate by supporting solar energy deployment. According to the report, Europe needs to achieve an average annual deployment of 70GW by 2030, which is yet to be achieved.
In 2023, Germany is the largest photovoltaic market in the EU, with 14.1GW of new installed capacity, and the installed capacity hits a record high. Germany is the leader among EU countries, and the opportunities and challenges of photovoltaics in Germany can well reflect the situation in Europe as a whole. As we all know, due to the impact of the energy crisis and other impacts, the entire European household distributed photovoltaic market surged in 2023. Since the second half of this year, European household photovoltaics have entered a bottleneck period, and dealer inventories are high.
United States: Demand growth slows to 10%
The U.S. Energy Information Administration projects renewable energy deployment will grow 17% to 42GW by 2024, with the cumulative deployment of new utility-scale solar, wind and storage reaching 850GW by 2030.
Texas has become the state with the largest newly installed photovoltaic capacity in the United States, accounting for more than 1/5.Since the construction speed of power grid infrastructure still cannot keep up with the growth of electricity consumption, the United States will still face a large power shortage in the future. Therefore, under the expectation of high electricity demand, the United States has a rigid demand for photovoltaic installed capacity. TrendForce predicts that the overall U.S. photovoltaic market will maintain a high growth rate in 2024, with newly installed capacity expected to reach 55 GW, a year-on-year increase of 45%. In addition, the tariff exemption period in Southeast Asia that ends in June 2024 will effectively support the supply of U.S. modules. The qualifications and procedures for applying for additional ITC subsidies will be gradually simplified and clarified, which is expected to drive the U.S. to achieve high growth in photovoltaic installed capacity in 2024.
India: Photovoltaic installed capacity may return to growth in 2024
TrendForce predicts that new installed capacity in Europe will reach 90GW in 2024, and is expected to maintain steady growth in the long term. The overall new installed capacity in the Americas is expected to reach 87 GW, a year-on-year increase of 33%. The main increase is still in the United States. In the Middle East and Africa market, new installed capacity will reach 28 GW in 2024.