Weekly Solar Industry Insights: July 1st - July 7, 2024

Forecasts and Projections: According to BloombergNEF, global solar installations are expected to reach 574 GW this year, and 627 GW in 2025, up from 444 GW of new PV capacity throughout the world in 2023. They predict continued growth, with installations potentially reaching 880 GW by 2030.

Technological Advancements: TrendForce reported that shipments of 210 mm modules surpassed 260 GW in the first quarter of 2024, indicating a shift towards more efficient n-type technology. These modules are expected to dominate the large-format module market, accounting for over 78% this year and increasing to over 82% by 2027.

Corporate Investments and Developments: EDF has invested in the Israeli startup AgRE. tech, developing a robotic operating system for photovoltaic infrastructure. Additionally, Alpiq sold its rooftop PV portfolio in Switzerland, consisting of seven solar assets with a total capacity of 5.5 MW.

Policy and Market Support: The International Energy Agency (IEA) highlighted that strong policy support drives global solar PV growth. Notable policy changes include China’s ambitious renewable energy targets and the U.S. Inflation Reduction Act, which significantly supports renewable energy expansion through tax credits and other measures (IEA).

Energy Storage Integration: A 320 MW/640 MWh battery is being developed in the Netherlands to complement a compressed air energy storage project. This development aims to monetize excess grid capacity and enhance energy storage solutions.

These updates underscore the rapid technological advancements, increased investment, and strong policy support driving the global solar market forward.

Information Source: PV Magazine International