In an intriguing turn for the world of solar, Bernreuter Research recently predicted that global PV (photovoltaic) installations will potentially hit a staggering 600 GW to 660 GW by 2024. The future seems bright indeed for solar, especially with the world’s top six solar companies ambitiously aiming for a collectively impressive growth rate of 40% on average.
JinkoSolar, Longi, Trina, JA Solar, Tongwei, and Canadian Solar – all heavyweight solar companies – are poised to aggressively augment the greenscape of our planet. Keeping in mind the global solar installations of 444 GW in 2023, a 40% average growth rate would facilitate a newly installed capacity of 622 GW in 2024. This gives us an inkling into the accelerated pace at which solar faces flourishing flourishing promises.
The report further hypothesizes that even if leading players experience a surge in their market share, it is likely that new PV installations will cross the 600 GW threshold this year. I believe this is a credible possibility, given the current discourse and thrust on renewable energy resources.
Moreover, “Polysilicon Market Outlook 2027,” another insightful report from Bernreuter, suggests that low solar module prices will drive demand in the latter half of the year. According to Johannes Bernreuter, the brain behind Bernreuter Research, “Once market participants conclude that the crash of the solar module price has reached its bottom, demand will accelerate.” This possibly forms the lynchpin for those considering solar panels for their home.
An interesting foresight of the report is that global solar installations of 630 GW to 660 GW would essentially topple the report’s optimistic scenario of 620 GW. China is recognized as a significant catalyst in this arena, retaining a market share of more than 50%, thus continuing to steer global PV installations.
Looking forward to new labyrinthine opportunities in the arena of solar and forecasting the uptick in solar array for home uses in the imminent future, Johannes Bernreuter confirmed, “Our new analysis confirms the more aggressive forecast approach we have adopted in the report.”
In essence, the road for solar seems brilliantly illuminated. And it’s not just about the solar company giants; you could make your personal contribution to this movement. If you’ve been contemplating the addition of solar panels to your home, now might be the perfect time to harness renewable energy and bask in the sunny prospects of solar!
Original Articlehttps://pv-magazine-usa.com/2024/06/18/global-pv-installations-may-hit-660-gw-in-2024-says-bernreuter-research/
