By 2023, nearly 800GW of new solar capacity is expected to be added worldwide

SolarPower Europe, a well-known European solar energy agency, recently released the 2019-2023 global solar market outlook report, by 2023, the total installed capacity of the global solar market is expected to reach 1.
3TW (13,000GW), and the installed capacity
will increase by 800GW during the forecast period.

Christian Westermeier, President of SolarPower Europe, said: "2018 was a special year for the entire global solar industry, with the first annual installed capacity exceeding 100GW, which led to the solar industry growing to more than 500 GW or 0.
5 TW.

Last year, we saw strong cost improvements again, with solar becoming the lowest-cost source of power
in a growing number of regions.
At the same time, new applications have developed rapidly, such as floating solar, while corporate renewable energy purchase agreements have reached double-digit gigawatt levels, and commercial solar markets
have emerged in some countries.
”

Last year, a total of 102.
4 GW of solar capacity was added globally, which is still 4% more than the 98.
5 GW installed in 2017, which compares to two very high growth years: 30% in 2017 and around 50% in 2016
.
The main reason for the slowdown in solar market growth last year was the 531 New Deal for the Chinese market, which added 44.
4 GW, a 16%
decrease from the record 52.
8 GW in 2017.
Other leading solar markets have contracted (India, Japan) or stagnated for various reasons (US), but many emerging markets and resurgent markets have compensated for this period of slower growth for first-tier groups
.

In 2018, more than 1 GW of solar energy was installed in 11 countries and territories, compared to 9 countries and territories
in 2017.
According to SolarPower Europe's medium-term scenario estimates, this number will increase significantly to 16 countries and territories
in 2019.

In 2018, Europe added 11.
3GW of new solar capacity, up 21% from 9.
3GW in the previous year, mainly because the EU is binding
on national targets for 2020.
SolarPower Europe's medium-term outlook expects demand to surge by 80% to 20.
4 GW in 2019 and 18% to 24.
1 GW in 2020, which will be a new installation record, surpassing the 22.
5 GW
added in Europe in 2011.

Walburga Hemetsberger, CEO of SolarPower Europe, commented: "Global solar demand continued to grow last year as emerging markets embraced solar as a low-carbon, versatile and low-cost power source
.
This market diversification means that interest in solar energy is growing rapidly
.
In Europe, we have entered a new era of solar growth, and with the recently completed clean energy package, we will have a new solar framework and our technology will flourish
even more in the coming years.
We now want EU member states to set ambitious solar targets and ensure strong policy guidance
is implemented in their 2030 National Energy and Climate Plan (NECP).
”

Globally, in its medium-term outlook, SolarPower Europe expects to install around 128 GW of new PV capacity in 2019, which will represent a 25% market growth, bringing the cumulative global installed capacity to 645 GW, about 4%
higher than last year's global market outlook.
The five-year global market outlook projects an increase of nearly 800 GW of global solar capacity and a total solar capacity of 1.
3 TW by 2023
.

Michael Schmela, Executive Advisor at SolarPower Europe, said: "Solar is making significant progress, which is good news
for the energy transition.
However, we need to rapidly accelerate the deployment of solar power to meet the goals of
the Paris Agreement.
Solar is ready in terms of technology and affordability to make better use of our clean energy to help mitigate the climate crisis
.
”

According to International Renewable?? According to the Energy Agency (IRENA), an average of more than 400 GW of renewable energy needs to be installed annually by 2050 to keep temperatures below 2°C
.
In 2018, about 180 GW of renewable energy
was installed worldwide.