2025 Photovoltaic panels plummet

How many GW of solar modules are there in 2023?

The organization said some 90 GW of modules were sitting in warehouses in the European Union at the end of 2023 with a further 45 GW in the US, though some manufacturers have disputed the scale of the stockpiling. Nevertheless, the ongoing oversupply led to module spot prices dropping roughly 50% between January and December 2023, the IEA added.

Are solar panels going down in 2023?

Having already fallen to 60% in 2023 — a year-over-year decrease of about 10 percentage points — the rate is set to drop further still, to below 40% in 2024 to 2028. Utilization rates in China, the world leader in solar panels, are set to be even lower than the global average in the coming years, the IEA said.

Is China accelerating the growth of solar power in 2023?

While the increases in renewable capacity in Europe, the United States and Brazil hit all-time highs, China’s acceleration was extraordinary. In 2023, China commissioned as much solar PV as the entire world did in 2022, while its wind additions also grew by 66% year-on-year.

Will China continue to dominate global solar PV supply chain?

"This supply chain.. will still follow the principle of supply demand and economies of scale in the long term," Chong said, adding that China will continue to dominate global solar PV supply.

How fast did renewable capacity additions grow in 2023?

Global annual renewable capacity additions increased by almost 50% to nearly 510 gigawatts (GW) in 2023, the fastest growth rate in the past two decades. This is the 22nd year in a row that renewable capacity additions set a new record.