Snapshot of photovoltaics - February 2022

For the past 10 years photovoltaic electricity generation has been the fastest-growing power generation source worldwide. It took almost six decades to achieve 100 GW of solar energy capacity in 2012, but the 1 TW level is likely to be broken during 2022. Overall investments in solar energy has increased by 19% to USD 205 billion (EUR 171 billion). In 2021 more than 180 GW of new solar photovoltaic electricity generation capacity was installed. After the decline in 2020, the Chinese solar market recovered to 53 GW in 2021. This development and the continuous growth in Europe and the USA as well as in new emerging markets were the main drivers. The number of countries installing more than 1 GW annually has increased to 18 in 2021. The continuation of price reductions in the battery storage sector has again resulted in a growing market for local battery storage systems in solar farms as well as for decentralised photovoltaic electricity generation systems. It is also increasingly clear that apart from classic electricity use, renewable electricity for electric vehicles and for generation of green hydrogen will become more and more important in the future.

Automated summary

Over the past decade, photovoltaic electricity generation has become the fastest-growing power source globally, with solar energy capacity reaching new heights. The Chinese market's recovery, along with ongoing growth in Europe, the USA, and emerging markets, has been a major driver. The decreasing prices in battery storage technology have fostered the development of local storage systems for solar farms and decentralized electricity generation systems. It is evident that renewable electricity will play a crucial role in powering electric vehicles and producing green hydrogen in the future.