Incorrys expects solar capacity to more than triple from about 1200 GW in 2022 to 3800 GW in 2030. Breaking it down by country, China is forecast to continue to lead the pack increasing their capacity from about 400 GW to 1000 GW, or possibly more, by 2030; an increase of 250% over the 8 years. In fact, all of the individual countries shown here are expected to more than double, and almost triple, their capacity with India increasing by over 400%.
However, as the rest of the world continue to rapidly build out their solar capacities, both China and Europe see their market shares decline between 2022 and 2030; China going from 33% to 26% and Europe from 22% to 16%. All other regions maintained about the same market share over the forecast period. There is an inherent risk to these build outs as China does control almost the entire solar supply chain so there is a risk of supply disruptions. This is especially true for Europe who relies almost entirely on imports of solar PV panels from China.
As of last year, it is estimated that countries responsible for more than 70% of global GHG emissions have committed to reach net-zero by the middle of the century. This includes 12 African countries that represent over 40% of the continent’s total CO2 emissions. Currently, countries in Africa are suffering from the global energy crisis and impacts of climate change so the global clean energy transition holds new promise for Africa’s economic and social development. Affordable energy for all Africans is the immediate and absolute priority and governments are making all possible efforts to create, and expand, their solar power capabilities.
Solar Power Capacity Market Share 2030
