BloombergNEF has released its updated solar market outlook for 2023, projecting that 413 GW of module capacity will be installed this year. This capacity will mostly be driven by China’s contribution of 240 GW, along with strong growth in many other global regions.

The quarterly update was provided via Bloomberg’s podcast “Switched On” in the episode, “Solar supply glut crushes margins but buildout booming.”

If the world does install 413 GW of solar, we will have witnessed a growth of over 58% from the 260 GW installed in 2022, which itself marked an almost 42% increase from the 183 GW installed in 2021. During this two year period, the world will have experienced 125% growth, indicating that a doubling of deployed annual capacity occurred in around one and a half years.

This capacity growth will be driven by several factors. Foremost is China, which has driven the price of solar modules toward $0.10/W.