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March 29, 2023

Solar Industry growing rapidly with DER skew post-pandemic

Report Summary

  • The global solar market is growing at 50% per annum. Solar installations in 2024 should be well over 400 GW.
  • Massive surge in distributed solar as individuals and enterprises push toward energy security in the context of the Russian Ukraine war and a backdrop of supply chain blockages
  • Utility solar will make a comeback and get back to growth but by 2050 Distributed solar will make up 63% of new installations and 48% of the installed base.
  • Utility markets helped by hundreds of GW of solar built for hydrogen only in Australia, Chile and parts of Africa and Eastern Europe.
  • Module prices have begun to fall again from $260 per kW in February 2023, to $230 by year the end and down to $200 by 2025
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Rethink Energy Research

Rethink Energy forecasts the changing energy landscape and its investment possibilities, as renewables begin to take over from conventional fossil fuels