全球太陽(yáng)能發(fā)電市場(chǎng)展望2023~2027

GlobalMarketOutlookFor

SolarPower2023

-

2027FOCUSONSOUTHEASTASIASupportedby:Withits

uniquecompositionandexcellentprotective

performance,Magnelis

istheleading?galvanisedsteel

for

long-lastingsolarmountingstructures.As

your

investmentdeserves

alonglifeForracks,

purlinsortubes,Magnelissteel

(ZM310)o?ers

anexpectedlifetimeof

more

than30years

inC3environments.Thisperformancehasbeencerti?edby

several

independentbodies.?Forposts

andcolumns,Magnelis

steel?(ZM620)canbeusedfor

foundationsinsoilorconcrete

withaguaranteeupto25years

baseduponalocalsoilanalysis.Asakey

productfor

reducingclimateimpactfor

energytransition,Magnelis?isavailablewithXCarb

recycledand?renewably

producedandleadsto

circa

70%CO

footprintreduction.2/magnelisThemountingsystem

of

thissolar?eldhasbeendesignedinMagnelis

andmanufacturedby

CWF.?ForewordWelcometotheGlobalMarketOutlookforSolarPower2023-2027.Solar

is

on

the

fast

track.

In

2022,

the

world

installed

239

GW

of

new

solar,

finally

surpassing

the

TW-scale.

That’s45%moresolarpowercapacitythantheyearbefore.Thepositivemarketdevelopmentsinthefirstmonthsof2023

promise

another

solar

boom

year,

expected

to

result

in

341

GW

of

newly-added

solar

to

the

grid,

by

theendoftheyear–equalto43%growth.Thissolarrushcomesaftermoremodestprogressinprecedingyears,whichwerecharacterisedbypandemictriggered

lockdowns,

supply

chain

turbulence,

and

high

product

prices

along

the

value

chain.

However,

even

intrickier

times,

the

solar

industry

demonstrated

very

strong

resilience,

with

newly

installed

global

capacitiesincreasingby19%in2020and18%in2021.The

reasons

for

this

spectacular

performance

are

obvious.

It

comes

down

to

the

unmatched

versatility

of

solar–

powering

individual

energy

self-sufficiency

and

comparatively

quick-deploying

utility-scale

projects

atcompetitive

low

cost.

Despite

solar’s

levelised

cost

of

electricity

(LCOE)

sliding

upwards

–

for

the

first

time

–due

to

supply

chain

issues

and

inflation,

it

remains

profoundly

cheaper

to

produce

electricity

from

solar

thanfromnewfossilfuelandnuclearpowersources.Whatchangedforsolarpowerin2022–andwhyweconsidertheyearaninflectionpoint–isthetechnology’snewly

discovered

image

by

a

growing

number

of

policymakers.

Solar

power

now

enjoys

widespread

acceptanceas

the

key

tool

to

achieve

local

energy

security

in

the

midterm.

During

the

recent

fossil

fuel

sparked

energycrisis,

the

International

Energy

Agency

(IEA)

used

two

reports

to

highlight

solar’s

critical

role

to

reduce

theEuropean

Union’s

dependence

on

Russian

gas.

The

EU

Solar

Strategy

of

May

2022

even

called

solar

the

‘kingpin’of

the

continent’s

effort

to

get

off

Russian

gas.

Such

geostrategic

considerations

are

applicable

for

other

energyimportingcountriesaswell.Inotherwords,solarhasnowuntangledwhatwaspreviouslyconsideredagordianknot–theso-calledenergytrilemmaofsustainability,affordability,andsecurityofsupply.TheannualGlobalMarketOutlookforSolarPowerisaprojectthatcomestolifewiththesupportandin-depthknowledgeoftheworld’smajorregionalandlocalsolarindustryassociations.Theseorganisationsareworkinghard

to

improve

the

policy

frameworks

that

are

essential

for

solar

power

to

thrive

around

the

world.

From

theseorganisations,

this

report

contains

in-depth

features

on

the

26

countries

that

added

at

least

1

GW

of

solar

in2022.

There

are

nine

more

GW-scale

solar

markets

in

2022,

compared

to

the

17

in

2021.

The

number

of

theworld’sserioussolarmarketswillmorethandoubletoover50by2025.This

edition

has

both

a

regional

and

a

topical

focus

–

this

time

on

Southeast

Asia

and

PPAs

in

emerging

markets.The

idea

was

to

highlight

advances

and

challenges

in

countries

that

are

often

not

on

the

global

solar

map.

Thesefeatures

have

been

created

in

cooperation

between

SolarPower

Europe,

the

Global

Solar

Council

(GSC),

throughitsmember,

theAsianPhotovoltaicIndustryAssociation(APVIA),andGET.invest.With

global

supply

chain

issues

largely

overcome,

and

gigantic

PV

production

capacities

being

built

up,

prices

havedropped

significantly

across

the

value

chain

in

recent

months

and

are

expected

to

dip

below

pre-pandemic

levelssoon.

That

will

propel

demand

to

the

next

level.

In

general,

we

are

more

confident

than

ever

that

solar

will

remainon

the

fast

track

in

the

years

to

come.

How

fast

will

depend

on

the

regulatory

environment

needed

to

enable

thatgrowth

–

from

simpler

permitting

and

stronger

grid

capacities,

to

supported

solar-storage

hybrid

solutions.

Our2023

High

Scenario

foresees

402

GW

new

solar

this

year

and

close

to

800

GW

in

2027.

Having

achieved

over

1

TWof

totalsolarcapacityin2022,wenowseethepotentialfor

anannualTW-scale

marketby2030.EnjoyreadingourGlobalMarketOutlook.WALBURGAMICHAELSCHMELAExecutive

AdvisorandDirectorofMarketIntelligence,SolarPowerEuropeTHERESA

CRUZ-CAPELLANSecretary-General,Asia

PVIndustryAssociation

(APVIA)&

Memberof

theGlobalSolarCouncilHEMETSBERGERCEO,

SolarPowerEurope3Table

of

contentsForewordExecutive

summary3681Global

solar

marketUpdate2000-

2022Prospects2023-

2027Segments

2023-

2027Conclusionocus:

The

Southeast

Asian

Solar

Market

–

by

GSCCorporate

PPAs

in

emerging

markets

–

Supported

by

GET.investGW-scale

markets425369Project

Lead:

MichaelSchmela,SolarPowerEurope.Project

manager:

RaffaeleRossi,SolarPowerEurope.Market

intelligence

and

internal

co-authors:

MichaelSchmela,RaffaeleRossi,ChristopheLits,JonathanGorremans&AntonioArruebo,SolarPowerEurope.External

co-authors:

:

Asian

Photovoltaic

Industry

Association

(APVIA);

Steve

Blume,

Smart

Energy

Council

(SEC);

Lisa

Grün,

Bundesverband

Photovoltaic

Austria

(PVAustria);

Rodrigo

Lopes

Sauaia&

Rafael

Francisco

Marques,

Brazilian

Photovoltaic

Solar

Energy

Association

(ABSOLAR);

David

Rau,

Chilean

Solar

Association

(ACESOL);China

Photovoltaic

Industry

Association

(CPIA);

Thomas

Aarestrup

Jepsen,

Green

Power

Denmark;

Flemming

Kristensen,

Danish

PV

Association;

Marie

Buchet,

SyndicatdesEnergiesRenouvelables(SER);AlexanderRohlf&ChristianMenke,BundesverbandSolarwirtschaft(BSW-Solar);SteliosPsomas,HellenicAssociationofPhotovoltaicCompanies

(HELAPCO);

ádám

Szolnoki,

Hungarian

Photovoltaic

Industry

Association

(MANAP);

Subrahmanyam

Pulipaka,

Shubhang

Parekh

&

Animisha

Verma,

NationalSolarEnergyFederationofIndia(NSEFI);EitanParnass,GreenEnergyAssociationofIsrael(GEA-IL);MichelangeloLafronza,ANIERinnovabili;AlessandroScipioni&EdoardoStorti,ElettricitàFutura;FedericoBrucciani,ItaliaSolare;TakeakiMasukawa,JapanPhotovoltaicEnergyAssociation(JPEA);CarlaMedinaPerezgomez,MexicanAssociationof

Solar

Energy

(Asolmex);

Wijnand

van

Hooff,

Nold

Jaeger

&

Marinthe

Bos,

Holland

Solar;

Faheem

Ashraf,

Waqas

Moosa

&

Faisal

Jamal,

Pakistan

Solar

Association

(PSA);Paulina

Wojciechowska,

Polskie

Stowarzyszenie

Fotowoltaiki

(PSF)

&Stanislaw

M.

Pietruszko,

Polskie

Towarzystwo

Fotowoltaiki

(PV

Poland);

De

Wet

Taljaard,

SouthAfrican

PV

Industry

Association

(SAPVIA);

Woo-Sik

Jung,

Korea

Photovoltaic

Industry

Association

(KOPIA);

José

Donoso,

Unión

Espa?ola

Fotovoltaica

(UNEF);

DavidStickelberger,

Swissolar;

ShuYu

Yang,

Industry,

Science

and

Technology

International

Strategy

Center

(ISTI)&

Industrial

Technical

Research

Institute

(ITRI)&

Daniel

Lee,TaiwanPhotovoltaicIndustryAssociation(TPVIA);TurkishSolarEnergyAssociation(GüNDER);GarethSimkins,SolarEnergyUK;SolarEnergyIndustriesAssociation(SEIA).External

contributors:

CADER

(AR),APSTE(BG),CanREA(CA),

OIE(HR),SolárníAsociace(CZ),ISEA(IE),KREA(KE),LSEA

(LT),

ILR(LU),

MPIA(MY),REIAoN(NA),Solenergiklyngen(NO),APREN(PT),RPIA(RO),SERIS(SG),SAPI(SK),ZSFV(SI),SvenskSolenergi(SE),EVNPECC3(VN).Text

editing:

BethanyMeban,ThérèseODonoghue,&LilyMurdoch,SolarPowerEurope.Supported

by:

IntersolarEurope,GlobalSolarCouncil(GSC).Please

cite

as:

SolarPowerEurope(2023):Global

Market

Outlook

for

Solar

Power

2023-2027.For

media

use

and

queries:

BethanyMeban,SolarPowerEurope,b.meban@.Date

of

publication:

June2023.ISBN:9789464669046.Thanks

to

our

sponser

members:Design:

OnehemisphereAB,Sweden.contact@onehemisphere.seFront

cover

image:

?RakchaiDuangdee/SContact:

info@.Methodology:

SolarPower

Europe’s

five-year

forecast

consists

of

Low,

Medium

and

High

Scenarios.

The

Medium

scenario

anticipates

the

most

likelydevelopment

given

the

current

state

of

play

of

the

market.

The

Low

Scenario

forecast

is

based

on

the

assumption

that

policymakers

halt

solar

support

andother

issues

arise,

including

interest

rate

hikes

and

severe

financial

crisis

situations.

Conversely,

the

High

Scenario

forecasts

the

best

optimal

case

in

whichpolicysupport,financialconditionsandotherfactorsareenhanced.Segmentation

is

based

on

the

following

system

size:

Residential

(<10

kW);

Commercial

(<250

kW);

Industrial

(<1000

kW);

Utility-scale

(>1000

kW,

ground-mounted).SolarPowerEurope’smethodologyincludesonlygrid-connectedsystems.InstalledcapacityisalwaysexpressedinDC,

unlessotherwisestated.AllfiguresarebasedonSolarPowerEurope’sbestknowledgeatthetimeofpublication.Disclaimer:

ThisreporthasbeenpreparedbySolarPowerEurope.Itisbeingfurnishedtotherecipientsforgeneralinformationonly.Nothinginitshouldbeinterpretedasanoffer

or

recommendation

of

any

products,

services

or

financial

products.

This

report

does

not

constitute

technical,

investment,

legal,

tax

or

any

other

advice.

Recipientsshouldconsultwiththeirowntechnical,financial,legal,taxorotheradvisorsasneeded.Thisreportisbasedonsourcesbelievedtobeaccurate.However,SolarPowerEuropedoesnotwarranttheaccuracyorcompletenessofanyinformationcontainedinthisreport.SolarPowerEuropeassumesnoobligationtoupdateanyinformationcontainedherein.

SolarPower

Europe

will

not

be

held

liable

for

any

direct

or

indirect

damage

incurred

by

the

use

of

the

information

provided

and

will

not

provide

any

indemnities.Unlessotherwise

stated,thecopyrightandotherintellectualproperty

rightsof

marketintelligencedataandresourcesprovidedareownedbySolarPowerEurope.4GlobalMarketOutlookForSolarPower2023-2027Investment-gradeSolarData

andIntelligenceResearch

backed.IndustryProven.

Integration

Ready.Relyonaccurate

andvalidatedsolarresource

dataandintelligenceto

engineer,昀nanceandmaximizereturnsfrom

yoursolarassets.Visit

to

learnhowyoucanleveragethepowerofSolarAnywhere?to

optimizeyoursolarassets.SolarProjectDevelopmentSolarAssetOperations&ManagementEnergyMarketParticipationAchieveoperationalexcellencewithanenterprise-classsolarAPIReal-time,weather-adjustedPV

productionestimatesare

criticalforoptimizingsolarassetperformance.O&Mteamscanstreamlinetheirprocessesandreducecostsbyintegratingtheseinputsintotheirapplicationsusinganenterprise-classsolarAPI,whichfeatures:?

Highly-accurate,globallyavailablehistorical,real-timeandforecastdata?

Rich,solar-speci昀cdataelementssuchasirradiance,albedo,

snowdepth,particulate-matterdata,andmore?

Abilityto

conductsite-speci昀cenergysimulationsusingopen-sourcemodelssuchaspvlib?

Fully-documented,stable,modernAPIarchitecture

thatisprovento

meetrigorousenterpriserequirementsTake

advantageofthereliability,accessibilityandaccuracyofferedbytheSolarAnywhereAPI.Getstartedat:/apiExecutive

summary2022

will

be

remembered

as

the

year

when

solar

dominance

increased

the

Asia-Pacific

share

to

60%,deployment,

driven

by

soaring

energy

prices,

supply

while

Europe

remained

stable

at

19%

and

the

Americaschain

stabilisation,

and

post-pandemic

recovery

declined

to

17%.

In

terms

of

installed

solar

capacity

perprograms,

entered

a

new

growth

dimension.

In

2022

capita,

Australia

remains

in

the

lead

with

almost

1.2the

world

connected

239

GW

of

new

solar

capacity

to

kW/capita,

while

the

Netherlands

also

crossed

thethe

grid,

marking

yet

another

all-time

record

and

kW/capita

threshold,

compared

to

a

global

average

of

anregistering

an

impressive

45%

annual

growth

rate,

the

estimated144

W/capita.highest

since

2016.

As

a

consequence,

total

globalAll

solar

analysts

are

confident

that,

following

aninstalled

solar

capacity

crossed

the

Terawattexceptional

2022,

there

is

no

question

that

strongthreshold

in

early

2022

and

amounted

to

almost

1.2growth

will

continue

in

2023

–

the

question

is

ratherTW

by

the

end

of

the

year,

with

a

25%

increasehow

much.

Our

Medium

Scenario

anticipates

that

341comparedto2021levels.GW

of

new

solar

capacity

will

be

installed

worldwideSolar’s

expansion

has

no

match

across

other

power

in

2023,

equivalent

to

a

43%

growth

that

basicallygeneration

technologies.

Solar

PV

claimed

two-thirds

repeatstheextraordinaryperformanceof2022.Withof

all

new

renewable

power

capacity

installed

last

year,

improved

market

conditions,

however,

installationsand

the

highest

growth

rate

in

terms

of

electricity

could

go

above

400

GW

already

in

2023.

Solargeneration

across

any

power

generation

technology

deployment

is

expected

to

continue

in

the

following(24%).

At

the

same

time,

however,solar

still

only

meets

four

years,

with

401

GW

added

in

2024

and

a

617

GW4.5%

of

global

electricity

demand,

while

over

70%

is

market

reached

in

2027.This

will

bring

total

operatingprovidedbynon-renewablesources.capacities

above

2

TW

in

early

2025

and

3.5

TW

by

theendof2027.In

2022,

significant

supply

chain

disturbances,lingering

COVID-19

effects,

and

inflationary

pressure,

The

strong

expansion

of

2022

delivered

a

recordsparked

by

the

war

in

Ukraine,

caused

the

first

number

of

largely

‘developed’

solar

markets.

Theincrease

in

solar’s

levelised

cost

of

electricity

(LCOE)

number

of

GW-scale

solar

markets

–

countriesin

over

a

decade.

That,

however,

does

not

pose

a

installing

at

least

1

GW

–

jumped

from

17

in

2021

to

26challenge

to

cost

competitiveness;

solar

PV

remains

in

2022.

We

forecast

32

GW-scale

markets

in

2023,

39significantly

cheaper

than

new

fossil

fuels

and

nuclear,

in2024,andatleast53in2025.and

product

prices

already

began

to

decline

in

recentThis

year’s

regional

focus

is

on

Southeast

Asia.

Withmonths

and

are

largely

expected

to

return

to

pre-crisisthe

support

of

the

Global

Solar

Council

(GSC),

we

havelevelssoon.provided

an

in-depth

analysis

of

PV

deployment

in

theRecord

installations

in

2022

were

driven

by

a

remarkable

region,

which

holds

significant

solar

potential.

Weperformance

in

China,

the

undisputed

world-leading

expect

the

regional

market

to

grow

to

3.8

GW

this

year,solar

market,

with

almost

100

GW

added

in

a

single

year

up

13%

from

2022,

and

expand

to

13.3

GW

by

2027and

a

huge

72%

annual

growth

rate.

The

US

experienced

underaMediumScenario.a

turbulent

year

in

2022,

but

kept

its

spot

as

the

secondAnother

feature

is

on

corporate

PPAs

in

emerginglargest

market

despite

a

6%

annual

decrease

to

21.9

GW,countries,

examining

the

drivers

and

challengeswhile

India’s

rebound

continued

in

2022,

with

17.4

GWcorporates

face

in

Sub-Saharan

Africa

and

South-Eastof

new

installed

capacity

and

a

23%

growth.

Closing

theAsia.

There

are

a

few

promising

initiatives

for

corporate2022

top

5

countries,

Brazil

doubled

its

installation

ratesolar

PPAs,

but

in

most

countries

policy

frameworkswith

10.9

GW,

while

Spain

became

the

largest

Europeanneedtobeestablishedtotapthegiganticpotentialofmarket

with

8.4

GW.

At

the

regional

level,

China’sbilateralsolarpowerpurchaseagreements.6GlobalMarketOutlookForSolarPower2023-2027SOLARGIS

EVALUATEAnalyze

the

昀nancialperformanceof

yoursolar

projectAverageIndividual

yearsJANFEB

MARAPRMAYJUNJULAUGSEP

OCTNOVDECSolargisEvaluatecompressesmorethan20yearsofexperienceandknowledgeintoasolutionthatwillhelpyou昀ndthebestcost/bene昀tsolution,optimizeyourtechnicaldesignsetups,andmitigatepotentialrisksofyoursolarproject.Time

Series

data1-minute

dataSolargisTimeSeriesdata,bydefaultcomingin15-or10-minuteresolution,areusefulforanalyzingyear-to-yearvariability,seasonalorintradaypro昀les,andcalculatingenergyestimatesforP50,P90,orotherprobabilisticscenarios.High-frequencydatabasedonourstochasticmodelsimprovetherepresentationofextremeweathersituationsandenergymodelingaccuracy,especiallywhenmodelinginverterclippinglosses,self-consumption,andnearshadinglosses.LowestuncertaintyGlobal

coverageSolargishavebeenrecognizedbynumerousindependentvalidationstudiesastheleadingreliablesourceformodeledsolarandmeteorologicaldata.Thiswillmakeyouatrustedpartner.Alonghistoricalarchiveofsolarradiationdata(since1994forsomeregions)isavailableforlocationsbetween65Nand55Slatitudes.TheSolargisdatabasehasbeenvalidatedat230+publiclocationsglobally.All

solar

energy-affecting

parametersTypicalMeteorological

YearBesidessolarradiation,Solargisdatasetsalsoincludeparameterssuchasalbedo,temperature,wind,humidity,precipitationandmanymoretoobtainareliableestimateofalllossesinvolvedintheenergycalculationchain.OurTypicalMeteorologicalYear

(TMY)dataaregeneratedfrommulti-yeartimeseriesdataandcancomeinP50,P90,orotherprobabilisticscenarios.TheyarefullycompatiblewithcommonlyusedPVsimulationsoftware./evaluate1Global

solar

market50MWHybridplant,ElAndévalo,Spain.?IberdrolaSolar

power

continued

to

dominate

the

newly

added

of

new

renewable

capacity

increased

substantiallyglobal

power

generation

capacity

in

2022,

claiming

yet

from

the

56%

contributed

in

2021.

This

highlights

theanother

year

at

the

top

spot

among

renewable

energy

growing

prominence

of

solar

in

the

global

energysources.

Out

of

362

GW

of

new

renewable

(RES)

transition,

installing

about

two

times

the

capacity

thancapacity

added

last

year,

solar

PV

accounted

for

66%,

allotherrenewable

technologiescombined.connecting

239

GW

to

the

grid

(see

Fig.

1).

Solar’s

shareFIGURE1

NET

RENEWABLEPOWERGENERATING

CAPACITY

INSTALLED

IN20222022OtherRE:8GW;2%Biomass:8GW;2%Hydro:30GW;8%Wind:78GW;22%Solar:239GW;66%362GWSOURCES:GWEC(2023),IRENA(2023).?

SOLARPOWEREUROPE202310

IEA(2020):World

Energy

Outlook

2020.8GlobalMarketOutlookForSolarPower2023-2027The

overall

trend

for

renewable

capacity

additions

accounting

for

only

4.5%

of

global

power

productionhas

been

consistently

upward

in

recent

years,

in

2022,

increasing

from

3.7%

in

the

previous

year

(seepushed

by

the

global

energy

crisis

and

policy

support.

Fig.

2).

Though

still

relatively

small,

we

observe

a

clearTotalrenewable

capacity

additions

are

56

GW

higher

growth

acceleration

–

solar’s

share

increased

by

0.8than

last

year,an

18%

increase

from

306

GW

in

2021.

percentage

points

or

22%

in

2022,

compared

to

0.5The

surge

of

solar

PV

in

2022

has

more

than

covered

percentage

points

or

16%in

2021.

This

is

much

fasterthe

decrease

in

wind

annual

installations,

dropping

than

the

growth

of

other

renewable

sources,

whichfrom

95.3

GW

in

2020,

to

93.6

in

2021,

down

to

collectively

provided

around

25.4%

of

the

world’s77.6

GWin2022.power

generation,

representing

about

3%

growth

fromthe

24.6%

share

in

2021.

Non-renewable

sourcesmaintained

their

dominant

position

with

a

70.1%share.

Nevertheless,

their

share

decreased

by

1.6percentagepointsin2022,andisatanall-timelow.However,

it

is

important

to

keep

these

positivedevelopments

in

perspective.

Solar

power

stillcontributes

a

minor

share

of

total

electricity

demand,FIGURE2

SOLARANDRENEWABLEPOWERAS

A

SHAREOFGLOBAL

POWER2017-202210090807075.1%74.5%73.4%71.5%71.6%70.1%6050403020100Non-REpowerOtherREpowerSolarpower23.1%23.3%23.9%25.2%24.6%25.4%1.8%2.2%2.7%3.2%3.7%4.5%201720182019202020212022SOURCE:Ember(2023).?

SOLARPOWEREUROPE20239GlobalMarketOutlookForSolarPower2023-20271

Global

solar

market

/continuedThe

immense

market

potential

of

solar

and

its

cost

3).

Wind

is

the

second

fastest

growing

technologyleadership

indicate

that

it

will

continue

to

capture

a

when

it

comes

to

global

power

generation,

with

a

16%larger

share

than

any

other

power

generation

growth

rate.

In

the

meantime,

electricity

generatedtechnology

and

further

lead

the

global

energy

by

coal,

the

dirtiest

source

of

power

generation,

grewtransition.

As

the

spearhead

of

the

movement

to

by

1%,

while

gas-powered

electricity

marginallyrenewables,

solar

generated

1,289

TWh

in

2022,

up

declined,andnuclearelectricitydecreasedby5%.24%

from

the

1,040

TWh

it

generated

in

2021

(see

Fig.FIGURE3

ELECTRICITYGENERATION

GROWTHRATE

FROM2021TO

2022,BYTECHNOLOGYSolarWind24%16%OtherfossilOtherrenewablesHydro12%5%2%Coal1%1%BioenergyGas-0.3%-5%Nuclear-50510152025%SOURCE:Ember(2023).?

SOLARPOWEREUROPE202310GlobalMarketOutlookForSolarPower2023-2027Solar’s

exceptional

success

can

be

attributed

to

value

chain

soared

as

well.

All

this

has

resulted

in

thevarious

factors,

but

a

key

driver

is

its

significant

cost

first

increase

in

solar

PV’s

Levelised

Cost

of

Electricityreduction

over

the

past

decade,

propelling

it

to

(LCOE)

afteradecadeof

uninterrupteddecline,risingbecome

the

global

leader

in

terms

of

cost

from

36

USD/MWh

in

2021

to

60

USD/MWh

in

2023,competitiveness

(Fig.

4).

However,the

past

two

years

the

sharpest

increase

among

all

power

technologies.1have

witnessed

significant

disruptions

in

global

supply

Despite

this

increase,

solar

power

remainedchains,

causing

significant

price

increases.

Lingering

significantly

cheaper

than

any

fossil

fuels

and

nuclear,effects

from

the

COVID-19

pandemic

and

the

last

considering

the

overall

rise

in

technology

prices.

Whilelockdown

in

Shanghai

in

2022

have

led

to

increased

solarpowerhadbecomecheaperthanwindpowerinshipping

costs,

while

the

war

in

Ukraine

has

sparked

2021,therelationshiphasreversedin2023.However,inflationary

pressure

worldwide.

Specifically

in

the

with

the

significant

increase

in

production

capacitysolar

industry,

the

price

of

polysilicon

had

been

on

an

and

the

improvement

of

global

supply

chains,

pricesupward

trajectory

for

the

past

two

years,

peaking

at

for

solar

products

have

decreased

considerably

alongaround

38

USD/kg

in

December

2022,

compared

to

the

value

chain,

from

silicon

to

modules

in

recentjust

below

10

USD/kg

in

early

2021,

according

to

months

–

and

are

anticipated

to

reach

pre-crisis

levelsBloombergBNEF,while

other

product

prices

along

th