IEA: 60% Of Total Renewable Energy! Global PV Installed Capacity Will Reach 190GW in 2022

The International Energy Agency (IEA) predicts in a survey report released recently that the installed capacity of photovoltaics, wind power and other renewable energy sources installed globally will achieve triple-digit growth this year, and the new photovoltaic power generation capacity will reach 190GW.

This year, the world's total installed renewable energy capacity will exceed 300GW for the first time, driven by an 8% increase due to growing concerns about climate change and energy security, while the installed capacity of renewable energy globally in 2021 will almost reach 295GW.

Global renewable energy capacity installed in 2021 increased by a record 6%, despite supply chain challenges, construction delays and continued increases in raw material and commodity prices caused by the Covid-19 pandemic, the International Energy Agency said.

According to the International Energy Agency, the global installed capacity of photovoltaic systems will account for 60% of the total installed capacity of renewable energy this year, and it is expected to reach 190GW, an increase of 25% compared with last year. In 2022, utility-scale PV projects will account for almost two-thirds of the total installed PV system capacity, largely due to a strong policy environment in China and the European Union that drives faster deployment.

In 2021, China's newly installed renewable energy capacity will account for 46% of the world's total. It is expected to continue to grow from 2022 to 2023, with an average annual installation of more than 140GW, mainly driven by the growth of large-scale photovoltaic systems installed.

Installed renewable energy capacity has grown despite challenges such as rising commodity and freight prices. Prices and freight rates for many raw materials have been on an upward trend since early 2021, the IEA said. By March 2022, the price of polysilicon had more than quadrupled, the price of steel had risen by 50%, the price of copper had risen by 70%, the price of aluminium had doubled, and the price of freight had risen by nearly five times.

In its report, the IEA noted, "We estimate that the total investment cost of new utility-scale photovoltaic systems and onshore wind facilities will increase by 15% to 25% in 2022 compared to 2020. The soaring freight rates are onshore The most important factor in the overall price increase for wind power. For PV systems, the impact of rising freight, polysilicon and metal prices is more balanced."

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