The global solar power market size was valued USD 167.83 billion in 2021 and USD 234.86 billion in 2022 respectively. The global market size is expected to reach USD 373.84 billion by 2029, growing at CAGR of 6.9% during forecast period of 2022 to 2029. In US, With nearly 12 GWdc installed in the first half of the year, 2023 volumes are set to grow year-over-year, reversing the contraction the industry experienced in 2022.
Solar accounted for 45% of all new electricity-generating capacity added to the US grid in the first half of 2023.
Total market share of TOPCon technology will increase in 2023. As the price increased in raw materials, production, and shipping have impacted the entire solar supply chain in 2022.
Many manufacturers are switching their production lines from PERC to TOPCon or increasing their TOPCon cells’ and modules’ production capacities. TOPCon modules can share the same machinery as PERC modules, which eases the development of this technology. The further increase in production capacity will help build a strong supply chain for this technology and decrease production costs. The total market share of TOPCon technology will increase in 2023.
