wood mackenzie

China is on track to install a record 230GW of new solar and wind capacity this year, according to a report from Wood Mackenzie.

In October, Turkish energy minister Alparslan Bayraktar said Turkey will need to install 5GW of solar and wind capacity every year until 2035, as renewables have great potential to meet the 2035 target of ‘supplying reliable and affordable energy in an environmentally friendly manner’.

China will account for 95% of the announced global n-type cell capacity in 2026, while the solar market is switching its focus to n-type cells

The Asia Pacific (APAC) region is expected to invest US$3.3 trillion in power generation over the next decade, of which a quarter for solar alone, according to energy research company Wood Mackenzie.

At least US$2.7 trillion must be invested in renewables annually to achieve global net-zero emissions by 2050.

The SEIA and Wood Mackenzie have released their latest report into US solar, and expect the industry to add 32GW of new capacity this year.

Although the floating solar market is expanding, the top 10 countries that will have more than 500MW of cumulative floating solar installations by 2031 are entirely from Asia.

The world’s top 10 solar inverter providers accounted for 86% market share in 2022, a year where the market saw a 48% increase in size year-on-year (YoY).

The cumulative community solar capacity in the US will reach 14GW by 2028, according to Wood Mackenzie and and the Coalition for Community Solar Access.

As solar PV continues its accelerated growth, 2023 is expected to be no exception with 270GW of capacity to be added, according to Wood Mackenzie.