Spring 2023 Solar Industry Update

600 500 Annual Global PV Demand • . About 240 GWdc of PV were installed globally in 2022. Analysts project continued increases in annual global PV installations. 320 GWdc in 2023 PV Annual Installations (GWdc) 400 300 200 100 0 2021 European Union 2022 +10% +12% +16% +33% 2023P 2024P 2025P 2026P Europe (All) ■U.S. India Rest of World China Notes: E = estimate, P = projection. Colored bars represent median projections for region/country-level estimates. Error bars represent high and low global projections. Not all sources have data for all categories. Sources: BNEF, 1Q 2023 Global PV Market Outlook, 2/28/23; Goldman Sachs Equity Research, America's Clean Technology: Solar, 2023 Outlook, 12/18/22; IEA, Snapshot of Global PV Markets: 2022, 4/22; IEA, Snapshot of Global PV Markets: 2023, 4/23; U.S. Energy Information Administration, Annual Energy Outlook 2023, 3/16/23; U.S. Energy Information Administration, Monthly Energy Review, 12/22; Wood Mackenzie and SEIA, US Solar Market Insight, 2022 Year in Review, 3/23. • - 372 GWdc in 2024 418 GWdc in 2025 458 GWdc in 2026. Analysts who provided global projections 1 year ago increased those projections this year (e.g., by 34%-38% for 2025 projections). China, Europe, the United States, and India account for about 70% of global PV installations over the period shown. NREL | 7

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