Spring 2023 Solar Industry Update slide image

Spring 2023 Solar Industry Update

. • Japanese Market Update Japan installed 6.5 GWdc of PV in 2022, about the same as in 2021 as part of a mostly declining trend since the high in 2015. Cumulative capacity at the end of 2022 was about 85 GWdc. Japan's PV Capacity Additions (GWdc) 12 Scarce land and decreasing feed-in tariff rates continue to constrain PV deployment, while goals require at least doubling PV capacity by 2030. Japan is experimenting with requiring PV on new buildings and with deploying agrivoltaics. Government subsidies stimulated an increase in corporate PPAs in 2021 (91 MWdc) and 2022 (228 MWdc), most of which were PV PPAs. Japan's High PV Density Cumulative PV capacity per sq km of total (land + water) country area, 2022 China, 39 450 10 8 6 4 2 Cumulative PV capacity (GWdc) 400 350 300 250 200 USA, 14 150 Japan, 225 India, 24 100 Germany, 188 Australia, 4 Spain, 53 Italy, 83 S Korea, 249 Brazil, 3 50 0 0 2015 2016 2017 2018 2019 2020 2021 2022 1 2 3 4 6 7 8 9 10 5 Top 10 countries for PV installed in 2022 Sources: Bloomberg NEF, 1Q 2023 Global PV Market Outlook; IEA, National Survey Report of PV Power Applications in Japan, 2021; IEA, Snapshot of Global PV Markets: 2023; PV Magazine (3/21/23); U.S. Central Intelligence Agency, World Factbook. NREL 13
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