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PAF Insights

Energy Transition


Global Solar PV Market Report


The ongoing global energy crisis has highlighted the need for more resilient energy systems. To address this issue, there is an urgent need to transition towards renewable energy. According to the International Energy Agency, investments in clean power generation resources could increase by 7% in 2023, reaching USD2.75 trillion. However, there is still a lot more that needs to be done to balance the demand and sustainability in energy generation and consumption cycles.

Currently, demand pressures are affecting the short-term through high fossil fuel prices and a competitive environment for supply chains. While countries may be tempted to address their immediate issues, it is important to remember the longer-term priorities of sustainability and resilience. A deliberate and focused policy push is needed to achieve this goal. Globally, oil and gas companies are seeing almost 10% higher investments this year, with projected cumulative profitability crossing USD2 trillion.

The increased push for renewable energy projects in several markets is a positive sign. Utility-scale power projects, such as those based on wind and solar, are the most important, given the burden on power generation for its fossil fuel dependence and emissions. Mature renewable energy technology options, such as solar PV, are instrumental in scaling up the share of clean energy at competitive costs. Furthermore, hybrid configurations involving solar-plus-storage or even wind-plus-solar-plus-storage, are increasingly making commercial sense for the flexibility and dispatch that were long regarded as the bane of renewable energy projects.

Although the optimistic outlook for the energy market and solar PV is promising, there are still some challenges that must be addressed. High borrowing costs, a potential recession, and adjustments in pricing across the supply chain all contribute to a difficult road ahead. However, these are issues that must be endured until market forces can balance out. We believe that capital flows in the energy market, and specifically in solar PV, will ultimately align with fundamental principles rather than short-term shocks and concerns. As a result, we do not anticipate any significant changes in investment commitments.

PAF’s Annual Primer series aims to offer an overview of the demand drivers, opportunities, challenges, and outlook prevalent in various major markets for different renewable energy technologies, including solar PV and onshore wind. We hope you find our annual review of Global Solar PV informative and enjoyable to read.

This report is the result of a collaboration between PAF and Alchemy Research and Analytics, completed from June to October 2023. We would like to express our gratitude to the following executives for their contribution in preparing the report:

Pan American Finance

Alchemy Research and Analytics

  • Tapas Bhowmik
    Senior Manager
    Alchemy Research and Analytics
  • Souradeep Basu
    Associate Manager
    Alchemy Research and Analytics
  • Subhajit Pal
    Senior Analysit
    Alchemy Research and Analytics
  • Maurya Mukherjee
    Senior Analyst
    Alchemy Research and Analytics

Global Solar PV Market Report 2023

The report provides an insight into the Global Solar PV market. The findings of the report are based on research conducted by Pan American Finance (PAF) and its research partner Alchemy Research and Analytics. The report provides an overview of the Global Solar PV industry with insights on prevailing market conditions encompassing recent trends and drivers, challenges, and outlook in major countries across Europe and Americas. The report starts with a high-level view on the dynamics of the industry, touching upon the regional variations and analyzing the implications of the same. It then profiles the major markets country-wise, to provide a holistic view of the state of the industry in these countries, highlighting the growth opportunities, demand drivers and prevalent challenges. Macroeconomic data was sourced from the publications of multilateral institutions such as the International Monetary Fund (IMF). The industry-specific data is attributed to industry associations, Government authorities / statistical departments, Bloomberg New Energy Finance (BNEF) and International Energy Agency (IEA). This was supplemented by news reports, trade journals and related sources.

The report is an outcome of a collaboration between PAF and its research partner Alchemy Research and Analytics and was completed between May and July 2023.