Bloomberg: Demand for photovoltaic power generation may increase by 40% in 2023
According to a research report released by Bloomberg, photovoltaic power generation will still be the fastest-growing segment of the energy industry, and it is expected that demand for photovoltaic power generation will soar by 30% to 40% by 2023.
The good news for the photovoltaic industry is that after setting a record in 2022, it is expected that the installed capacity of photovoltaic systems installed globally will increase by approximately 38%.
According to recent data released by electronic product distributor Avnet Abacus, the number of photovoltaic developers in the UK will continue to grow year-on-year. The total investment in the UK photovoltaic industry in 2022 is $362 million (approximately £ 286 million), with an average financing round of $40.2 million (£ 32 million).
The Bloomberg report adds that with the reduction of photovoltaic module costs and supply chain constraints, the profitability indicators of photovoltaic developers may also be improved.
Rob Barnett, a senior clean energy analyst at Bloomberg, said: "By 2023, global demand for photovoltaic power generation is likely to increase by about 30% to 40%, and the revenue of the photovoltaic industry is expected to increase by about 35%. Despite such rapid revenue growth, the stock price of the photovoltaic industry has lagged behind the overall market performance this year, although we have noticed that the performance of photovoltaic stocks is generally consistent with that of the energy industry
Barnett added, "We believe that the rapid growth rate of the photovoltaic industry will continue from 2023 to 2025, which may boost market confidence and help improve sales expectations in the coming years
The rapid growth of the photovoltaic market, the easing of supply chain disruptions, and the potential reversal of commodity prices may help increase the EBITDA of most photovoltaic developers in the coming years, "Bloomberg said in a statement
The UK currently lacks investment incentives for renewable energy and cannot match the US Inflation Reduction Act (IRA). People are concerned that new photovoltaic projects will be postponed due to a lack of clarity in planning rules, grid capacity, and future government policies. However, a photovoltaic power station located in Essex, UK, has recently obtained planning permission and is expected to become the largest photovoltaic power station in the UK.
Bloomberg pointed out that since December 2022, the price of polycrystalline silicon, a key raw material in the photovoltaic industry, has decreased by nearly 60%, which may increase the revenue of photovoltaic module manufacturers and ultimately lower the costs of photovoltaic developers.
