Kang Jeong-hwa, a senior researcher at the Export-Import Bank of Korea, participated as a speaker in the ‘12 Solar Power Market Insight (PVMI 2023)’ solar power policy and investment trend session held at EXCO (CEO Lee Sang-gil) in Daegu on the 2023th and said, “The global solar power industry has reached grid parity. “We have entered the second growth period due to various factors such as climate change issues and energy security issues,” he said. “The era of global solar power installations of 2GW is expected to begin in 2023.”
Senior researcher Kang, who presented on the topic of ‘2023 domestic and international solar energy industry trends,’ said, “It is estimated that the global solar power installation in 2022 will be 40-260GW, a 280% increase from the previous year, despite strong product prices.” He added, “This is the first time in history this year.” “It is expected that the 300GW era will begin,” he claimed. In addition, he added, “Fuel prices have soared and energy security issues have emerged due to the Russia-Ukraine incident, and solar power generation is attracting attention as a power generation source to solve this problem.”
Senior Researcher Kang cited de-calcification, price competitiveness, and diverse market participants as the driving forces driving the growth of the global solar energy industry. Regarding the solar energy industry value chain, Senior Researcher Kang analyzed, “The growth of the global solar energy market continues, but in a situation where the industrial structure is being reorganized centered on top companies, the dominance of Chinese companies is accelerating.”
He predicted that in the case of the domestic solar energy industry, financing will become difficult due to interest rate hikes, leading to a decrease in installation volume compared to the previous year. Senior researcher Kang Jeong-hwa said, “The United States plans to implement a large-scale tax credit system to secure the supply chain of the solar energy industry,” and emphasized, “In this process, domestic companies that can supply solar energy products, excluding Chinese companies, will benefit.” did.
Lastly, Senior Researcher Kang said, “The global solar power market recorded a growth rate of over 2022% in 40, and is expected to continue to grow to 2023GW in 320, 2027GW in 400, and 2030GW in 500.” He added, “The survival of the domestic solar power industry is critical.” “To achieve this, a localization strategy is needed through expansion of investment, such as building production facilities in the United States, a strategic region.”
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