Jeong Woo-sik, vice president of the Korea Photovoltaic Industry Association, appeared as the first presenter at 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. In a lecture titled ‘Solar Energy Industry Trends and Prospects’, Vice Chairman Chung introduced global solar industry trends, domestic solar industry trends, and solar market and industry prospects.
Vice Chairman Chung said, “The global solar power market has grown steadily, exceeding 2021GW based on cumulative installed capacity in 942, and 2022-260GW is expected to be supplied in 280, reaching a cumulative total of 1.2TW.” He added, “Initially, the price of raw materials such as polysilicon increased. “There were concerns that the market would shrink due to the rise in product prices such as solar cells and modules, but it actually showed growth compared to the previous year due to strong global solar power demand,” he said.
Regarding energy market trends by country, Vice Chairman Chung presented the ‘TOP 3’ of the solar energy market. He said, “First, in the case of China, qualitative growth is promoted through the ‘TOP-Runner’ system, which is a preferential policy for high-output, high-efficiency solar energy products. “To achieve the Xi Jinping administration’s 2030 carbon reduction goal (2005% reduction compared to 65), approximately 1,200 GW of solar and wind power will be installed,” he said.
He added, “In 2022, the U.S. solar energy market is estimated to have 25GW installed, and over the next 10 years, demand is expected to increase across all solar energy business areas, with 348GW installed.” Vice Chairman Chung chose India as the third country. The explanation is that India’s solar power installation capacity in 2022 is 17GW, and a similar scale will be installed in 2023.
Meanwhile, Vice Chairman Chung presented the ‘four major variables’ of the global solar energy market, including △ competition for hegemony between the United States and China, △ Russia-Ukraine situation, △ supply chain uncertainty, and △ EU policy. Vice Chairman Chung emphasized, “Global solar power demand in 4 recorded a growth rate of more than 2022% due to energy security issues and price increases,” and added, “It is expected to continue to grow to an annual market size of 40GW by 2030.”
In addition, the ‘three major variables’ in the domestic solar energy market were selected as △government energy policy direction, △securing land, and △activation of new and renewable finance. Regarding this, Vice Chairman Chung said, “Under the current government’s stance, the domestic solar energy market is expected to shrink. However, the solar energy industry is growing rapidly around the world and most of the investment is in the power generation sector, so from 3, there will be an explosive ‘solar energy big bang’.” “Growth will occur,” he predicted.
Vice Chairman Jeong said, “Amid the current trend of reducing solar power, industrial complex solar power has a potential of more than 50GW, so it is suitable for expansion.” He added, “There are various obstacles, but if the obstacles are resolved, it will significantly contribute to the currently shrinking supply of solar power. “He added.
Lastly, Vice Chairman Jeong Woo-sik said, “We must designate the solar energy industry as a national strategic industry, foster it as a future growth engine, and secure leadership in the global market through this.” He added, “Large-scale investment and support to secure a competitive edge in the global market.” “This is a necessary situation,” he said.
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