PVTech: Module capacity to more than double in 2023, reach 1TW in 2024 – CEA

Global module capacities are on track to reach 866GW by the end of 2023, more than doubling the existing capacity at the end of 2022.

As of the end of the second quarter, 540GW of module capacity was already online, with expansions concentrated in China. However, the US is expected to more than treble its module capacity from 6GW in 2022 to 23GW by the end of 2023, while further US announcements are expected.

In its ‘Q2 2023 PV Supplier Market Intelligence Program (SMIP) Report’, published September 6, the advisory firm Clean Energy Associates (CEA) expects module capacity to surpass the 1TW threshold in 2024, with almost the entirety of it coming from China with 930GW, followed by Southeast Asia with 68GW and the Americas closing the podium with 33GW of annual capacity at the end of 2024.

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