Powering the Future: 5 Global Solar Trends to Watch in 2023

As the world continues to prioritize renewable energy, the solar industry is poised for another year of growth in 2023. Here are some of the global trends to watch in the solar market in the year ahead.

1. Continued Expansion: In 2023, S&P Global forecasts that the world will see an almost 20% increase in the global installation of wind, solar, and battery energy storage, with a buildout of nearly 500 GW. This represents a significant growth compared to the amount installed in 2022, emphasizing the continued expansion of renewable energy as a priority for a sustainable future.
   
   

2. Rising Adoption of Energy Storage: The trend towards energy storage is expected to accelerate in 2023, driven by the increasing affordability of battery technology. This will allow homeowners and businesses to store solar energy generated during the day for use during peak hours or at night.
   
   

3. Community Solar Projects: Community solar projects are expected to gain in popularity in 2023, especially in markets with high electricity prices. These projects allow individuals or businesses to purchase a share in a larger solar project and receive credits on their electricity bills.
   
   

4. Growth of Floating Solar: As land becomes scarcer and more expensive, the use of floating solar installations is expected to grow in 2023. Floating solar systems can be installed on reservoirs, lakes, and other bodies of water, providing an additional source of renewable energy.
   
   

5. Increased Efficiency: Increased Efficiency: Solar panel manufacturers are continually introducing increasingly efficient panels that produce more power while requiring less surface area. Several factors contribute to panel efficiency, such as the crucial role of an anti-reflective coating on solar cells in minimizing light reflection and the importance of high-quality glass layer on top of solar modules in absorbing light.