Advancements in solar technology, markets, and investments – A summary of the 2022 ISA World Solar Reports

Abstract

This paper provides a summary of the Annual World Solar Reports on Technology, Markets, and Investments published by the International Solar Alliance (ISA) in October 2022. Solar has emerged as the technology of choice to drive the renewable energy transition. This preference for solar has been driven by technology maturity and improvements, cost reductions, and improved methods for grid integration of solar generation. Globally, solar has grown nearly 20 fold in the last decade to reach 920 GW of installed capacity in 2021. As solar approaches and crosses into Terawatt scale of deployment, a number of technological innovations are emerging to continue improving generation efficiency, power output, and material consumption. Additionally, manufacturing capacity is growing rapidly to meet demand for installations. The market for solar installations continues to grow around the world but will need to scale rapidly to meet net zero requirements. The growth in solar markets will also require a significant scale up in solar investments across the world through a wide range of instruments. The deployment of the correct solar related interventions can ensure that the world can achieve multi terawatt scale of solar deployment in the coming decades, thus supporting the global energy transition.