DNV predicts that by 2040, the annual new installed capacity of photovoltaics will increase to about 500GW, doubling the 250GW in 2022. Of which, projects with energy storage will account for 10%, increasing to 62% by 2050. By 2050, the global installed capacity of solar photovoltaics will increase to 15.3TW, of which the storage capacity will be about 6.5TW.

The report also studied the global off-grid solar market trend: by 2050, nearly 3TW of photovoltaic capacity will be used for hydrogen production, mainly distributed in Greater China (40%), Europe (26%) and North America (16%). In addition, about 137GW will be located in remote areas of sub-Saharan Africa and the Indian subcontinent south of the Sahara.