German solar energy equipment supplier SMA Solar Technology AG has projected a significant increase in global investment for photovoltaic (PV) system technology. The company expects a growth rate of 11%, amounting to 15.8 billion euros ($16.9 billion) in 2023.
Surge in Newly Installed PV Systems Predicted
SMA Solar Technology AG’s January-September 2023 earnings statement reveals a robust forecast for the worldwide installation of PV systems. The company predicts that newly installed PV systems will soar to a record high of 335 gigawatts (GW) in 2023, compared to the 212 GW installed in 2022.
Promising Growth within Europe, Middle East, and Africa
The German supplier anticipates a surge in newly installed PV power within the Europe, Middle East, and Africa (EMEA) region. The projected growth is expected to reach between 59 GW and 61 GW in 2023, surpassing last year’s figures of 51 GW. This expansion can be attributed to increased demand from the Middle East, Africa, as well as countries such as Germany, Italy, Sweden, and some East European nations.
Increasing Investment in EMEA Region
SMA estimates that investment in PV and storage system technology across the EMEA region will witness substantial growth. It is projected to rise to approximately EUR4.7 billion in 2023 from EUR3.8 billion in the previous year.
Impressive Financial Performance
SMA Solar Technology AG’s financial performance has also been exceptional. For the January-September 2023 period, the company reported sales of EUR1.34 billion, exceeding the previous year’s figure by almost double. Additionally, its EBITDA rose from EUR50.2 million in 2022 to EUR231.2 million in the same period this year.
Optimistic Sales Forecast for 2023
SMA Solar Technology AG expects sales to continue to climb in the coming year. The company projects sales to range between EUR1.8 billion and EUR1.9 billion for the full year 2023, surpassing the EUR1.7 billion recorded in 2022.