The PV industry is thriving globally, despite ongoing logistical challenges and supply disruptions. Against this backdrop, we have raised both our demand and price outlooks for 2022.

We currently expect 184GW (DC side) of new installed PV capacity in 2021, which will rise to 245GW (DC side) in 2022, a new record.

Many new polysilicon plants are scheduled to start production in 2022 and boost supply. However, these new supply will be concentrated at the end of the year and may not enter the market in time. For now, PV component prices remain more resilient than expected in an overall inflationary environment.

We currently expect polysilicon prices to be in the $25-35/kg range in 2022, up from the $20-25/kg forecast we made in the second half of 2021 for the first quarter of 2022.

We have increased our price expectations for PV modules and systems now through 2025 as demand continues to be high and the empirical learning curve is adjusted for inflation. This is unlikely to dampen demand, although some developers who have locked in old bids will be reluctant to deliver projects.

We have also revised up our current forecast for PV installations through 2030, as government demands for energy security are increasing in the first quarter of 2022. Our Medium Scenario expects cumulative global PV capacity to reach 3.9TW in 2030, however the "Green Scenario" of Bloomberg New Energy Finance's 2021 New Energy Market Long-Term Outlook report suggests that in order to achieve net-zero emissions by 2050, 2030 5.3TW of installed PV capacity is required, which is higher than our current expectations.