A snapshot of the stats from the 2024 Renewable Report

About the survey

Our survey sourced insights from energy industry professionals spanning 30 countries. We covered a diverse range of renewable sectors to ensure comprehensive data collection. Almost 90% of respondents were from the solar industry, while there was also significant representation from the storage and wind sectors.

Key stats

RatedPower

The number of simulations on the RatedPower platform significantly increased in 2023. In fact, if you added together just the two busiest months of simulations from that year, the total volume would surpass the total volume recorded for all of 2022. 

Within these simulations, we observed a subtle shift throughout 2023 in the average rated power, which experienced a marginal decrease from Q1 through Q4. This trend indicates that simulations of smaller installations became more prevalent as the year progressed.

Module preferences

From the perspective of module preferences, one significant trend observed in 2023 was a substantial shift towards bifacial modules. These modules have gained considerable traction in recent years due to their increased efficiency and are now preferred by many industry experts. Our survey data shows that over 90% of simulations conducted in Q4 2023 used bifacial modules, highlighting their growing prominence.

As well as module types, we also saw clear trends around module manufacturers. Trina Solar, Jinkosolar, and JA Solar were the top module manufacturers used in our simulations. Each manufacturer has demonstrated consistent performance and reliability over long periods, contributing to their popularity among users.

That said, another factor when it comes to module manufacturers is average rated power. Our data shows that in 2023, Mingyang Solar outperformed its counterparts with the highest average rated power per simulation. 

Inverter preferences

Turning our attention to inverters, the 2023 data revealed a noticeable trend towards string inverters. This shift can indicate a rising interest in smaller photovoltaic (PV) plant designs where these types of inverters are most commonly used or the increased capabilities of modern string inverters. Among manufacturers, Sungrow and Huawei stand out as the favorites for designers in their simulations.

String inverters offer several benefits that make them attractive options for small-scale projects. They’re typically easier to install and maintain than their larger counterparts, making them ideal for installations with space limitations or budget constraints. In addition, they provide greater design flexibility, which allows you to customize your energy production according to more specific needs.

However, this is not to say that central inverters are losing ground entirely. Central inverters continue to play a significant role in large-scale solar installations due primarily to their higher-rated power capabilities. To put it into perspective, projects utilizing central inverters typically possess 2.5 times higher rated power than those using string inverters. This substantial difference underscores why they remain popular in countries with large expanses of land for development.

Structure preferences

Data from our platform revealed that both fixed and tracker structures share a similar amount of popularity, with tracker structures only slightly ahead. This slight preference for tracker structures implies a preference for efficiency and adaptability in plant design.

Nextracker, a leading name in the solar industry, emerged as the most utilized manufacturer of these tracking systems on the RatedPower platform. 

One area where we saw structure preferences change dramatically was geography. Platform data shows that large countries like Australia, Brazil, and the US all have a distinct preference for tracker structures over fixed. 

BESS

The final area that showed some interesting statistics was battery energy storage systems (BESS). This technology is becoming increasingly important in the integration of renewable systems, as evidenced by our survey data showing that hybrid plants with BESS accounted for 10-13% of simulations. In particular, AC BESS was the preferred choice in most hybrid scenarios.

The growing importance and adoption of BESS aren’t just confined to our findings alone. The United States Energy Information Administration (EIA) projects a significant surge in battery storage capacity within the next few years. It predicts that this capacity will almost double by 2024, underlining how critical these systems are becoming.

On the other side of the Atlantic, Europe also foresees an impressive future for grid-scale battery energy storage uptake. According to Aurora Energy Research’s latest report, projections indicate a sevenfold increase in capacity to reach 51 gigawatts (GW) by 2030. This is a growth trajectory representing a whopping €78bn (£66.3bn) investment opportunity by the middle of the century.

Drilling down further into Europe’s national trends, Britain, Italy, and Ireland are the countries leading the charge in battery storage investments. Of particular note is Italy, which has set lofty goals, aiming for at least 9 GW of battery capacity by the end of this decade.

Download the full report to examine the RatedPower platform's stats in more detail and learn more about user preferences.