How to resolve installation error for psycopg2

Whil installing psycopg2 on Ubuntu OS, I ran into below error

Collecting psycopg2==2.9.11 (from -r requirements.txt (line 19))
  Using cached psycopg2-2.9.11.tar.gz (379 kB)
  Installing build dependencies ... done
  Getting requirements to build wheel ... error
  error: subprocess-exited-with-error
  
  × Getting requirements to build wheel did not run successfully.
  │ exit code: 1
  ╰─> [34 lines of output]
      /tmp/pip-build-env-ysk8sshy/overlay/lib/python3.12/site-packages/setuptools/dist.py:759: SetuptoolsDeprecationWarning: License classifiers are deprecated.
      !!
      
              ********************************************************************************
              Please consider removing the following classifiers in favor of a SPDX license expression:
      
              License :: OSI Approved :: GNU Library or Lesser General Public License (LGPL)
      
              See https://packaging.python.org/en/latest/guides/writing-pyproject-toml/#license for details.
              ********************************************************************************
      
      !!
        self._finalize_license_expression()
      running egg_info
      writing psycopg2.egg-info/PKG-INFO
      writing dependency_links to psycopg2.egg-info/dependency_links.txt
      writing top-level names to psycopg2.egg-info/top_level.txt
      
      Error: pg_config executable not found.
      
      pg_config is required to build psycopg2 from source.  Please add the directory
      containing pg_config to the $PATH or specify the full executable path with the
      option:
      
          python setup.py build_ext --pg-config /path/to/pg_config build ...
      
      or with the pg_config option in 'setup.cfg'.
      
      If you prefer to avoid building psycopg2 from source, please install the PyPI
      'psycopg2-binary' package instead.
      
      For further information please check the 'doc/src/install.rst' file (also at
      <https://www.psycopg.org/docs/install.html>).
      
      [end of output]
  
  note: This error originates from a subprocess, and is likely not a problem with pip.
error: subprocess-exited-with-error

× Getting requirements to build wheel did not run successfully.
│ exit code: 1
╰─> See above for output.

note: This error originates from a subprocess, and is likely not a problem with pip.

Option#1 Install binary

pip install psycopg2-binary

It is recommended that you dont need to install psycopg2-binary and psycopg2 at the same time.

Option#2 Install dependencies

to resolve these errors, you need to install following commands

sudo apt update
sudo apt install build-essential python3.12-dev libpq-dev -y

After installing dependencies

$ pip install psycopg2
Collecting psycopg2
  Using cached psycopg2-2.9.11.tar.gz (379 kB)
  Installing build dependencies ... done
  Getting requirements to build wheel ... done
  Preparing metadata (pyproject.toml) ... done
Building wheels for collected packages: psycopg2
  Building wheel for psycopg2 (pyproject.toml) ... done
  Created wheel for psycopg2: filename=psycopg2-2.9.11-cp312-cp312-linux_x86_64.whl size=529628 sha256=aasasas
  Stored in directory: /home/ubuntu/.cache/pip/wheels/da/54/60/asasas
Successfully built psycopg2
Installing collected packages: psycopg2
Successfully installed psycopg2-2.9.11