In 2024, the global solar energy sector experienced remarkable growth, with nearly 600 gigawatts (GW) of new capacity added – a 29% increase over the previous year. This surge underscores solar power’s expanding role in the global energy mix.
China led this growth, contributing approximately 56% of the total new installations, equating to around 334 GW. This expansion solidifies China’s position at the forefront of solar energy deployment.
Significant Contributions from Other Nations
Beyond China, countries like the United States, India, Germany, and Brazil played substantial roles, collectively accounting for a significant portion of the global increase. The U.S. saw a notable rise in utility-scale solar projects, while India surpassed its previous annual installation records within the first half of the year. Germany’s growth was propelled by incentives for rooftop solar installations, and Brazil’s capacity additions were on track to exceed 16 GW by year’s end.
Market Dynamics and Future Outlook
The global solar market’s rapid expansion has led to an oversupply of solar panels, particularly from China, resulting in significant price reductions. While this has made solar energy more accessible, it has also introduced challenges for manufacturers facing tighter profit margins.
Looking ahead, projections suggest that global solar installations could reach approximately 698 GW in 2025, indicating continued growth, albeit at a potentially slower pace. This trajectory highlights the ongoing transition towards renewable energy sources worldwide.
References:
https://greentechpost.com/renewables/593-gw-of-new-solar-capacity-added-worldwide-in-2024-up-29-yoy
https://www.pvexpo.org/article/eu-solar-installations-hit-65.5-gw-in-2024-says-solarpower-europe
https://ember-energy.org/latest-insights/solar-power-continues-to-surge-in-2024/
