Solar Power Surge: Global Capacity Growth Reaches New Heights In 2024 – Report

Solar power continues to grow rapidly in 2024, with the world expected to add 593 gigawatts (GW) of solar capacity by the end of the year. This represents a 29% increase over last year’s record-breaking growth of 87% as per recent Ember Report. Global solar installations are accelerating as countries prioritize renewable energy, surpassing forecasts and achieving impressive numbers. India, in particular, has seen significant progress, installing 77% more solar capacity in the first seven months of 2024 compared to the same period in 2023.

China remains the leader in solar power, with capacity additions expected to total 334 GW by the end of the year. China alone accounts for 56% of global installations. Other major contributors include the United States, India, Germany, and Brazil, which together make up 75% of the world’s solar capacity growth. The remaining countries, while contributing less, are also seeing strong growth. Countries like Saudi Arabia and Pakistan are rapidly emerging as significant players in the solar market.

India’s solar power growth is particularly noteworthy. By July 2024, India had already installed 18 GW of solar capacity, matching its record for annual installations in 2022. The country’s solar sector experienced a boost in March before new policy changes took effect. These changes mandate that government-backed projects must use solar modules from an Approved List of Models and Manufacturers (ALMM). Despite this policy shift, India’s solar expansion remains steady, with the country expected to install 23 GW by the end of 2024.

In comparison, Europe continues to see growth in solar installations, but at a slower pace. Italy, for example, has increased its installations by 41% compared to the same period last year, while Germany and the United Kingdom have shown more modest growth of around 11%. However, Portugal stands out, having doubled its solar installations compared to 2023, despite being a smaller market overall.

The global solar market has also benefited from strong exports of solar panels from China. Countries such as Pakistan and Saudi Arabia have seen significant increases in solar panel imports, with Pakistan importing 12.5 GW and Saudi Arabia 9.7 GW by mid-2024. If installed, these imports will position these countries among the top global solar markets, alongside established players like India and Germany.

The overall growth in solar power is driven by a variety of factors, including advances in solar technology, increased government support, and the urgent need to transition away from fossil fuels. Solar power is now seen as a critical component of the global energy transition, with many countries setting ambitious targets for renewable energy. China’s solar expansion, in particular, is noteworthy, as the country has already surpassed its wind and solar capacity targets six years ahead of schedule.

India’s solar capacity growth also highlights the country’s potential to become a renewable energy powerhouse. By tapping into its abundant sunlight and implementing supportive policies, India is on track to significantly boost its solar capacity in the coming years. The continued expansion of solar power in India and other countries is crucial for meeting global climate goals and ensuring a sustainable energy future.

As solar power continues to surpass expectations, it remains a key pillar of the global energy transition. The rapid growth seen in 2023 and 2024 has shifted perceptions about the role solar can play in reducing greenhouse gas emissions and combating climate change. With sustained investment and supportive policies, solar power is expected to play an increasingly prominent role in the global energy mix for years to come.