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The worldwide photo voltaic business skilled unprecedented progress in 2024, with a report 597 gigawatts (GW) of latest photo voltaic capability put in, marking a 33% improve over the earlier yr. This surge introduced the whole world photo voltaic capability to 2.2 terawatts (TW), solidifying solar energy’s place as a cornerstone of the worldwide power transition. These findings are detailed within the report “Global Market Outlook for Solar Power 2025–2029,” launched by SolarPower Europe on Could 6, 2025.
Key Highlights From The Report
- 2024 Installations: The 597 GW added in 2024 represents the best annual improve in photo voltaic capability so far, underscoring the know-how’s speedy adoption worldwide.
- China’s Dominance: China led the worldwide market, contributing 329 GW of the brand new capability, accounting for roughly 55% of world installations.
- India’s Speedy Progress: India emerged because the third-largest photo voltaic market, including 30.7 GW in 2024—a 145% improve from the earlier yr. This progress aligns with India’s aim of attaining 500 GW of renewable power capability by 2030.
- Regional Developments: The Americas and Europe noticed progress charges of 40% and 15%, respectively, whereas the Center East and Africa skilled a decline in installations.
China & Asia Lead the Means
China as soon as once more dominated the worldwide photo voltaic market, putting in a record-breaking 329 GW in 2024, or greater than half of world capability additions. This practically doubles the nation’s already record-setting figures from 2023. The nation’s growth is fueled by each huge utility-scale initiatives and the surging adoption of distributed PV techniques in city and industrial zones.
India emerged because the third-largest photo voltaic market in 2024 with 30.7 GW of latest capability, marking a 145% improve from the earlier yr. This growth displays sturdy coverage momentum underneath the Indian authorities’s aim to succeed in 500 GW of non-fossil gasoline power capability by 2030. Key developments embody speedy progress in photo voltaic parks, aggressive auctioning of capability, and important funding from each home and worldwide builders.
Japan and South Korea additionally contributed meaningfully to regional progress, whereas Southeast Asia continues to indicate promise regardless of regulatory headwinds in a number of nations.
Europe & The Americas Increase At A Regular Tempo
The European Union added roughly 67 GW of latest photo voltaic in 2024, representing a 15% improve over 2023 figures. Germany, Spain, and Italy continued to steer the continent, whereas Poland, France, and the Netherlands registered sturdy progress in industrial and residential installations. Whereas excessive electrical energy costs, favorable feed-in tariffs, and expanded EU decarbonization targets proceed to assist photo voltaic adoption, grid congestion and allowing delays stay persistent challenges throughout a number of member states.
Within the Americas, america put in round 40 GW of photo voltaic capability in 2024, up practically 35% year-on-year. This progress is essentially attributed to the incentives supplied underneath the Inflation Discount Act, notably the Funding Tax Credit score extensions and home manufacturing assist. Brazil additionally posted strong numbers with an estimated 14 GW in 2024, due to an increasing distributed technology phase and authorities assist for rural electrification.
Regional Disparities Persist
Regardless of world progress, SolarPower Europe flags rising disparities in photo voltaic adoption between superior economies and creating nations. Africa and components of the Center East noticed a decline in new installations in 2024, primarily because of financing constraints, coverage instability, and infrastructural bottlenecks. The report warns that with out pressing worldwide cooperation and funding, massive swaths of the International South could also be left behind within the clear power transition.
Forecasts & Projections
SolarPower Europe presents three progress situations for the following 5 years — low, medium, and excessive — with the medium state of affairs being thought-about the almost certainly underneath present coverage trajectories and market circumstances. Underneath this medium pathway, the world is anticipated to put in:
- 655 GW in 2025
- 735 GW in 2026
- 820 GW in 2027
- 910 GW in 2028
- 1,000 GW in 2029
By the top of 2029, world put in photo voltaic capability is forecasted to exceed 7 TW. This trajectory would place photo voltaic to offer greater than 20% of world electrical energy demand, considerably advancing efforts to align with the Paris Settlement’s 1.5°C pathway.
Coverage Suggestions
The report outlines a number of crucial suggestions to maintain momentum and unlock the complete potential of solar energy:
- Grid Modernization: The speedy growth of photo voltaic capability is outpacing upgrades to grid infrastructure in lots of areas. The report requires speedy funding in good grids, digital monitoring techniques, and transmission build-out to make sure secure integration of variable renewables.
- Allowing Reform: Prolonged and opaque allowing processes stay a bottleneck in each developed and creating markets. The report urges governments to streamline regulatory procedures, set clear timelines, and undertake digital allowing platforms.
- Power Storage Deployment: With photo voltaic technology rising quickly, large-scale power storage is now important for balancing provide and demand. The report recommends that governments embody storage mandates in future photo voltaic tenders and supply incentives for standalone battery initiatives.
- Financing Entry in Rising Markets: Photo voltaic progress stays concentrated in OECD nations and China. To deal with this imbalance, SolarPower Europe advocates for worldwide inexperienced finance mechanisms, blended finance fashions, and enhanced threat ensures from multilateral establishments.
- Home Manufacturing and Provide Chain Resilience: The report highlights the rising concern over provide chain dependency, notably on Chinese language manufacturing. It suggests fostering regional manufacturing capabilities by means of subsidies, know-how switch applications, and public-private partnerships.
Trade Challenges & Dangers
Whereas the forecast is overwhelmingly constructive, the photo voltaic sector nonetheless faces a number of headwinds:
- Commerce Disputes and Tariffs: Ongoing geopolitical tensions and anti-dumping measures are creating uncertainty in module pricing and availability.
- Land Use Conflicts: Massive-scale photo voltaic farms are more and more going through opposition because of competitors for agricultural and conservation land.
- Workforce Gaps: Speedy scaling is exacerbating labor shortages in engineering, set up, and operations.
SolarPower Europe emphasizes that overcoming these limitations would require coordinated coverage motion, sustained innovation, and world cooperation.
“It’s been 10 years since the GSC was established, and since then we’ve seen immense progress for solar – but this progress is not seen everywhere. Achieving the global target of tripling renewable energy capacity by the end of the decade is possible with solar, we need 1 TW of solar every year through 2030 and solar progress in more and more countries. That means action now to prepare for the future: smarter grids, faster permitting, bigger investments in emerging markets, and serious workforce planning.” — Sonia Dunlop, CEO on the International Photo voltaic Council
Closing Ideas
The International Market Outlook for Photo voltaic Energy 2025–2029 paints a compelling image of photo voltaic’s trajectory because the cornerstone of the worldwide power transition. With practically 600 GW put in in a single yr, photo voltaic has entered a brand new period, one outlined not by area of interest adoption or subsidy dependence, however by scale, competitiveness, and necessity.
“The solar age is truly here. While the uptake of solar varies across regions across the world, a common theme is the importance of flexible, electrified energy systems — underpinned by critical technology like battery storage. Decision-makers across the globe should ensure that their flexibility plans match, and maximize, the solar reality.” — Walburga Hemetsberger, CEO of SolarPower Europe
Because the business gears as much as attain 1 TW of latest installations per yr by 2030, stakeholders should now flip their focus to making sure that progress is equitable, resilient, and embedded inside broader power system transformation efforts. Reaching the complete potential of solar energy globally would require concerted efforts to deal with infrastructural, regulatory, and monetary challenges. For an in depth evaluation and country-specific insights, the full report is available at SolarPower Europe’s website.
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