Global Solar Power Additions Expected to Reach 593 GW by 2024

The world is on track to add 593 GW of solar installations by the end of the year 2024, marking a significant increase from previous years and surpassing most industry forecasts. This was revealed in the latest report by Ember.

The report says that the anticipated growth comes on the heels of a record-breaking 2023, which saw solar capacity installations surge by 86 percent compared to 2022. This impressive pace of expansion underscores the urgent need for countries to plan ahead to maximise the benefits of the increasing solar capacity and ensure sustained growth in the years to come.

According to Ember’s analysis, if the current installation rate continues, the world is on track to add 593 GW of solar power this year, representing a 29 precent increase from the 2023 total. By the end of July 2024, an estimated 292 GW of new solar capacity had been installed.

Ember’s data, covering 15 countries responsible for 80 percent of solar installations in 2023, shows a 29 percent increase in capacity additions from January to July this year compared to the same period last year. If this growth rate persists, these countries will contribute 478 GW of new solar capacity by the end of 2024. For countries not included in the monthly data analysis,

Ember has used solar panel export data from China to estimate installations. This approach suggests that an additional 115 GW (with a range of 81-149 GW) of solar capacity will be added globally, reflecting high levels of growth in emerging markets such as Pakistan and Saudi Arabia. The global expansion of solar energy is evident as installations rise in 11 of the 15 countries tracked by Ember, compared to last year.

In China, the largest player in the solar market, additions from January to July 2024 were 28 percent higher than in the same period in 2023. India saw an even more dramatic increase, with solar capacity installations up 77 percent over the first seven months of 2024 compared to the previous year. The United States also experienced significant growth, with new solar additions up 55 percent in the first half of 2024 compared to the same period in 2023.

In Europe, while the pace of growth has slowed for some countries, the trend remains positive. Italy, the EU’s third-largest solar market in 2023, saw installations increase by 41percent from January to July. Germany and the United Kingdom, on the other hand, reported more modest growth rates of 11 percent and saw mixed results in terms of market expansion.

Portugal, although still a smaller market, doubled its installations compared to the same period last year. Poland showed a decrease in installations compared to early 2023 but still reported a fourfold increase from the first half of 2019.

China continues to dominate the global solar landscape, accounting for more than half of the world's solar power installations in 2024. With a projected 28 percent increase in solar capacity, China is set to add 334 GW, representing 56 percent of global additions for the year. This growth solidifies China’s position as a major contributor to the global solar energy market, maintaining its share of global installations similar to the previous year.

The combined efforts of five major solar economies—China, the United States, India, Germany, and Brazil—are expected to account for 75 percent of the world’s solar capacity additions in 2024. Other countries contribute an additional 5 percent, with the remaining 20 percent estimated through Chinese solar panel export data, indicating significant installations in new and emerging markets. The solar industry’s robust performance in 2024 has exceeded many forecasts, highlighting a shift in expectations for solar power's role in the global energy transition. 

The substantial growth seen in 2023 and 2024 suggests that solar power could surpass previous predictions and play a crucial role in achieving ambitious climate goals. Moving forward, maintaining this growth will require overcoming challenges related to grid capacity, battery storage, and integrating high levels of solar power into national energy systems.

The rapid expansion of solar capacity has brought ambitious climate pledges within reach, with projections indicating that solar could generate a quarter of the world's electricity by the end of the decade. The continued growth of solar installations will be essential for meeting future energy demands and supporting the transition to a more sustainable energy system.