Global Solar Trends for 2024

In a recent report, Ember have uncovered that the world is set to add an extra 594 GW of solar power this year, a projected increase of 29% from 2023. After stellar gains made in 2023, the momentum continues to surge, driven by some remarkable growth in key markets.

The nations of Portugal, Turkey and India have each virtually doubled their capacity year-on-year (recording 2.29x, 2.07x and 1.77x gains respectively), whilst big players like the US and China have each installed 1.55x and 1.28x more GW of solar power.

China alone accounts for over 50% of the world's solar power, and its rapid expansion in recent years has led to the country surpassing their solar and wind capacity targets six years in advance. The US has ramped up its utility-scale solar capacity, which accounts for 80% of their gains made, whilst capacity in India was shooting up until the government reinstated ALMM in April 2024 -- a policy which mandates that solar modules in government-backed projects must be sourced from an Approved List of Models and Manufacturers.

Performance Against Forecasts

The estimated 593 GW is in line with the Bloomberg New Energy Finance (BNEF) estimate, but over 200 GW more than the International Energy Agency (IEA) had projected in January 2024. Wood Mackenzie had even suggested in January 2024 that this was the year where 'the industry is officially past the inflection point, characterised by a slower growth pattern'.

Ember also highlighted that the Global Renewables Energy Pledge to triple renewable energy capacity by 2030 is now aligned with the BNEF and SolarPower Europe projections for the decade. The momentum is building up, to the point where markets will be constrained not by pricing, but by the grid capacity available to transport power where it is needed, and the battery storage capacity to keep the lights on.

Building on the Current Growth

The market will continue to be sensitive to policy, capacity constraints and the growth of concurrent industries, but whilst the pie is growing, installers will continue to benefit from the strength of their network within the commercial, government and community arenas, and the strength of their brand in the D2C space.

As capital continues to flood to the industry to meet the growing global demand, World Renewed will continue to support its clients in entrenching themselves in this dynamic, expanding marketplace.