A new report by energy think tank Ember shows that global solar installations will surpass most industry forecasts, with 593 GW of generating capacity added by the end of 2024. This is a 29% increase compared to the previous year.
«Once again, solar is growing faster than people expected as it has established itself as the cheapest source of electricity globally,» said Euan Graham, electricity analyst at Ember.
These figures are almost 200 GW higher than the International Energy Agency’s (IEA) main forecast released in January 2024. Better-than-expected solar growth has led to forecast revisions – for example, SolarPower Europe has raised its global forecast for 2024 from 401 GW in June 2023 to 544 GW in June 2024.
Ember’s analysis also shows that the increase in solar capacity in 2024 is likely to exceed the global increase (540 GW) in coal-fired capacity since 2010.
Ember estimates that China, the US, India, Germany, and Brazil will account for 75% of the global solar expansion in 2024.
China continues to dominate global solar installations. In the first seven months of the year, the country showed a 28% increase compared to the same period last year. At this rate, China is expected to install 334 GW of solar capacity, accounting for 56% of the global capacity increase in 2024.
Solar generating capacity in India increased by 77% in the first seven months of 2024 compared to the same period last year. By May 2024, India had already exceeded the total number of solar installations for the entire year 2023. At the current pace, India plans to install 23 GW of solar generation by the end of this year.
From January to June 2024, the United States added 20 GW of solar power generation, which is 55% more than last year. Meanwhile, Germany has already exceeded its solar capacity target for the whole of 2024 and is on track to meet the new 2026 target set out in its national energy and climate plan.
Ember’s data shows that significant growth is also emerging in new markets such as Pakistan and Saudi Arabia, as well as the Philippines, the UAE, Thailand and Oman.
Source: electrek
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