Solar energy on the rise: Towards a world record of 593 GW in 2024

Solar energy is experiencing unprecedented growth, with a projected increase of 593 GW by the end of 2024. This momentum, driven by emerging markets and leaders such as China and India, is redefining the global energy landscape.

Share:

The solar energy sector is heading for a record year in terms of installed solar capacity, with forecasts indicating an increase to 593 gigawatts (GW) by the end of 2024.
This growth, which represents a 29% increase on the previous year, comes against a backdrop in which solar power continues to assert itself as the lowest-cost source of electricity worldwide.
The Ember think-tank, which specializes in the analysis of energy dynamics, points out that this trend is accompanied by a strong acceleration in installations in emerging markets, in addition to established ones. Data provided by Ember reveals that, up to July 2024, 292 GW of additional capacity has already been installed, an increase of 29% compared to the same period in 2023.
This dynamic demonstrates the sector’s resilience and adaptability in the face of economic and environmental challenges.
Euan Graham, electrical data analyst at Ember, says: “Once again, solar power is growing faster than expected, establishing itself as the world’s cheapest source of electricity.” This statement highlights not only the economic competitiveness of solar power, but also its growing role in the global energy transition.

Unprecedented global momentum

Forecasts for 2024 indicate that increases in solar capacity are set to exceed the total increase in coal-fired power generation capacity worldwide since 2010, which stands at 540 GW.
This development underlines a paradigm shift in the energy sector, where renewable energies, and solar power in particular, are taking center stage.
Countries such as China, the USA, India, Germany and Brazil are expected to account for 75% of capacity increases in the solar sector worldwide.
China continues to dominate the market, with a 28% year-on-year increase in solar capacity installations in the first seven months of the year.
At this rate, the country could install 334 GW of solar capacity, accounting for 56% of global increases by 2024.
This illustrates not only China’s capacity for innovation and investment in the renewable energy sector, but also its commitment to ambitious decarbonization targets.

Remarkable performance in other regions

India, meanwhile, is performing impressively, with capacity increases 77% higher than the previous year.
Forecasts estimate that the country could install 23 GW by the end of the year, reflecting strong political will and increased support for solar energy projects.
In the United States, capacity additions totalled 20 GW for the first half of the year, up 55% on the previous year.
This momentum is underpinned by favorable policies and growing investment in solar infrastructure.
Germany, meanwhile, has already exceeded its solar power capacity target for 2024, and is on course to meet its new target for 2026, as set out in its National Energy and Climate Plan.
This success is the result of a proactive energy transition strategy, which includes financial incentives and regulations favorable to the development of renewable energies.

Future prospects

The growth of solar energy brings with it challenges, particularly in terms of energy storage and integration into existing power grids.
Industry players must also navigate an ever-changing regulatory landscape, which can influence investment and long-term projects.
However, the current trend indicates a collective willingness to move towards sustainable, cost-effective energy solutions.
The outlook for the solar energy sector remains optimistic, with forecasts of continued growth in the years ahead.
Investment in research and development, and technological innovation, will play a crucial role in accelerating this transition.
Businesses and governments must work together to create an environment conducive to the expansion of solar capacity, while ensuring that the economic and environmental benefits are shared equitably.

Mitrex secures Guinness Record for the largest integrated solar facade globally, combining photovoltaics and cultural art in Edmonton, covering over 30,000 square feet with installed capacity exceeding 265 kW.
EDF power solutions completes the acquisition of the 500MW Gate Burton solar-battery project from the company Low Carbon, strengthening its presence in hybrid photovoltaic-storage solutions in the United Kingdom.
The global photovoltaic films market is expected to see significant growth, reaching $41.59bn by 2034 due to the development of new solar technologies and the increasing demand for encapsulation suited to these innovations, a recent study indicates.
Italian group Plenitude has begun building Entrenúcleos, a 200 MW photovoltaic plant near Seville, set to deliver more than 435 GWh a year from 2026 while trialling locally produced green steel.
The state-controlled refiner has launched a 7.5-megawatt photovoltaic unit off Qingdao, the country’s first commercial installation designed for fully saline waters, intended to supply its future renewable hydrogen production.
The Emirati company Global South Utilities plans to install up to 250 MW of solar capacity in Madagascar, a project aimed at strengthening the national electricity network heavily reliant on fossil fuels and frequently facing energy deficits.
Emerging economies from the BRICS group now account for more than half of global solar electricity production in 2024, driven mainly by China, India, and Brazil, according to a new report by the organisation Ember.
Star Trade, a subsidiary of HD Renewable Energy, has signed a power purchase agreement with Lightsource bp to manage electricity distribution from a 115 MWp solar project located in Chiayi, strengthening their presence in the Taiwanese market.
TotalEnergies will develop a 1.8 MW photovoltaic installation for Daehwa Pharmaceutical, covering approximately 20% of the annual energy requirements of the production site located in Hoengseong-gun, South Korea, under a 20-year agreement.
Quinbrook Infrastructure Partners announces full operational launch of Cleve Hill Solar Park, now becoming the largest active photovoltaic power plant in the United Kingdom with a total installed capacity reaching 373 MW.
European photovoltaic module manufacturer BISOL is integrating G12R solar cells into its product range, replacing the former M10 cells, to improve product performance and technological competitiveness starting from the second quarter of 2025.
Adani Green Energy Limited becomes the first Indian company to achieve 15,539.9 MW of operational renewable capacity, cementing its position among the global top 10 independent green power producers.
Italian group Pronur establishes itself in Saudi Arabia with support from AstroLabs, aiming to provide advanced technologies in the renewable energy sector and develop new industrial partnerships.
Ascent Solar Technologies, Inc. announces the launch of a $2mn public offering to finance working capital, product development and general expenses.
Ardian Clean Energy Evergreen Fund takes control of 117 photovoltaic plants totalling 116 MW in Italy, further consolidating its presence in the country’s renewable energy sector.
Zelestra has secured $282mn financing from Natixis CIB, BNP Paribas and BCI for its Aurora project, combining a 220 MWdc solar plant and 1 GWh storage capacity in the Tarapacá region, Chile.
Egypt has been building an industrial photovoltaic solar complex in Ain Sokhna since June 19, aiming to stimulate strategic local production with a total investment of $200 million funded by the Chinese group Sunrev.
Générale du Solaire has inaugurated in Leutenheim, Bas-Rhin, a floating photovoltaic plant of approximately 20 MWc installed on a former gravel pit, marking the region's first large-scale project supported by successful local participatory funding.
Plenitude and Modine have signed an agreement to build a photovoltaic plant with an installed capacity of 1.585 MWp in Pocenia, designed to power thermal and refrigeration equipment at Modine’s Italian industrial site, without initial investment.
Namibia begins construction of its largest solar plant, Sores|Gaib, aiming to reduce dependence on energy imports by leveraging its solar potential, considered among the highest globally according to the World Bank.