A new report from SolarPower Europe shows that global solar installations will reach a record 597GW by 2024, and annual solar installations could reach 1TW by the end of the decade.
In 2024, China alone adds 329GW of solar capacity, accounting for 55% of global installations.
In India, solar installations more than double in 2024. The Indian market is growing at an annual rate of 145%, which means 30.7GW of new solar projects in 2024, a significant increase from 12.5GW installed in 2023.
According to SolarPower Europe, India's solar strategy positions it as a "major force in the energy transition, with strong growth expected in the coming years."
Solar business in the Americas and Europe grew by 40% and 15%, respectively.
Sonia Dunlop, CEO of the Global Solar Council, commented on the report: "Solar energy can achieve the global goal of tripling renewable energy capacity by the end of this decade. By 2030, we need 1TW of solar energy per year, and more and more countries are making solar progress. This means taking action now to prepare for the future: smarter grids, faster permitting, greater investment in emerging markets, and careful workforce planning.
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