News

271 days ago

GLOBAL SOLAR POWER INSTALLATIONS REACH RECORD 600GW IN 2024!

In 2024, the world reached a major milestone in the energy transition, installing a record-breaking 600GW of new solar power capacity. This represents a 29% year-on-year increase from the 459GW installed in 2023 and underscores the growing momentum behind photovoltaic energy as a core driver of global decarbonisation.

China Leads Global Expansion

China accounted for over half of this new capacity, contributing an outstanding 334GW of solar installations. This growth was fuelled by robust government support, strategic policy incentives, and continued investment in domestic manufacturing.

Other key contributors included:

India: Added 23GW, a 77% year-on-year increase.
United States: Installed 20GW in the first half of the year - marking a 55% rise compared to the same period in 2023.

A Booming Sector Facing New Pressures

While this rapid expansion is a positive indicator for global renewables adoption, it has also introduced challenges:

Overcapacity in the supply chain
Plummeting solar module prices
Calls for industry consolidation to improve efficiency and sustainability

Looking Ahead

According to the International Energy Agency (IEA), the solar sector is expected to maintain its trajectory, with projections indicating annual additions could reach 940GW by 2030.

FAQs

Q: How much solar capacity was installed globally in 2024?
A: 600GW, a record-breaking figure and 29% more than in 2023.

Q: Which countries contributed most to global growth?
A: China led with 334GW, followed by India (23GW) and the United States (20GW).

Q: What are the biggest challenges facing the solar industry?
A: Oversupply, falling module prices, and a fragmented supply chain are pressing issues.

Q: Will solar installations continue to grow?
A: Yes. The IEA forecasts nearly 940GW in annual additions by 2030, driven by global decarbonisation goals.

Whether you’re hiring or exploring new opportunities in solar, now is the perfect time to connect with our specialist team.

Interested in a career move? Contact our solar team here.

Sources: PVTech.org, Reuters, ReNews

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