Global solar power capacity installation surged by 33% in 2024, marking its 20th consecutive year as the fastest-growing renewable energy source, based on SolarPower Europe’s annual Global Market Outlook for Solar Power 2025-2029 report.
The report indicates that installations topped 597GW in 2024, pushing the total capacity beyond two terawatts (TW).
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Solar power generation surpasses coal for the first time in the European Union, despite a slowdown in year-on-year growth.
The report forecasts that the global solar installation can reach 1TW per year by the end of the decade.
By 2030, the expected global solar capacity could exceed 7TW, representing about 65% of the total renewable capacity needed to meet the 11TW global target for sustainable energy.
Despite the overall growth, the distribution of solar power remains uneven. China led the way with 329GW of new capacity in 2024, accounting for 55% of global installations.
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By GlobalDataIndia also saw a substantial increase, with installations growing by 145% annually, adding 30.7GW in 2024.
Europe’s growth, however, slowed down to 15% year-on-year, falling behind APAC, China, and the Americas in the share of the market.
The report highlights the rapid acceleration of solar capacity, which took 68 years to reach 1TW in 2022 and only two more years to double that figure. However, a slower growth rate is anticipated for 2025-2029.
To sustain the expansion, the report recommends that developed countries focus on enhancing grid flexibility, investing in battery storage, and streamlining solar project approvals.
Less developed countries are encouraged to attract more investment in solar energy.
A universal recommendation emphasises the importance of training a skilled solar industry workforce and setting ambitious targets for both solar and energy storage.
SolarPower Europe CEO Walburga Hemetsberger said: “The solar age is truly here. While the uptake of solar varies across regions across the world, a common theme is the importance of flexible, electrified energy systems, underpinned by critical technology like battery storage. Decision-makers across the globe should ensure that their flexibility plans match and maximise the solar reality.”
