Annual global solar installations grew by 87% in 2023, compared with the previous year, resulting in 447GW of new capacity.
The data, provided by SolarPower Europe’s annual Global Market Outlook for Solar Power 2024-2028, reveals that the world’s total solar capacity is close to 1.6TW, with cumulative global installed capacity likely to reach 2TW by the end of 2024, after reaching 1TW in 2022.
By 2028, the world could be installing 1TW of solar a year, but financing and energy system flexibility must be unlocked.
The report estimates that $12tn is needed to deliver the global target of tripling renewables by 2030.
SolarPower Europe’s annual Global Market Outlook for Solar Power 2024-2028 reveals growth rates not seen in over a decade, since 2010 when the global solar market was only 4% of what it is today.
Solar continues to soar amongst its renewable colleagues, installing 78% of the total renewable energy installed around the world in 2023.
This is reflected in the IEA World Energy Investment (WEI) 2024 report, which demonstrates that investment in solar PV in 2023 surpasses all other energy sources combined.
Walburga Hemetsberger, CEO of SolarPower Europe, said: “The world has truly entered its solar age.
“The sky is no longer the limit.
“How far solar can go will be determined by equitable global access to financing, and the political will to deliver flexible energy systems fit for the renewable reality.”
The top 10 markets represent 80% of global solar installations in 2023, with the leaderboard disproportionately drawn from advanced economies.
While the number of advanced solar markets – installing at least 1GW annually – grew in 2023 to reach 31 countries (up from 28 in 2022), the list does not heavily feature emerging economies.
Michael Schmela, Director of Market Intelligence at SolarPower Europe, added: “By 2028, we could be installing more than 1TW of solar a year.
“It’s now about setting targets in line with reality, and addressing the familiar challenges – permitting, regulations enabling profitable business models, and the new frontier – system flexibility, through vast amounts of battery storage capacities.
“The sector is ready to deliver the decarbonised energy system, and policymakers must wake up to the climate and energy security solution on their doorsteps.”
For now, it seems that China will determine the rate of global solar growth, though it continues to be one of the most dynamic, and difficult to predict, markets.
In 2023 alone, China installed 57% of global capacity – 253 GW – equivalent to the levels installed globally in 2022.
“On the manufacturing side, a massive scale-up of capacity has led to solar panel price collapses of around 50% last year, and a growing consolidation of the solar manufacturing industry in the country.
Sonia Dunlop, CEO of the Global Solar Council said: “China continues to set the pace of the global solar transition.
“But to keep 1.5°C alive, it is more important than ever that we stay united as an industry.
“No one country or company can achieve this goal on their own.
“We must work together to build new markets with untapped potential, create fair and resilient supply chains, and inject massive amounts finance for solar to lead the energy transition.”