The world is on track to install 593 GW of solar power in 2024, surpassing expectations once again.
According to Ember’s latest analysis of monthly solar installation data, the world is set to reach 593 GW of new solar capacity by the end of this year. This figure not only exceeds most industry predictions but follows a record-breaking 86% increase in solar installations in 2023 compared to 2022. As solar capacity continues to expand rapidly, it’s essential for countries to plan ahead to maximize this growth and maintain momentum in the years to come.
29% growth in solar installations expected for 2024
Ember estimates that global solar capacity additions will grow by 29% this year, despite the unprecedented surge in 2023. Approximately 292 GW has been installed by July 2024. An analysis of solar data from 15 countries, accounting for 80% of last year’s installations, shows a 29% increase in capacity from January to July 2024 compared to the same period in 2023. If this rate continues, these countries will install 478 GW by year’s end.
For the remaining countries, Ember used data on solar panel exports from China through July to estimate global installations. This analysis suggests 115 GW of new capacity will be installed outside the top 15 solar markets, driven by emerging markets like Pakistan and Saudi Arabia.
Five countries lead global solar capacity growth
China, the U.S., India, Germany, and Brazil are expected to account for 75% of global solar additions in 2024, with their growth remaining steady or accelerating compared to last year. Additionally, exports of Chinese solar panels indicate that new markets, such as Pakistan and Saudi Arabia, are rapidly catching up, with both countries importing over 1 GW of panels monthly.
With solar exports to countries outside the top markets showing strong growth, it’s clear that global solar adoption is expanding beyond its traditional hubs, positioning newer players alongside established solar leaders.
For more solar updates like this, follow our weekly blogs!