Global solar installations soared by 87% in 2023 compared to the previous year, with a total of 447 gigawatts (GW) of new capacity added, according to SolarPower Europe's annual Global Market Outlook for Solar Power 2024-2028. This surge brings the world's cumulative solar capacity close to 1.6 terawatts (TW), with projections indicating it could reach 2 TW by the end of 2024, following the milestone of 1 TW achieved in 2022.
The report forecasts that global solar installations could reach 1 TW annually by 2028, highlighting the need for substantial financing and enhanced energy system flexibility to support this growth. An estimated $12 trillion investment is deemed necessary to triple renewables by 2030.
Walburga Hemetsberger, CEO of SolarPower Europe, remarked on the sector's transformation, stating, “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.”
China led the global solar market in 2023, installing 253 GW, which accounts for 57% of the global capacity added during the year. This dominance underscores China's pivotal role in shaping global solar trends, driven by significant capacity scale-ups and price reductions in solar panel manufacturing.
Sonia Dunlop, CEO of the Global Solar Council, emphasized the importance of global collaboration in achieving climate goals, stating, “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.”
The report also highlights the challenges ahead, including regulatory frameworks, business model profitability, and the integration of large-scale battery storage to enhance system flexibility, crucial for advancing towards decarbonized energy systems.
Michael Schmela, Director of Market Intelligence at SolarPower Europe, underscored the readiness of the solar sector to drive energy transformation, urging policymakers to align targets with practical realities to maximize the sector's potential.
