According to a new report by SolarPower Europe, global solar power installations reached an all-time high of 597 GW in 2024, marking a 33% increase compared to 2023.
Following the global milestone of surpassing 2 terawatts (TW) of total installed solar capacity in late 2024, the annual report forecasts that annual solar installations could reach 1 TW by the decade’s end.
SolarPower Europe’s Global Market Outlook for Solar Power 2025–2029, with a special focus on India.
Walburga Hemetsberger, CEO of SolarPower Europe (she/her), 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. Decisionmakers across the globe should ensure that their flexibility plans match, and maximise, the solar reality.”
Despite the global growth of solar energy, its deployment remains heavily concentrated and uneven. In 2024, China added 329 GW of solar capacity, representing 55% of worldwide installations. However, anticipated changes to China’s market structure in 2025 may lead to a temporary decline in global solar installations in 2026.
This year’s report shines a spotlight on India, now the world’s third-largest solar market, which more than doubled its solar installations in 2024. The country saw a remarkable 145% year-on-year increase, adding 30.7 GW of new solar capacity compared to 12.5 GW in 2023. India’s robust solar strategy is positioning it as a key player in the global energy transition, with strong growth expected in the coming years. To achieve its ambitious goal of 500 GW of renewable capacity by 2030, India plans to install an additional 200 GW of solar over the next five years.
Elsewhere, the Americas and Europe posted steady but comparatively smaller gains, with solar capacity growing by 40% and 15% respectively. In contrast, the Middle East and Africa experienced a decline in installations in 2024, marking a year-on-year drop in growth.
Sonia Dunlop, CEO at the Global Solar Council (she/her), said: “It’s been 10 years since the GSC was established, and since then we’ve seen immense progress for solar – but this progress is not seen everywhere. Achieving the global target of tripling renewable energy capacity by the end of the decade is possible with solar, we need 1 TW of solar every year through 2030 and solar progress in more and more countries. That means action now to prepare for the future: smarter grids, faster permitting, bigger investments in emerging markets, and serious workforce planning.”
To address regional disparities, the Global Solar Council recommends advanced markets improve grid flexibility, update policies for variable renewables, prioritize storage, and simplify permitting. Least developed countries should focus on closing investment gaps. Globally, building a skilled workforce and setting bold solar and storage targets are crucial.
Markus Elsaesser, the CEO of Solar Promotion GmbH (he/him), said: “Crossing the 2-terawatt mark is more than just a milestone—it is proof that solar energy has become a cornerstone of the global energy system. But this rapid growth also brings new challenges. We must now ensure that regulation and investment in a flexible and digital energy infrastructure advance just as quickly. Cooperation and knowledge sharing – across industries, regions, and sectors – are essential, as demonstrated every year at The smarter E Europe.”
Looking forward, the analysis extends through 2029 and includes a preliminary outlook for 2030. By the end of 2024, solar PV made up 46% of global renewable capacity, with 2.2 TW installed. By 2030, we expect global installed solar PV capacity to exceed 7 TW by 2030. This would represent about 65% of the total renewable capacity required to meet the 11 TW global target.
The Global Market Outlook for Solar Power is released each year during Intersolar Europe in Munich.
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