World expected to install 592 GW of solar modules in 2024 - BNEF

The Kalkbult solar farm in South Africa. Image source: Scatec ASA

The world is expected to install 592 GW of photovoltaic (PV) modules in 2024, marking an increase of 33% from the strong installations last year, as module prices hit record low, boding ill for manufacturers, according to BloombergNEF (BNEF).

The projected PV additions are up 1% quarter-on-quarter, mainly due to India and Pakistan, although installations in Japan and South Africa are behind earlier expectations, the research provider said last week.

Polysilicon prices have dropped below production costs to USD 4.7 (EUR 4.2) per kg and BNEF has reduced its 2024 polysilicon production forecast to 1.96 million tonnes, which is still enough to make 900 GW of modules. The annual solar module manufacturing capacity globally is put at 1.2 TW.

With module prices falling to a record low of 0.096 per Watt, most solar manufacturers are expected to post losses this year and some will be erased by the current cycle, BNEF said.