World set to install 593 GW of new solar in 2024 - Ember

The world is on track to reach 593 GW of new solar installations by the end of 2024 at the current rate of additions, once again exceeding most industry forecasts and topping the record levels seen in 2023, an Ember report says.

The data is drawn from an analysis covering 15 countries that collectively represented 80% of global solar installations in 2023. For the remaining countries included in the report, figures were derived from data about exports of solar panels from China up to July 2024.

In the first seven months of 2024, the group of 15 countries reported a 29% increase in installations to a total of 292 GW, compared to the January-July period in 2023. If the growth rate is kept until the end of this year, they will install 478 GW of new solar capacities in 2024.

As for the rest of the world, the analysis suggests that 115 GW (with a range of 81-149 GW) of solar capacity will be installed this year. Again, there is a 29% increase registered compared to 2023, backed by high additions from new markets such as Pakistan and Saudi Arabia, which have seen average monthly imports of solar panels soar to more than 1 GW.

In 2024, China will again make up for more than half of global solar capacity installations. The country, which has the largest solar fleet, saw a 28% year-on-year increase in new installations in January-July. If this pace continues, it would result in a total installed capacity of 334 GW, accounting for 56% of the global capacity growth projected for 2024.

Another major player in the solar market -- India, in turn, registered a 77% expansion in solar additions in the first half of 2024, while the US grew 55%.

European countries are no exception to the positive trend. In Italy, the EU’s third largest solar market last year, installations are up by 41% in the first seven months of 2024. While a modest 11% increase was reported in each of Germany and the UK, Portugal has installed twice as many solar panels.

Overall, five countries contribute three-quarters of estimated solar capacity additions in 2024 -- China, the US, India, Germany and Brazil, which are expected to provide 75% of global solar additions.

Choose your newsletter by Renewables Now. Join for free!