A new report from the energy analytics firm Ember indicates that global solar energy installations will exceed most industry forecasts, with an addition of 593 GW of generating capacity by the end of 2024. This marks a 29% increase compared to the previous year.
“Once again, solar energy is growing faster than anticipated as it has established itself as the cheapest source of electricity worldwide,” said Yuan Graham, an energy analyst at Ember.
These figures exceed the International Energy Agency's (IEA) core forecast made public in January 2024 by nearly 200 GW. The stronger-than-expected growth in solar energy has led to a revision of forecasts; for instance, SolarPower Europe raised its global 2024 forecast from 401 GW in June 2023 to 544 GW in June 2024.
Ember's analysis also indicates that the increase in solar capacity in 2024 is likely to surpass the global increase (540 GW) in coal power plants since 2010.
According to Ember's estimates, China, the USA, India, Germany, and Brazil will represent 75% of the global solar energy expansion in 2024.
China continues to lead in global solar energy installations. In the first seven months of the year, the country demonstrated a 28% growth compared to the same period last year. At this rate, China is expected to install 334 GW of solar capacity, accounting for 56% of the worldwide increase in capacity in 2024.
India's solar generation capacity grew by 77% in the first seven months of 2024 compared to the previous year. By May 2024, India had already surpassed its total installations for the entirety of 2023. If the current pace continues, India plans to install 23 GW of solar generation by the end of this year.
From January to June 2024, the USA added 20 GW to its solar energy generation, which is 55% more than last year. Meanwhile, Germany has already exceeded its solar power target for the entire year of 2024 and is on track to meet a new goal set for 2026, outlined in the national energy and climate plan.
Ember's data shows that significant growth is also occurring in new markets such as Pakistan and Saudi Arabia, as well as the Philippines, UAE, Thailand, and Oman.
Source: electrek
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