News

Growth Overview

Record Growth in 2024

The year 2024 witnessed a record-breaking surge in the renewable energy sector, with an additional capacity of approximately 585 GW. Solar power alone accounted for 452 GW—representing more than 75% of global capacity additions. This is the highest figure ever recorded, highlighting the growing significance of solar energy in the global energy transition.

Outlook for 2025

Forecasts for 2025 indicate continued expansion potential. According to reports from GlobalData and SolarPower Europe, global solar power capacity could reach 655 GW under the base case scenario, with a high-case scenario projecting up to 774 GW, and a low-case estimate of 548 GW in the event of policy or market difficulties.

Looking further ahead, global solar capacity is expected to surpass 7 TW by 2030 and could reach 7.5–7.6 TW by 2035.

Leading Countries and Regions

China remains the global leader, contributing about 278 GW of new solar capacity in 2024. Additionally, the country is constructing over 510 GW of solar and wind capacity, accounting for approximately 64–74% of global growth. However, China is also adjusting its policies to avoid oversupply and price wars within the renewable energy equipment supply chain.

India has made strong progress, adding around 31 GW in 2024, making it the third-fastest growing solar market globally. The Middle East and North Africa (MENA) region added 24 GW of new capacity—an increase of 25% compared to 2023.

In South America, Brazil reached a cumulative installed capacity of over 53 GW by early 2025, supplying about 10% of the country’s electricity, and maintaining its position as the region's leading solar market.

Emerging Challenges

Despite rapid growth, the global solar sector is facing several challenges:

Oversupply and Plunging Module Prices: These issues are putting heavy pressure on manufacturers, especially in China. The Chinese government is intervening to stabilize the market and protect domestic producers.

Policy Uncertainty: Reductions in tax incentives in the U.S. and unclear subsidy programs in Europe may slow down residential and commercial solar investments.

Grid Infrastructure Lag: In many developing countries, electricity grids are not keeping pace with solar development, leading to congestion, load imbalance, and energy waste.

Trends and Prospects

The Global Solar Council affirms that solar power is becoming a central pillar of the global renewable energy system. At the current deployment pace, the goal of achieving 1 TW of new solar installations per year before 2030 is entirely feasible—especially if countries invest significantly in energy storage and smart grid technologies.

Stable policies, investment-attracting incentives, and high technical standards are key to ensuring the sustainable growth of the solar industry. Additionally, the expansion of PPA (Power Purchase Agreement) models and rooftop solar systems for businesses is emerging as a vital driver for global emission reductions.