By 2024, the global solar power generation capacity is expected to reach 2.2 TW. According to a recent report by SolarPowerEurope, last year, the new solar installations reached 597 GW, with a growth rate of 36%. China accounted for 55.1% of this new capacity. The increase is a 1.42% year-over-year comparison, positioning China as the leading country in solar energy capacity.
SolarPowerEurope projects that by the end of 2024, global solar capacity will reach 2.2 TW, surpassing the International Renewable Energy Agency (IRENA)’s forecast of 1.87 TW. Their report, Development of the Global Solar Market 2025-2029, estimates an annual growth rate of 36%, leading to a new record of 597 GW. The most recent data shows that this growth rate is 33% higher than in 2023.
Solar installations are expected to account for 81% of the total renewable energy power generation in China. Although the current contribution to total generation capacity is comparatively smaller, it has already reached 6.9% and is expected to grow significantly over the next three years. Solar capacity has recently surpassed the 70 GW mark, achieving this milestone in just two years.
Looking ahead to 2030, total capacity in China is projected to reach 7.1 TW. By 2024, renewable energy sources are expected to contribute 25% to the electricity generation mix. Under the current conditions, forecasts suggest that this year’s new solar capacity will grow by 10%, reaching 655 GW. By 2029, annual growth is predicted to stabilize at around 930 GW.
By 2030, total renewable energy capacity is expected to reach 7.1 TW, while the combined national target for renewable energy resources set at the 28th General Assembly is 11 TW. By the end of 2024, China is projected to have about 44% of the global solar energy capacity. SolarPowerEurope emphasizes that the solar market is becoming increasingly competitive.
China’s new solar installations are forecasted to reach 329 GW, representing a 30% increase from 2023, exceeding the total capacity of other large markets. Meanwhile, IRENA’s assessment indicates a total of 278 GW. Last year, new solar capacity in China contributed 55% to the global total.
According to the report, China’s total solar capacity is expected to reach 985 GW, with projections of 40% by 2023 and 34% by 2022. Based on IRENA’s statistics, China’s solar capacity alone is estimated to exceed 50% of the global total. In terms of energy consumption, China ranks third globally.
The report indicates that Germany has become the third country to exceed 100 GW in solar power generation, surpassing 1187 GW with a growth rate of 20.5%. The first two are Australia and Japan. Germany’s annual electricity consumption from solar energy has increased by 10.9%, reaching 1521 GW, while the USA is at 1491 GW.
Among other countries, the UK ranks fourth in Europe, with solar energy consumption reaching 964 GW at a growth rate of 40.3%. Solar power generation in France has increased by 76%, reaching 19.7 GW. By 2024, solar power capacity in France is expected to grow by 76%, reaching 19.7 GW.
New solar capacity in Germany is projected to grow by 1.42%, ranking it third globally. Germany’s contribution to new solar installations is expected to be significant. The report suggests that Germany’s contribution could reach 90% this year.
This report encompasses contributions from over 70 companies involved in solar energy generation, with total production capacity exceeding 40 GW. Various solar battery manufacturers are expected to achieve a combined total of 2 GW this year.
Each year, new solar capacity in countries exceeding 1 GW is expected to reach 35, while in 2023, this figure was 31. The ongoing growth is anticipated to continue, with projections to include an additional 10 member countries by 2025. The European Union aims to achieve its targets by 2030.
As of last year, the total solar capacity in Europe is projected to reach 407 GW, a 25.2% increase from 2024. Of this, the European Union’s capacity is expected to reach 338 GW, showing a 23.9% growth.
By 2030, the European wind energy capacity is expected to increase to 797 GW, significantly exceeding the REPowerEU target of 750 GW. However, compared to last year’s projections, this number has decreased by 11%.
In 2024, solar energy generation in Europe is expected to exceed current expectations. The growth in electricity generation capacity is expected to exceed 10%, especially in regions like the Iberian Peninsula, Italy, and France, which are projected to exceed 20%. In the following years, the growth rate may reach 25%.
Germany has maintained its position as Europe’s largest solar market for 13 years in a row. Total capacity is expected to increase by 21%, reaching 101 GW. Projections for 2025 estimate a growth rate of 67%, achieving a total of 2.9 GW.
Government support plays a crucial role in promoting large-scale solar energy projects. Solar energy generation is expected to contribute significantly to the global energy mix.
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