Global solar installations surged by 87% in 2023 compared to the previous year, adding 447 GW of new capacity.
According to SolarPower Europe’s Global Market Outlook for Solar Power 2024-2028, the total global solar capacity is nearing 1.6TW. Cumulative installed capacity is expected to reach 2TW by the end of 2024, after hitting 1TW in 2022.
Projections for 2028 suggest that annual installations could reach 1TW, contingent on unlocking financing and enhancing energy system flexibility. Achieving the global goal of tripling renewables by 2030 requires an estimated $12 trillion investment.
The Global Market Outlook for Solar Power 2024-2028 from SolarPower Europe highlights unprecedented growth rates unseen since 2010, when the global solar market was only 4% of its current size.
Solar energy remains dominant among renewables, accounting for 78% of total renewable energy installations worldwide in 2023.
The IEA’s World Energy Investment (WEI) 2024 report echoes this, showing solar PV investment in 2023 outpaced all other energy sources combined.
Walburga Hemetsberger, CEO of SolarPower Europe, noted that the world had truly entered the solar age, with future solar potential hinging on equitable global financing access and political will to create flexible energy systems suited for renewables.
In 2023, the top 10 markets accounted for 80% of global solar installations, predominantly from advanced economies. The number of advanced solar markets, each installing at least 1GW annually, increased to 31 countries from 28 in 2022, though emerging economies remain underrepresented.
Michael Schmela, Director of Market Intelligence at SolarPower Europe, commented that by 2028, annual solar installations could exceed 1TW. He emphasized the importance of setting realistic targets and addressing challenges like permitting, regulations, and system flexibility, particularly through extensive battery storage capacities. Schmela stated that the sector is poised to deliver a decarbonized energy system and urged policymakers to recognize this solution for climate and energy security.
China is set to influence the pace of global solar growth, remaining a dynamic and unpredictable market. In 2023, China installed 253GW, representing 57% of global capacity, matching global installations in 2022.
Sonia Dunlop, CEO of the Global Solar Council, noted that China continues to lead the global solar transition. She emphasized the importance of industry unity to maintain the 1.5°C target, stating that no single country or company can achieve this alone. Dunlop stressed the need for collaboration to develop new markets, establish fair and resilient supply chains, and secure massive financing to enable solar energy to spearhead the transition.
