SolarPower Europe launches Global Market Outlook for Solar Power 2025-2029
SolarPower Europe has launched their annual report for Global Market Outlook for Solar Power 2025-2029. The report highlights the rapid growth of solar PV installation across the globe.
In 2024, solar power continued to dominate as the fastest-growing renewable energy source globally – marking an incredible 20th consecutive year.
In the European Union, solar power generation overtook coal for the first time. However, while solar’s share of the EU’s electricity mix climbed above 10%, YoY growth is slowing.
Report highlights
- 597 GW of solar power was installed globally in 2024 – a 33% surge over 2023, and crossed the milestone of 2 terawatts (TW) total solar in late 2024.
- The annual report predicts the world could be installing 1 TW of solar per year by the end of the decade.
- By the end of 2024, solar PV made up 46% of global renewable capacity, with 2.2 TW installed. By 2030, they expect global installed solar PV capacity to exceed 7 TW by 2030. This would represent about 65% of the total renewable capacity required to meet the 11 TW global target.
- While solar continues to grow globally, its distribution remains uneven. In 2024, China added 329 GW of solar capacity (55% of global installations). While India has more than doubled its installations in 2024, with a 145% annual market increase (30.7 GW) added in 2024.
- Across Europe, solar installations grew 15% YoY. This marks a slowdown from 48% in 2023 and 50% in 2022. Share of market also fell from 16% in 2023 to 14% in 2024 – setting Europe 4th globally behind APAC, China, and the Americas.
Walburga Hemetsberger, CEO SolarPower Europe: “The solar age is truly here. While the uptake of solar varies across regions across the world, a common theme is the importance of flexible, electrified energy systems – underpinned by critical technology like battery storage. Decisionmakers across the globe should ensure that their flexibility plans match, and maximise, the solar reality.”
Global outlook for solar power in 6 graphs
1. Solar grows by record 597 GW
Explained:
- In 2024, the world installed 597 gigawatts (GW) of solar power.
- That’s record-breaking, and a 33% increase compared to 2023.
- By the end of 2024, solar power made up 46% of all renewable energy capacity globally (2.2 terawatts)
2. Top 10 markets install 81% of global solar
Explained:
- In 2024, China installed 329 GW of solar power.
- That’s 55% of all the solar installed globally that year.
- Predictions are that China’s solar market could temporary slowdown in 2026.
3. The world crossed the 2 TW threshold of total solar installations in 2024
Explained:
- In 2024, the world reached a total of 2.2 terawatts (TW) of installed solar power, with a massive 597 gigawatts (GW) added in that single year.
- It took 68 years to hit the 1 TW milestone in 2022, then just two more years to double that capacity to 2 TW in 2024!
4. Annual global solar market growth expected to slow to 10% in 2025
Explained:
- The report predicts a slower solar market growth for 2025-2029.
- Recommendations for more developed countries: The focus should be on making the electricity grid more flexible, investing in battery storage, and making it easier and faster to get solar projects approved and connected to the grid.
- Recommendations for less developed countries: The priority is to attract more investment in solar energy.
- Recommendations for everyone, everywhere: It’s crucial to train more people to create a skilled solar industry workforce, and to set ambitious goals for both solar and energy storage.
5. The world could be installing 1 TW of solar per year by 2030!
Explained:
- The world hit a major milestone in late 2024, surpassing 2 terawatts (TW) of total installed solar power.
- The report predicts we could be installing a staggering 1 TW of solar every year by the end of this decade.
6. Solar is leading the way to 11 TW
Explained:
- SolarPower Europe’s Global Market Outlook shows that solar PV made up 46% of the total 4.8 TW global renewable capacity in 2024, with 2.2 TW solar installed.
- Looking ahead to 2030, global solar capacity is expected to climb beyond 7 TW.
- 7 TW is around 65% of all the renewable energy needed to meet the world’s 11 TW target for a sustainable future.
Read the full report
To read the full SolarPower Europe report, visit solarpowereurope.org.
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