Italy is one of the most dynamic European countries this year: photovoltaic installations have grown by 41% compared to 2023 in the first seven months. China is heading toward an increase of 334 GW, accounting for 56% of the global total.
In 2023, solar energy grew by 447 GW
In the first seven months of this year, 292 GW of new solar capacity was installed worldwide, continuing the upward trend even after the boom of 2023. Global photovoltaic capacity in 2024 is expected to increase by a total of 593 GW, marking a 29% rise compared to last year. In 2023, global photovoltaic capacity grew by 87% over the 12-month period.
Global Photovoltaic Numbers for 2024
This projection was developed by the think tank Ember using a methodology based on two steps to determine the expected growth of new solar capacity worldwide.
On one hand, it analyzes the monthly increase in solar capacity across 15 countries that collectively account for 80% of new installations in 2023. Their trajectory this year is 29% higher than last year’s. If this trend continues linearly, we could reach a total of 478 GW of global photovoltaic capacity by the end of December.
On the other hand, Ember estimates the performance of other countries based on data regarding solar panel exports from China in the first seven months of the year. The think tank arrives at an estimate of an additional 115 GW (with a range from 81 to 149 GW).
Thus, the final estimate for global photovoltaic growth in 2024 is between 559 and 627 GW. In 2023, the increase was 447 GW, and in 2022, it was 239 GW. As of January 1, 2024, the cumulative installed solar capacity worldwide was approximately 1.6 TW.
Solar Energy: Who is Installing the Most in 2024?
Eleven of the 15 countries analyzed by Ember installed more photovoltaic panels in 2024 compared to the same period last year. The largest increase was in Portugal, which saw solar capacity installations rise by 2.29 times, followed by Turkey (2.07), India (1.77), the United States (1.55), and Italy (1.41). These countries are above the global average, while China, Argentina, the UK, Germany, South Korea, and Brazil are accelerating but at a slower pace. Australia, Taiwan, Poland, and South Africa have seen a slowdown compared to 2023.
Among the larger markets, China’s new solar capacity additions from January to July 2024 were 28% higher than in the same period of 2023. If this pace continues (having already installed more solar capacity in the first half of the year than in all of 2022), it will total 334 new GW by the end of the year, accounting for 56% of global new installations.
In India, growth is at 77% (with New Delhi installing more solar capacity from January to May than in all of 2023), while Europe continues to see positive growth, although at a slower rate compared to last year. Italy, the third-largest solar market in Europe, is the most dynamic country this year and is gaining ground on Germany and the UK.
