This article was written by Catie Owen, for organisers of the Solar and Storage Extra Conference.
The solar industry hit a major milestone in 2024, with global installations reaching 597GW – a 33% increase over 2023, according to the latest Global Market Outlook for Solar Power 2025–2029released by SolarPower Europe.
This growth pushed total installed solar capacity worldwide to 2.2 TW, representing 46% of global renewable energy capacity.
The report, launched annually at Intersolar Europe in Munich, forecasts that the world could be installing 1 TW of solar annually by 2030, a key benchmark for meeting international climate goals.
“The solar age is truly here,” said Walburga Hemetsberger, CEO of SolarPower Europe.
“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.”
China led installations in 2024 by a wide margin, adding 329GW – more than half of the global total. However, with market design adjustments expected in China in 2025, a temporary dip in global installations may occur in 2026.
India emerged as the fastest-growing solar market, more than doubling its installations with a 145% increase to 30.7GW in 2024, up from 12.5GW the previous year.
The report highlights India’s comprehensive solar strategy, noting its ambition to install another 200GW of solar capacity within the next five years to reach a 2030 target of 500GW in renewable energy.
Elsewhere, the Americas saw a 40% year-on-year increase, while Europe recorded a 15% rise. In contrast, the Middle East and Africa experienced a decline in solar growth in 2024.
It’s been 10 years since the GSC was established, and since then we’ve seen immense progress for solar – but this progress is not seen everywhere,” said Sonia Dunlop, CEO of the Global Solar Council.
“We need 1 TW of solar every year through 2030 and solar progress in more and more countries. That means action now to prepare for the future: smarter grids, faster permitting, bigger investments in emerging markets, and serious workforce planning.”
Markus Elsaesser, CEO of Solar Promotion GmbH, added: “Crossing the 2-terawatt mark is more than just a milestone – it is proof that solar energy has become a cornerstone of the global energy system.”
[Images credit: SolarPower Europe]