The world installed a record-breaking 597 gigawatts (GW) of solar power in 2024, marking a 33% increase over the previous year. This surge has propelled total global solar capacity beyond 2 terawatts (TW) by late 2024, with projections suggesting annual installations could reach 1 TW per year by 2030.
Solar Dominates Global Energy Transition
Solar power now accounts for 46% of global renewable energy capacity, cementing its role as the fastest-growing energy source. The latest forecasts indicate that installed solar capacity could exceed 7 TW by 2030, representing 65% of the renewable energy needed to meet the global target of 11 TW by the end of the decade.
China Leads, India Surges, Other Regions Show Mixed Growth
The growth in solar remains heavily concentrated, with China alone contributing 329 GW (55%) of 2024’s installations. However, adjustments in China’s market policies may lead to a temporary slowdown in global growth by 2026.
Meanwhile, India more than doubled its solar installations in 2024, adding 30.7 GW—a 145% increase from 2023. The country aims to install 200 GW more within five years to meet its 500 GW renewable energy target by 2030.
Other regions saw steady but uneven progress:
- The Americas grew by 40%
- Europe expanded by 15%
- Middle East and Africa saw a decline in installations compared to 2023.
Challenges Ahead: Grid Flexibility, Investment, and Workforce Development
The rapid expansion of solar power brings new challenges, particularly in grid infrastructure, permitting, and energy storage. Key priorities include:
- Enhancing grid flexibility to handle variable solar output
- Accelerating permitting and grid connections
- Scaling up battery storage to balance renewable energy supply
- Bridging investment gaps in emerging markets
- Developing skilled workforces to sustain growth
The Path to 1 TW per Year
To achieve the necessary 1 TW annual installations by 2030, governments and industries must act now to:
- Modernize energy grids with digital and flexible solutions
- Remove regulatory barriers slowing down deployment
- Boost financing for solar projects in developing nations
With solar now a cornerstone of the global energy system, the focus must shift to integration, storage, and equitable growth to ensure the world meets its renewable energy goals.
