Solar energy on track for another record year: report
The solar industry will grow by almost a third by 2024, exceeding forecasts, as it adds 593 gigawatts of additional capacity, most of it in China, according to a report released Thursday by think tank Ember.
“This is an increase of 29 percent compared to the previous year, and maintains strong growth after an estimated increase of 87 percent in 2023,” the report said.
“Once again, solar is growing faster than people expected as it establishes itself as the cheapest source of electricity globally,” said Euan Graham, electricity data analyst at Ember.
Ember’s projections illustrate the lightning speed at which solar energy is growing and show that the new solar capacity added in 2024 alone will be more than the 540 GW of additional coal energy added globally since 2010.
China remains the global leader in the sector and is expected to add 334 GW by 2024, or 56 percent of the world total.
It is followed by the United States, India, Germany and Brazil, with the top five countries accounting for 75 percent of new solar capacity in 2024, the report said.
Grid capacity and battery storage were critical to maintaining growth in the sector, the report said.
“As solar energy becomes more affordable and accessible, ensuring sufficient grid capacity and developing battery storage is critical to power distribution and supporting solar energy outside of peak sunlight hours,” the report said.
“By addressing these challenges and supporting growth, solar could continue to exceed expectations for the rest of the decade.”
