SolarPower Europe has released its annual Global Market Outlook for Solar Power covering 2025-2029, highlighting the ongoing expansion of solar photovoltaic (PV) installations worldwide. In 2024, solar power solidified its position as the fastest-growing renewable energy source for the 20th consecutive year, with significant developments noted in various regions.
The report indicates that a record 597 gigawatts (GW) of solar capacity was installed globally in 2024, marking a 33% increase from 2023. This surge pushed the total installed solar capacity past the 2 terawatt (TW) threshold by late 2024, reflecting the rapid adoption of solar technology. By the end of 2024, solar power accounted for 46% of the global renewable energy capacity, totaling 2.2 TW.
Looking ahead, the report predicts that the world could reach an installation rate of 1 TW of solar power per year by 2030. This projection is based on the expectation that the global installed solar PV capacity will exceed 7 TW by 2030, which represents approximately 65% of the overall renewable energy capacity needed to achieve the 11 TW target set for a sustainable future.
While solar installations are increasing, the distribution of this growth varies significantly across different regions. In 2024, China led the market by adding 329 GW, accounting for 55% of global installations. India also showed remarkable progress, more than doubling its solar capacity with a 145% annual increase, adding 30.7 GW in 2024.
In Europe, solar installations grew by 15% year-over-year, a notable slowdown compared to the 48% growth observed in 2023 and 50% in 2022. Consequently, Europe’s share of the global solar market declined from 16% in 2023 to 14% in 2024, positioning it fourth globally behind Asia-Pacific, China, and the Americas.
Walburga Hemetsberger, CEO of SolarPower Europe, stated, “The solar age is truly here. While the uptake of solar varies across regions, it is essential to focus on developing flexible, electrified energy systems supported by technology such as battery storage. Policymakers must align their strategies with the realities of solar expansion.”
The report also emphasizes that while the solar market is set for growth, it may experience a slowdown, with projections estimating a 10% growth rate for 2025. Recommendations for developed countries include enhancing grid flexibility, investing in battery storage, and expediting solar project approvals. Conversely, developing nations should prioritize attracting more investments in solar energy.
The findings from SolarPower Europe’s report underscore the growing importance of solar energy in the global energy landscape, highlighting both the opportunities and challenges ahead as countries work towards ambitious renewable energy targets.
