The world installed 447 GW of new solar capacity last year, an incredible 87% more than in 2022. A growth rate has been achieved that we have not seen since 2010, when the global solar market was only 4% of its current size. 544 GW of solar capacity will be installed this year, and 876 GW in 2028, predicts Solar Power Europe in the most authoritative market analysis report for the global solar sector, Global Market Outlook For Solar Power 2024-2028.
As stated, by far the largest solar market in the world is China, which in 2023 increased its capacity by 167% compared to the previous year. Installing 253 GW last year, China alone accounts for 57% of global installed capacity in 2023.
The second place on the list of the 10 largest solar markets in 2023 is occupied by the USA, the third is Brazil, followed by Germany, India, Spain, Japan, Italy, Australia, and the Netherlands.
Solar Power Europe predicts that 544 GW of solar capacity will be installed this year, 614 GW next year, 687 GW in 2026, then 773 GW and 876 GW in 2028. China alone will add almost 1.8 TW of capacity in the period from 2024 to 2028, Solar Power Europe forecasts.
The number of countries installing at least 1 GW increased from 28 in 2022 to 31 in 2023, of which 14 are in the European Union. Solar Power Europe estimates that this group will further grow to 37 markets in 2024 and 50 in 2025.
Despite progress, the share of solar energy in global electricity production was only 5.5% in 2023, says this organization, emphasizing that there is room for growth.
– Although the photovoltaic cell industry is ready for more, it is now up to policymakers to create the appropriate legal frameworks to enable solar energy to realize its full potential – the authors state.
This is why the report also contains recommendations for policymakers that include requests to set ambitious national targets, increase investment in battery storage, grids and electrification.
By the way, the leading European association for solar energy, Solar Power Europe, is the institutional sponsor of the OIE Serbia 2024 conference, which is being held on September 23 and 24 in Vrdnik.
In a welcoming video message, the director of Solar Power Europe, Valburga Hemetsberger, pointed out that the RES Association Serbia is doing a fantastic job and organizing one of the most important conferences in the region.
– We are a proud partner of the OIE Serbia conference organized by the Association of Renewable Energy Sources of Serbia on September 23 and 24. It is one of the most important conferences in the region that gathers policy makers and business representatives to discuss, not only the potential of renewable energy sources and solar in the region, but also how to use the solutions we have to overcome challenges – she emphasized.
The director of Solar Power Europe, who was a participant in last year’s RES Serbia 2023 conference, on the panel on the situation in the RES sector in Serbia, the region and Europe, said that the RES Serbia conference is a great opportunity to create business contacts.
– Association OIE Serbia is doing a fantastic job. Together with other national associations, they make sure that RES advances, that you can make deals, and together we ensure that the energy transition is successful for European businesses that need to be competitive, as well as for European citizens to have affordable electricity bills. So please come and join us. I hope to see you there – Valburga Hemetsberger invited those interested to visit the RES Serbia 2024 conference.
Below you can watch a short video address by the director of Solar Power Europe, Valburga Hemetsberger.
Source: www.e2.rs
