“Solar capacity additions in 2024 are expected to exceed the total increase in global coal-fired power generation capacity since 2010,” according to Ember, an energy think tank.
The solar energy sector is set to post another year of record growth with 593 gigawatts (GW) of additional installed capacity expected by the end of 2024, energy think tank Ember reported. “This represents a 29% increase over the previous year, maintaining strong growth after an estimated 87% increase (in capacity) in 2023”the think tank said in a report published Thursday. It estimates that 292 GW of additional capacity will be installed by July 2024, or 29% more than in the same period in 2023.
“Once again, solar energy is growing faster than expected, establishing itself as the cheapest source of electricity in the world”said Euan Graham, electrical data analyst at Ember. “Strong growth in established markets is being compounded by rapid acceleration elsewhere, driving higher than ever solar capacity additions.” In his report, Ember notes that “Solar capacity additions in 2024 are expected to exceed the total increase in global coal-fired electricity generation capacity since 2010”or 540 GW.
According to the think tank, China, the United States, India, Germany and Brazil will account for 75% of global solar capacity additions in 2024. China remains the global leader, with solar capacity installations up 28% in the first seven months of the year compared to the same period last year. “At this rate, China is expected to install 334 GW of solar capacity, accounting for 56% of global capacity additions in 2024.”the think tank estimates. In India, capacity additions in the first seven months of the year were 77% higher than in the same period last year. At this rate, India should have installed 23 GW by the end of this year, Ember estimates.
In the United States, capacity additions totaled 20 GW from January to June, up 55% from the same period last year. Finally, Germany has already surpassed its 2024 solar capacity target and, at the current pace, is on track to meet its new 2026 target set out in its National Energy and Climate Plan.
