Solar industry on track for another record year: Report

LONDON

The solar industry is due to grow by nearly a third in 2024, beating forecasts as it adds 593 gigawatts of additional capacity, the majority of them in China, according to a report released on Thursday by the Ember think tank.

"This is a 29 percent increase compared to the previous year, maintaining strong growth following an estimated 87 percent surge in 2023," the report said.

"Yet again, solar power 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.

Illustrating the lightning speed at which solar is growing, Ember projections show that new solar capacity added in 2024 alone will be more than the 540 GW of additional coal power added around the world since 2010.

China remains the world leader in the sector and is expected to add 334 GW, or 56 percent of the world total in 2024.

It is followed by the United States, India, Germany and Brazil, with the top five countries accounting for 75 percent of the new solar capacity in 2024, the report said.

Grid capacity and battery storage were key to maintaining growth in the sector, the report said.

"As solar becomes more affordable and accessible, ensuring sufficient grid capacity and developing battery storage is crucial for handling power distribution and supporting solar outside of peak sunlight hours," it said.

"By addressing these challenges and sustaining growth, solar power could continue to exceed expectations for the remainder of the decade."