ISLAMABAD (PEN) : The solar industry is on track to grow by nearly a third in 2024, surpassing expectations with the addition of 593 gigawatts of capacity, mostly from China, according to a recent report from Ember think tank.
This represents a remarkable 29 percent increase compared to last year, following an impressive 87 percent surge in 2023. “Once again, solar power is outpacing forecasts, solidifying its position as the most affordable source of electricity worldwide,” said Euan Graham, an electricity data analyst at Ember.
The report highlights the astonishing pace of solar growth: the new capacity added in 2024 will exceed the 540 gigawatts of coal power added globally since 2010.
China leads the charge, expected to contribute 334 gigawatts—about 56 percent of the global total. The United States, India, Germany, and Brazil round out the top five, collectively accounting for 75 percent of the new solar capacity this year.
To sustain this momentum, the report emphasizes the importance of grid capacity and battery storage. “As solar becomes more affordable and accessible, it’s crucial to enhance grid infrastructure and develop battery solutions to manage power distribution effectively, especially during non-sunny hours,” it notes.
By tackling these challenges, the solar sector could continue to exceed expectations well into the decade, transforming how we think about energy.
