World on course to instal 1TW of solar per year by 2030 shows report

A new report from SolarPower Europe reveals that the world installed a record 597GW of solar power in 2024 and could be installing 1TW of solar per year by the end of the decade.

In 2024, China alone added 329GW of solar capacity – accounting for 55% of global installations.

And in India, solar installations more than doubled in 2024. A 145% annual market increase in India meant 30.7GW of new solar was added in 2024, which is a stark uplift from the 12.5GW installed in 2023.

According to SolarPower Europe, India's solar strategy is positioning it as a "major force in the energy transition, with strong growth projected in the coming years."

Solar grew in the Americas and Europe by 40% and 15% respectively. Meanwhile, growth in Middle East and Africa faltered in 2024, with installations declining year-on-year.

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Sonia Dunlop, CEO at the Global Solar Council commented on the report: “Achieving the global target of tripling renewable energy capacity by the end of the decade is possible with solar, we need 1TW of solar every year through 2030 and solar progress in more and more countries. That means action now to prepare for the future: smarter grids, faster permitting, bigger investments in emerging markets, and serious workforce planning.”

Accompanying the report, Global Solar Council published several recommendations addressing the uneven distribution of solar market growth. The Council suggests more advanced markets focus on enhancing grid flexibility, adapting policy frameworks to the needs of variable renewables, prioritising battery storage, and streamlining permitting and grid-connection processes. For least developed countries, the Council recommends bridging investment gaps. Across all regions, developing a skilled workforce and setting ambitious solar and storage targets are essential tasks.

Markus Elsaesser, CEO of Solar Promotion GmbH, added: “Crossing the 2-terawatt mark is more than just a milestone—it is proof that solar energy has become a cornerstone of the global energy system. But this rapid growth also brings new challenges. We must now ensure that regulation and investment in a flexible and digital energy infrastructure advance just as quickly."

The report, Global Market Outlook for Solar Power 2025-2029, suggests that due to current geopolitical uncertainty, solar power could prove critical to providing energy security to nations around the world. However, this will require commitment from policymakers and financial institutions to ensure the regulatory and financial landscapes can foster the required growth.

With these conditions in place, SolarPower Europe predicts solar capacity could as much as quadruple its capacity and exceed 8TW by the end of the decade.