Islamabad, Sep 20: The solar industry is projected to grow by nearly one-third in 2024, with an addition of 593 gigawatts (GW) of capacity, surpassing previous forecasts.
China is set to lead this expansion, contributing 334 GW, which accounts for 56% of the global total. This new solar capacity for 2024 is expected to exceed the 540 GW of additional coal power added worldwide since 2010.
According to a report from the Ember think tank, this marks a 29% increase from the previous year, following an impressive 87% surge in 2023.
Euan Graham, an electricity data analyst at Ember, noted that solar power is establishing itself as the cheapest source of electricity globally, further accelerating its growth.
The report emphasizes that grid capacity and battery storage are critical to sustaining this growth. As solar becomes more affordable, ensuring adequate infrastructure for power distribution and storage will be vital for managing energy supply outside of peak sunlight hours. By overcoming these challenges, the solar sector could continue to exceed expectations throughout the decade.
