Global market outlook for solar power

What is the global solar market outlook for 2024-2028?

SolarPower Europe’s annual Global Market Outlook for Solar Power 2024-2028 reveals growth rates not seen in over a decade, since 2010 when the global solar market was only 4% of what it is today. Solar continues to soar amongst its renewable colleagues, installing 78% of the total renewable energy installed around the world in 2023.

What is the global market outlook for solar power?

The annual Global Market Outlook for Solar Power is a project that comes to life with the support and in-depth knowledge of the world’s major regional and local solar industry associations. These organisations are working hard to improve the policy frameworks that are essential for solar power to thrive around the world.

How big is the global solar market compared to 2022?

The world deployed 447 GW of new solar PV capacity last year; an incredible 87% more than 2022 and achieving a growth rate we haven’t seen since 2010, when the global solar market was only 4% of today’s size. In last year’s Global Market Outlook, we actually did anticipate growth for several reasons, but not as high as what was achieved.

Will China's solar market grow in 2024?

For 2024, our Medium Scenario forecasts a global growth rate of 22% to a market size of 544 GW, approximately 100 GW more than in 2023 (see Fig. 4). As we’ve seen in recent years, current global market forecasting will depend largely on getting China’s solar deployment right due to its outstanding position in the global PV landscape.

What is the global solar PV market size in 2025?

In the mid-run, annual global market installations reach 614 GW in 2025 under the Medium Scenario, a 13% increase from 544 GW in 2024, followed by a 12% increase to 687 GW in 2026, 12% to 773 GW in 2027, and 13% to 876 GW in 2028. FIGURE 4 WORLD ANNUAL SOLAR PV MARKETS SCENARIOS 2024-2028

How will the global PV market grow in 2028?

Scenarios for the annual growth of the global PV market. Michael Schmela, Director of Market Intelligence at SolarPower Europe said, “It’s all just a little bit of history repeating – the world revises its solar estimates upwards and we get a glimpse at the vast potential of solar. By 2028, we could be installing more than 1 TW of solar a year.