New report indicates solar power heading towards another record-breaking year
A report released on Thursday by the Ember think tank indicates that the solar industry is expected to expand by nearly a third in 2024, surpassing predictions as it incorporates an additional 593 gigawatts of capacity.
TroibNews 
Projected to expand by nearly 30% in 2024, the solar industry is set to surpass expectations by adding 593 gigawatts of new capacity, as per a recent study from the Ember think tank released on Thursday.
"This is a 29 percent increase compared to the previous year, maintaining strong growth following an estimated 87 percent surge in 2023," the report noted.
"Yet again, solar power is growing faster than people expected, as it establishes itself as the cheapest source of electricity globally," highlighted Euan Graham, electricity data analyst at Ember.
Ember's projections further illustrate the rapid pace of growth in solar energy, revealing that the increase in solar capacity projected for 2024 alone exceeds the 540 GW of additional coal power capacity developed globally since 2010.
Leading the way, China is poised to bolster its solar capacity by 28% over the previous year. With such continued growth, China's total capacity could reach 334 GW by the end of 2024, accounting for 56% of that year's global solar capacity increases.
Following China, the U.S., India, Germany, and Brazil rank among the top contributors, together responsible for three-quarters of the new solar capacity expected in 2024, according to the study.
Key factors like grid capacity and advancements in battery storage remain essential for sustained growth, the report emphasized.
"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 stated.
"By addressing these challenges and sustaining growth, solar power could continue to exceed expectations for the remainder of the decade."
Sophie Wagner for TROIB News
"This is a 29 percent increase compared to the previous year, maintaining strong growth following an estimated 87 percent surge in 2023," the report noted.
"Yet again, solar power is growing faster than people expected, as it establishes itself as the cheapest source of electricity globally," highlighted Euan Graham, electricity data analyst at Ember.
Ember's projections further illustrate the rapid pace of growth in solar energy, revealing that the increase in solar capacity projected for 2024 alone exceeds the 540 GW of additional coal power capacity developed globally since 2010.
Leading the way, China is poised to bolster its solar capacity by 28% over the previous year. With such continued growth, China's total capacity could reach 334 GW by the end of 2024, accounting for 56% of that year's global solar capacity increases.
Following China, the U.S., India, Germany, and Brazil rank among the top contributors, together responsible for three-quarters of the new solar capacity expected in 2024, according to the study.
Key factors like grid capacity and advancements in battery storage remain essential for sustained growth, the report emphasized.
"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 stated.
"By addressing these challenges and sustaining growth, solar power could continue to exceed expectations for the remainder of the decade."
Sophie Wagner for TROIB News
