World Solar Report 2024

Table of Contents

World Solar Report 2024 Findings

From 1.22 GW in 2000, the world’s solar capacity has surged to 1,419 GW in 2023, charting a CAGR of about 36%.
Today, solar capacity represents three-quarters of all renewable capacity additions worldwide.
The report indicates that average auction prices for utility-scale solar photovoltaic (PV) projects have decreased significantly, with costs averaging $40/MWh in 2024.
- India secured a notable auction price of $34/MWh, topping the global charts for solar PV capacity granted through auctions.
Investment in solar PV technology is expected to surpass $500 billion in 2024, exceeding investments in all other generation technologies combined.
Employment Growth: Solar PV sector jobs increased to 1 million in 2023 (up from 4.9 million in 2022).

Dominant Countries in Solar PV Capacity (2023):
- China: 43% (609 GW) of global capacity.
- United States: 10% (137.73 GW).
- Japan, Germany, and India: Each hold a 5-6% share.
- Emerging Markets: Brazil, Australia, Italy, and Spain contribute around 2% each.
Manufacturing Growth:
- 2023: Global solar PV manufacturing capacity nearly doubled for wafers, cells, and modules.
- China’s Share in Component Manufacturing:
  - Wafers: 97%
  - Cells: 89%
  - Modules: 83%

Agricultural Transformation:
- Solar-Powered Irrigation: Reduces dependence on diesel-powered pumps.
- The global solar pump market is projected to grow at a CAGR of 5.8% (2021-2027).
Agrivoltaics Systems:
- Used for livestock management.
- Panels provide shade for animals while generating electricity.