Recently, SolarPower Europe's research found that last year, the world's new photovoltaic installed capacity reached 597 GW, a growth rate of 36%. China contributed 55.1% of the new installed capacity. Turkey ranked in the top ten with an average annual share of 1.42%, while Greece ranked sixth in the world in terms of per capita solar installed capacity.
SolarPower Europe predicts that by the end of 2024, the total amount of photovoltaic facilities in the world will reach 2.2 TW, which is far higher than the 1.87 TW estimated by the International Renewable Energy Agency (IRENA). The "Global Solar Market Outlook 2025-2029" report pointed out that the annual growth rate is expected to be 36%, reaching a record 597 GW. The latest data shows that this increase is 33% higher than in 2023.
Photovoltaic power generation accounts for 81% of the world's new renewable energy power generation. Although its contribution to overall power generation is relatively small at present, its share has reached 6.9%, almost doubling in just three years. It took nearly 70 years for photovoltaic power generation to reach the first terawatt, but it took just two years to more than double.
Global total capacity is expected to reach 7.1 TW by 2030.
Other renewables are expected to account for 25% of electricity production by 2024.
Under the "most realistic" mild scenario, the report authors expect new capacity to grow by 10% this year to 655 GW. Annual growth will remain in the low double digits to reach 930 GW by 2029. Total renewable energy capacity is expected to reach 7.1 TW by 2030, while the renewable energy target set by the 28th Conference of the Parties to the United Nations Climate Change Conference is 11 TW.
By the end of 2024, China will have 44% of the world's installed solar capacity.
SolarPower Europe pointed out that the uneven distribution of solar market growth is a key issue. China will install 329 GW of new capacity, a 30% increase from 2023, more than the combined total of the other ten major markets. IRENA's measurement is only 278 GW.
Last year, China's new installed capacity accounted for 55% of the global total. The report said that China's photovoltaic installed capacity reached 985 GW, accounting for 44% of the global photovoltaic installed capacity, and is expected to reach 40% in 2023 and 34% in 2022. According to statistics from the International Renewable Energy Agency (IRENA), China's photovoltaic installed capacity accounts for more than 50% of the global total.
Greece ranks sixth in the world in per capita electricity consumption.
The report shows that Germany has become the third country with per capita solar power generation exceeding 1 kilowatt, with a year-on-year increase of 20.5% to 1,187 watts.
The first place is Australia, with per capita consumer spending increasing by 10.9% to 1,521 watts. The Netherlands increased by 13.4% to 1,491 watts.
The other countries in the top ten are all in Europe. Greece ranks among the top in the world, ranking sixth, with per capita consumption soaring 40.3% to 964 euros.
Turkey's power generation surges 76% to 19.7 GW.
Turkey is the largest country in the region in the Balkan Green Energy News report, with a power generation capacity of 8.5 GW, and its power generation capacity is expected to increase by 76% to 19.7 GW by 2024.
Turkey's new installed capacity accounts for 1.42% of the annual global new installed capacity, ranking seventh. Turkey's absolute increase is five times that of 2023. The contribution of rooftop photovoltaics is as high as 90%.
The country has nearly 70 companies actively involved in photovoltaic module manufacturing, with a total capacity of more than 40 GW. Several solar cell production investments have brought the annual capacity of this field to a total of 2 GW.
The number of countries with annual new installed capacity of more than 1 GW is 35, while this number is 31 in 2023. The organization includes Greece, Romania and Bulgaria, and it is expected to add 10 new member states by 2025.
The European Union is expected to achieve its 2030 target.
At the end of last year, Europe's total installed capacity was 407 GW, up 25.2% from 2024. Of this, the EU's installed capacity was 338 GW, up 23.9%.
The medium scenario predicts that by 2030, the EU's overall wind power installed capacity will climb to 797 GW, exceeding the 750 MW target of the European Renewable Energy Electricity Organization (REPowerEU). But this figure is down 11% compared with last year's outlook.
In 2024, the EU's solar power generation will exceed coal for the first time. Its share of the power structure will exceed 10%, reaching or exceeding 20% in markets such as Cyprus, Greece, Hungary and Spain. The latter two even reached 25%.
Germany has been the largest solar market in Europe for 13 consecutive years. Total installed capacity surged 21% to 101 GW.
Romania is expected to grow 67% to 2.9 GW by 2025. The government strongly supports this process and promotes large-scale solar projects.