The new Global Market Outlook for Solar Power 2025-2029 report reveals that the world installed a record 597 GW of solar power in 2024 – a 33% surge over 2023. After the world crossed the milestone of 2 terawatts (TW) total solar in late 2024, the annual report predicts the world could be installing 1 TW of solar per year by the end of the decade.
This year the world could install up to 655 GW in a medium scenario, up to 774 GW in a high scenario (plus 30 %) and 548 GW in a low scenario (down 8 %).
More than 7 TW installations by 2030
While solar continues to grow globally, its distribution remains highly concentrated and uneven. In 2024, China alone added 329 GW of solar capacity, accounting for 55% of global installations. With adjustments in China’s market design in 2025, a temporary dip in global installations in 2026 appears likely.
Looking forward, the analysis extends through 2029 and includes a preliminary outlook for 2030. By the end of 2024, solar PV made up 46% of global renewable capacity, with 2.2 TW installed. By 2030, SolarPower Europe expects global installed solar PV capacity to exceed 7 TW by 2030. This would represent about 65% of the total renewable capacity required to meet the 11 TW global target.
Advance investment in a flexible and digital energy infrastructure
Markus Elsaesser, the CEO of Solar Promotion: “Crossing the 2-terawatt mark is more than just a milestone – it is proof that solar energy has become a cornerstone of the global energy system. But this rapid growth also brings new challenges. We must now ensure that regulation and investment in a flexible and digital energy infrastructure advance just as quickly. Cooperation and knowledge sharing across industries, regions, and sectors are essential, as demonstrated every year at The smarter E Europe.”
The smarter E Europe looks to flexibilisation, digitalisation and sector coupling
Walburga Hemetsberger, CEO of SolarPower Europe, said: “The solar age is truly here. While the uptake of solar varies across regions across the world, a common theme is the importance of flexible, electrified energy systems – underpinned by critical technology like battery storage. Decisionmakers across the globe should ensure that their flexibility plans match, and maximise, the solar reality.” (hcn)
The Global Market Outlook for Solar Power report is published every year at Intersolar Europe in Munich.
