World Solar Report 2024 was released by InternationalSolar Alliance (ISA). According to the report, starting from 1.22 GW in 2000, this capacity has increased to 1,419 GW in 2023, achieving a compound annual growth rate (CAGR) of about 36%. Today, solar capacity has become three-quarters of all renewable energy capacity additions worldwide.
Key points of World Solar Report 2024
New solar technologies
- Quantum dot solar cells: Their efficiency has reached 18.1%, which can prove to be an effective way to capture solar energy and improve climate water harvesting technologies.
- Self-healing solar panels: Researchers are developing panels that will help increase their lifespan and reduce the maintenance of existing solar cells.
- Solar-based phyto-mining: This technology extracts precious metals from soil using solar energy, providing a sustainable alternative to traditional mining processes.
- Solar paver blocks and BIPV (Building Integrated PV): These are integrated with infrastructure, allowing light to enter and maintaining visibility with the help of transparent solar panels. The development of these new technologies will reduce dependence on critical materials such as lithium and rare earth elements.
- Solar panel recycling: The solar sector is prioritizing solar panel recycling and circular economy practices to reduce environmental impact.
Cost reduction
- According to the 2024 World Solar Report, the average auction price of utility-scale solar photographic (PV) projects is steadily declining across all sectors.
- In 2024, they cost $40/MWh.
- India topped the global auctions for solar PV capacity with an auction price of $34/MWh.
- By 2024, investments in solar PV technology are expected to cross $500 billion, more than all other energy generation forms combined.
Global market situation
- By 2023, China has the largest share in the global solar PV market, where China contributes 43% (609 GW).
- The US contributes 10% (137.73 GW).
- Japan, Germany and India each contribute 5-6%.
- Emerging solar markets such as Brazil, Australia, Italy and Spain contribute around 2%.
In 2023, China’s share in solar PV component manufacturing increased substantially
- 97% share in wafer manufacturing.
- 89% share in cell manufacturing.
- 83% share in module installations.
Solar power impacts other industries
- Job growth: The solar PV sector is projected to create 7.1 million jobs in 2023, up from 4.9 million in 2022, indicating significant growth in the sector and contributing to economic growth.
- Transforming agriculture: Solar-powered irrigation systems are transforming agriculture. The global solar pump market is projected to grow at a CAGR of 5.8% from 2021 to 2027.
- Agrivoltaics: This system uses solar panels in animal husbandry, where solar panels provide shade to animals and simultaneously generate electricity.
- Pay-as-you-go model: Through this model, users can pay for their solar systems in small and regular installments, making solar energy more accessible.