Superpower of the Solar Market China’s Giant Solar Export

China, the ‘ colossus ‘ of solar energy: 23% more photovoltaic capacity will be installed in 2024 than the past year, according to a study by the think tank Ash. This technology is “growing faster than expected”, indeed exceeding industry forecasts. After a record-breaking 2023 for global photovoltaic energy, this year is also set to set new records, exceeding most industry figures. At the current rate of solar capacity installation, 593 GW would be installed globally by the conclusion of 2024, 29% more than the past year. This is according to an analysis by the energy think tank Coal, which points out that the numbers are even more striking given that installed capacity already increased by 87% last year. Superpower of the Solar Market China’s Giant Solar Export.

Euan Graham said

Solar is once again growing faster than expected as it establishes itself as the world’s cheapest source of electricity,” said Euan Graham, electricity information analyst at Ember. In addition to significant growth in “established markets” such as China and the United States, other markets have joined the solar club, including Saudi Arabia and Pakistan. In contrast, growth has slowed in Europe, especially in Germany and the United Kingdom.

China to install more than half of worldwide solar power capacity

China is a remarkable case. The Asian giant alone is expected to include 334 GW by the conclusion of the year, 56% of the world’s installed solar capacity. This confirms the trend of recent years: in 2023, it installed more solar panels than the whole world put into operation in 2022.

The United States is not distant behind, with installations increasing by 55% in the first six months of the year compared to the same period in 2023. In Europe, Italy stands out with an increase of 41%, whereas Europe’s leading solar power, Germany, is developing at a slower pace (11%), but has still already surpassed its target for this year and is approaching the 2026 goal set out in its recent new climate plan. 

India is a nation that is highly dependent on coal and has only recently joined the photovoltaic wave. Also stands out, but in the first half of 2024, it has already surpassed everything it installed last year.

Solar energy will break all records in 2024

Growth is so quick, they say, that it has forced analysts to more than once update their figures upwards. As is the case with those of the International Energy Agency. A reference for the global energy sector that often falls short when talking about solar energy. This is progressing faster than other sources, such as coal, the most polluting fossil fuel and which countries have committed to leaving behind at recent climate summits.

According to the analysis, the PV capacity installed this year alone will likely exceed all coal capacity included since 2010 (540 GW). “This quickened pace brings us closer to driven climate goals, but further rapid progress is required to accomplish the 1.5ºC target,” says Coal.

These goals include the one reached at the last climate summit in Dubai, held at the conclusion of 2023, in which nations agreed to triple the goal of installing renewable energy by the end of the decade so that they produce a quarter of the world’s energy. Forecasts by the trade association SolarPower Europe and Bloomberg foresee that. At this rate, it will be possible to triple solar capacity by the end of the decade and in this way comply with the international agreements reached.

In 2023, a total of 7,489 MW was installed in Spain.

In parallel to the Coal consideration, another report was discharged this Wednesday, that of the photovoltaic employers’ association UNEF, in this case with information comparing to 2023. That year, up to 7,489 MW were installed, 5.7% more than in 2022, uniting photovoltaic energy as the technology with the most installed power in Spain, with 32,488 MW in total.

Spain is the second-largest photovoltaic market in Europe, breaking the record for annual installations. At a global level, they point out, that photovoltaics was the most installed energy source (renewable and non-renewable) in the world’s final year. UNEF also highlights the increase in the weight of Spanish photovoltaic energy in the energy mix, which increased by 40% final year, with an average of 13.6%. To make these forecasts, Ember takes data from January to July of this year for 15 nations and calculates how much will be installed in the second half of the year if the pace is kept up. For the rest of the markets, it analyses solar panel exports from China – the world’s leading producer – and calculates that these will be installed throughout 2024.

Conclusion:

China is picking up energy as the “colossus” of solar energy, outpacing global projections for photovoltaic capacity installations. With projections of contributing over half of the world’s solar capacity by 2024, China’s fast development reflects the technology’s growing affordability and global request. As other markets like the U.S., India, and the Middle East increase their solar activities, the energy towards renewable vitality is verifiable. However, this growth also highlights the need for continued advancements and investment in solar technology to combat climate change.

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