2024 Solar Energy Photovoltaic Sector Performance
In 2024, the solar energy photovoltaic sector saw some interesting developments. We delved into the EU Market Outlook for Solar Power, analyzing data and predictions. To get a better grasp, you can refer back to Solarletter #12 from last year and compare the figures side by side.
Which countries have installed the most capacity in the last three years compared to previous years? What are the forecasts for 2028? These are some of the questions we explored. It’s fascinating to see the cumulative capacity by country for the period 2014-2024 and what the future holds for 2028. Let’s not forget to check out the graph showing installed capacity per capita, where the Netherlands continues to lead the pack.
Interestingly, there has been a shift in predictions. While a few years back, all signs pointed upwards with the motto “the sky is the limit,” things are looking a bit different now. The solar industry will remain crucial, but forecasts are starting to trend downwards. Take a look at our comparison graph to see the changes over recent editions.
We also looked into the impact of Chinese silicon producers cutting their production. This move has implications for the viability of photovoltaic projects, particularly in Spain. Challenges like curtailment and price cannibalization are affecting investment prospects in solar energy. Curtailment, where energy isn’t fed into the grid, and price cannibalization, which reduces revenue, are key concerns.
Storage solutions have emerged as vital to overcoming these challenges. The National Energy and Climate Plan aims for 22.5 GW of storage by 2030, but regulatory hurdles still need to be addressed. Without clear incentives and regulations, renewable energy sources risk facing an uncertain market landscape. It’s essential to foster a supportive environment for renewables and storage to meet decarbonization goals.
In conclusion, the solar energy photovoltaic sector witnessed shifts in 2024, pointing towards the need for strategic investments and regulatory support to drive sustainable growth.
