SolarPower Europe releases Global Market Outlook for Solar Power 2025-2029

SolarPower Europe has recently released its annual report on the Global Market Outlook for Solar Power from 2025 to 2029. The report sheds light on the impressive growth in solar PV installations worldwide, along with insights into key markets and projected trends over the next five years. This article will provide a summary of the report’s main highlights, accompanied by six graphs detailing key findings and trends. Additionally, we will explore the eight policy recommendations put forth by the Global Solar Council (GSC).

According to SolarPower Europe’s report, solar power maintained its position as the fastest-growing renewable energy source globally in 2024, marking an astounding 20th year of dominance. Although solar PV accounts for a relatively small fraction of the world’s total electricity consumption, its growth is rapidly gaining momentum across both developing and developed nations. A significant milestone was achieved in the European Union in 2024, as solar power generation surpassed coal for the first time. The share of solar energy in the EU’s electricity mix exceeded 10%, with countries like Cyprus, Greece, Hungary, and Spain reaching even higher levels of 20% or more, with Hungary and Spain hitting around 25%.

Key points from the report include the installation of 597 GW of solar power globally in 2024, representing a 33% increase from the previous year and surpassing the milestone of 2 TW of total solar capacity by late 2024. The report projects that the world could be installing 1 TW of solar capacity annually by the end of the decade. Solar PV accounted for 46% of global renewable capacity by the end of 2024, with 2.2 TW installed. It is estimated that global installed solar PV capacity will exceed 7 TW by 2030, representing approximately 65% of the total renewable capacity required to meet the 11 TW global target.

While solar energy continues to expand globally, its distribution remains uneven. In 2024, China contributed 329 GW of solar capacity, accounting for 55% of global installations, while India doubled its installations with a 145% annual market increase, adding 30.7 GW in 2024. In Europe, solar installations grew by 15% year-on-year, a slowdown from the 48% growth in 2023 and 50% in 2022. Europe ranked fourth globally behind APAC, China, and the Americas in terms of market share.

Walburga Hemetsberger, CEO of SolarPower Europe, emphasized the significance of flexible, electrified energy systems supported by essential technologies like battery storage. Decision-makers worldwide are urged to align their flexibility plans with the evolving solar landscape to maximize its potential.

The annual report presents key insights and data through six graphs to illustrate the growth and impact of solar power globally. Graph 1 highlights the record-breaking installation of 597 GW of solar power in 2024, representing a 33% increase from the previous year and accounting for 46% of all renewable energy capacity worldwide. Graph 2 emphasizes the dominance of the top 10 markets, with China installing 329 GW of solar power in 2024, constituting 55% of global installations for the year. Additionally, the report forecasts a potential temporary slowdown in global solar installations in 2026 due to changes in China’s solar market. Graph 3 underscores the significant milestone of crossing 2 TW of total solar installations in 2024, showcasing a rapid growth trajectory from hitting the 1 TW mark in 2022. This exponential growth highlights the advancements and development in global solar capacity in recent years.