The key points of the report-Global Market outlook for Solar Power 2024-2028

The Global Market Outlook for Solar Power 2024-2028 by SolarPower Europe provides an in-depth analysis of the solar energy sector's recent developments and future projections. Key highlights from the report include:

1. Record-Breaking Growth in 2023:

• Global solar installations reached 447 GW in 2023, marking an 87% increase from 2022's 239 GW.
• This surge elevated the world's total solar capacity to 1.6 TW by the end of 2023.

2. Dominance of Leading Markets:

• The top 10 solar markets accounted for 80% of global installations in 2023, with China leading by installing 253 GW, representing 57% of the global total.

3. Future Projections:

• The global solar capacity is anticipated to surpass 2 TW in 2024, just two years after reaching the 1 TW milestone in 2022.
• By 2028, annual solar installations could approach 1 TW, contingent upon addressing financing and energy system flexibility challenges.

4. Investment Requirements:

• Achieving the COP28 target of tripling renewable energy capacity by 2030 necessitates an investment of approximately $12 trillion, with solar energy expected to contribute half of this expansion.

5. Regional Disparities:

• While advanced economies are experiencing rapid solar growth, emerging economies lag, highlighting the need for equitable access to financing and supportive policies to foster global solar adoption.

6. Challenges Ahead:

• The solar manufacturing sector faces overcapacity and significant price reductions, leading to industry consolidation.
• Grid infrastructure and energy storage solutions require substantial enhancements to accommodate the increasing influx of solar energy.

This report underscores the transformative impact of solar energy on the global power landscape and emphasizes the importance of strategic investments and policies to sustain its growth trajectory.

The original report:https://api.solarpowereurope.org/uploads/Global_Market_Outlook_for_Solar_Power_2024_a083b6dcd5.pdf