Solar energy sector heading for record year in terms of additional capacity

"This represents a 29% increase from the previous year, maintaining strong growth after an estimated 87% increase (in capacity) in 2023," the think tank said in a report published Thursday.

It estimates that 292 GW of additional capacity will be installed by July 2024, or 29% more than in the same period in 2023.

“Once again, solar is growing faster than expected, establishing itself as the world’s cheapest source of electricity,” said Euan Graham, electricity data analyst at Ember. “Strong growth in established markets is being coupled with rapid acceleration elsewhere, leading to higher than ever solar capacity additions.”

In its report, Ember notes that "solar capacity additions in 2024 are expected to exceed the total increase in global coal-fired electricity generation capacity since 2010," or 540 GW.

According to the think tank, China, the United States, India, Germany and Brazil will account for 75% of capacity additions in the global solar energy sector by 2024.

China remains the global leader, with solar capacity installations up 28% in the first seven months of the year compared to the same period last year. “At this pace, China is expected to install 334 GW of solar capacity, accounting for 56% of global capacity additions in 2024,” the think tank estimates.

In India, capacity additions in the first seven months of the year were 77% higher than in the same period last year. At this rate, India should have installed 23 GW by the end of this year, Ember estimates.

In the United States, capacity additions amounted to 20 GW from January to June, up 55% compared to the same period last year.

Finally, Germany has already exceeded its 2024 solar power capacity target and, at the current pace, is on track to meet its new 2026 target set out in its National Energy and Climate Plan.