2024: Global Solar Capacity Tops 2.2 TW, With Over 600 GW New Additions

Global cumulative solar photovoltaic (PV) capacity rose to more than 2.2 terawatts (TW) by the end of 2024, up from 1.6 TW in 2023, with over 600 GW of new systems commissioned, the International Energy Agency’s Photovoltaic Power Systems Programme (IEA PVPS) said in its latest report.

“Module prices continued to drop through 2024 in a still massively oversupplied market, putting tremendous financial pressure on industrial players, while stimulating market expansion,” the Snapshot of Global PV Markets 2025 report said.

China Leads the Way

China added 357.3 GW—nearly 60 percent of the global total—surpassing 1 TW of cumulative capacity and accounting for nearly half the world’s installed PV capacity by year-end. The rest of the world added 244.6 GW, bringing total non-China capacity to 1,198 GW.

Europe, the United States and Brazil saw steady growth, the report said. Europe added 71.4 GW, led by Germany (16.7 GW) and Spain (7.5 GW). The United States installed 47.1 GW, reaching 224.1 GW in total, while Brazil added 14.3 GW, taking its capacity to 52.1 GW.

The study added, “India posted strong growth with 31.9 GW of new installations, mainly from centralised systems. Pakistan added 17 GW, ranking fourth globally for annual additions. Growth slowed in other Asia-Pacific markets, with Australia and Japan installing 4 GW and 5.5 GW, respectively.”

Solar Now Powers 10% of Global Electricity

The report highlighted that for the first time, solar energy contributed over 10% of global electricity consumption. More than 25 countries now have Solar PV capacity capable of supplying at least 10% of their national demand. In several of these markets, curtailment is increasingly common, prompting the need for grid upgrades, interconnections, storage, and hybrid systems.

It accredited this growth to falling module prices in 2024 spurred growth in both utility-scale and prosumer segments. The report added, “As electricity prices dropped from 2022–2023 highs, some market segments slowed. In response, countries with aggressive energy transition targets ramped up policy support. PV accounted for more than 75% of newly installed renewable capacity in 2024 and nearly 60% of new generation from renewables.”

At least 34 Countries Cross The 1 GW Mark

The IEA report pointed, out that in 2024, at least 34 countries installed more than 1 GW, up from 29 countries in 2023. The study mentioned, “25 countries have more than 10 GW of total cumulative capacity and seven have more than 40 GW. China alone is estimated to have passed 1 TW; the European Union (as EU27) now has 339.4 GW. The USA ranks third at 224. 1 GW and India has overtaken Japan to take fourth place with 124.6 GW. Germany and Japan will both pass the 100 GW mark in 2025.”

The study pointed out that, “Global markets have seen sustained double-digit growth over the past five years; whilst 2024 “only” saw about 32% growth compared to 2023’s nearly 90% growth, the absolute volumes are remarkable. China’s market had another dynamic year as internal forces pushed to absorb manufacturing capacity bringing the national market share to 59% of new global capacity. The EU and the USA accounted for just 18% of new capacity as other markets also developed strongly – India, Brazil, and Pakistan collectively installed the same volume as the EU.”

Focus on the Top Markets in 2024

Sharing a global trend IEA report showed, “The Chinese market grew again in 2024, although the rate slowed at least 309.4 GW was certainly installed (official China reporting) but further estimations bring this to a possible 357.3 GW in 2024 (up from 277 GW in 2023 and 106 GW in 2022). With 62.6 GW of annual installations, the European Union ranked second, followed by the USA at 47.1 GW.”

Whereas, for India, the study showed that it added more than doubled last year’s new volumes to reach 31.9 GW (up from 13 GW). It added, “The influx of low-price modules in the Pakistani market has positioned them in a probable fourth place, although capacity estimations are approximate. Continued growth in Germany and Brazil sees these two countries maintain their places in the Top 5. Spain, Italy, and France have national markets that fluctuate year to year, coming in and out of the Top Ten periodically with stable or moderate growth in 2023, they all appear this year.”

Additionally. to reach the top ten for new capacity in 2024, study noted, the countries needed to install at least 5.5 GW of
PV systems (compared to 4.2 GW in 2023 and just 1.5 GW back in 2018).

Given below is the list of counties with their installed capacity: