Global solar power capacity to exceed 7TW by 2035, Asia leads

By Oliver Townsend Jun 10, 2024
Global solar PV to surpass 7TW by 2035, Asia-Pacific leads way.jpegOrginal image from:

The global solar photovoltaic (PV) market is expected to continue its rapid growth, with projections indicating that it will surpass 7TW of installed capacity by 2035. This growth is being largely driven by the Asia-Pacific region, which has emerged as a leader in solar PV installations. In 2023 alone, Asia-Pacific installed 253.98GW of solar PV, more than double the combined installations of all other regions.

Rapid Growth of Global Solar PV Market

The solar PV market has seen significant expansion over the years, with a compound annual growth rate (CAGR) of 21.9% from 2015 to 2023. The cumulative installed capacity reached 1.48TW in 2023, marking a substantial increase from 227.4GW in 2015. By 2035, experts predict that the global solar PV market will reach an impressive 7.51TW, showcasing the immense potential of solar energy as a sustainable power source.

Asia-Pacific Leading the Way

Asia-Pacific has emerged as a dominant force in the solar PV market, with a cumulative installed capacity of 893.67GW in 2023. This region’s success can be attributed to China, which added 216.5GW of solar PV in 2023, showcasing its commitment to renewable energy. The US, Japan, India, and Germany also hold substantial cumulative capacities, highlighting the global adoption of solar PV technology.

Impact of Auctions on Solar PV Market

Auctions have played a significant role in driving capacity additions in the solar PV market. Many countries are transitioning from feed-in tariffs to auctions to spur solar capacity growth without subsidies. This approach allows market forces to determine tariffs through a competitive process, encouraging innovation and efficiency in the solar PV sector.

Role of Solar PV in Renewable Energy Growth

The renewable energy sector experienced a remarkable 50% surge in capacity in 2023, with solar power contributing significantly to this growth. Solar energy accounted for three-quarters of the new global renewable capacity installed that year, emphasizing its importance in the transition to clean energy sources. By harnessing the power of solar PV, countries can reduce their carbon footprint and combat climate change.

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