The global solar industry is set to soar in 2024, with new projections indicating a remarkable 29% growth, according to a recent report by the Ember think tank released on Thursday. This surge is expected to add an impressive 593 gigawatts (GW) of additional capacity, outpacing previous forecasts and solidifying solar power’s position as the world’s cheapest and most rapidly expanding energy source.
“This is a 29 percent increase compared to the previous year, maintaining strong growth following an estimated 87 percent surge in 2023,” the Ember report highlighted. The continued acceleration underscores the solar sector’s resilience and growing significance in the global energy landscape.
Euan Graham, an electricity data analyst at Ember, noted the unprecedented pace of this expansion. “Yet again, solar power is growing faster than people expected, as it establishes itself as the cheapest source of electricity globally,” he said. Graham’s insights reflect a broader industry sentiment that solar energy is not only a viable alternative but a leading force in energy generation.
The report further illustrates the rapid advancement of solar technology by comparing projected 2024 additions to historical data. The 593 GW of new solar capacity expected next year alone surpasses the 540 GW of coal power added worldwide since 2010. This comparison highlights a significant shift in energy investments from traditional fossil fuels to renewable sources.
The staggering growth of solar power presents vast opportunities for businesses, investors, and policymakers worldwide. Entrepreneurs and market analysts are closely monitoring these trends to capitalize on emerging markets and drive sustainable economic development. For academics, researchers, and think-tank experts, the data provides a rich foundation for further analysis of global energy transitions.
As solar energy continues to break records and defy expectations, its impact resonates across societies. The expanding capacity not only addresses global energy demands but also contributes to environmental sustainability efforts. The solar industry’s trajectory signals a promising future for cleaner energy and a catalyst for economic growth in markets around the globe.
Reference(s):
cgtn.com
