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The World Solar Report series emphasises the vital role of solar energy in advancing sustainable energy solutions worldwide
Global solar energy capacity has soared in the past 20 years – increasing from 1.22GW in 2000 to 1,418.97GW in 2023.
And manufacturing in the sector is set to exceed demand, making solar more affordable. Solar jobs have also surged – to 7.1 million, and global capacity may reach 7,203GW by 2030.
These findings are contained in the latest World Solar Market Report.
The 3rd edition of the World Solar Report series was released at the 7th Assembly of the International Solar Alliance focusing on global solar growth, investment trends, technological advancements, and Africa’s green hydrogen potential.
The newly launched four reports namely World Solar Market Report, World Investment Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries each highlight a crucial area in the global shift towards sustainable energy.
The World Solar report series was released by President of the ISA Assembly and India’s Minister for New and Renewable Energy, Pralhad Joshi.
First introduced in 2022, this report series provides a concise and comprehensive overview of global progress in solar technology, key challenges and investment trends in the sector.
Solar energy the standout
The latest edition emphasises the vital role of solar energy in advancing sustainable energy solutions worldwide, offering stakeholders valuable insights into the industry’s rapid evolution.
The latest World Investment Report highlights a global shift toward sustainable energy, with energy investments rising from $2.4 trillion in 2018 to $3.1 trillion by 2024.
Solar leads renewable energy investments, accounting for 59% of the total, driven by lower costs, with APAC emerging as the top investing region.
The World Technology Report showcases advancements in solar technology, emphasising breakthroughs in efficiency, sustainability and affordability.
Highlights include record-setting 24.9% efficiency in solar PV modules, an 88% reduction in silicon usage since 2004, and a 90% drop in utility-scale solar PV costs, fostering resilient, cost-effective energy solutions.
Readiness Assessment of Green Hydrogen African Countries highlights green hydrogen’s potential to decarbonise industries heavily reliant on fossil fuels, such as steel and fertiliser production. Produced via renewable-powered electrolysis, green hydrogen offers a viable alternative to coal, oil, and gas, supporting Africa’s transition to cleaner energy.
The World Solar Market Report highlights a remarkable growth trajectory in the solar power sector.
Rise in solar energy capacity
In just two decades, global solar capacity has exploded from 1.22GW in 2000 to an astounding 1,418.97GW in 2023 – a staggering 40% annual growth rate.
In 2023 alone, 345.83GW of solar power was added, accounting for three-quarters of all new renewable capacity worldwide. Solar generation has surged similarly, rocketing from 1.03TWh in 2000 to 1,628.27 TWh in 2023.
Solar manufacturing to exceed demand with over 1,100GW by 2024
By the close of 2024, the capacity for global solar manufacturing is projected to exceed 1,100GW, which is more than twice the anticipated demand for PV panels. Solar cell prices have reached $0.037/watt, while advanced mono TOPCon and mono PERC module prices have fallen below $0.10/watt, indicating a trend towards greater affordability in solar technology.
Solar industry employment boom
The clean energy industry now fuels 16.2 million jobs, with solar leading the charge at 7.1 million—up 44% from 2022’s 4.9 million. And a striking 86% of these jobs are concentrated in just 10 countries.
Future forecasts
Global solar capacity is set to skyrocket to between 5,457GW and 7,203GW by 2030, driven by Paris Agreement commitments. This surge underscores the massive infrastructure push needed to meet climate goals.
World Investment Report unveils dynamic shift in global energy investments
The latest World Investment Report shows significantly transformed global energy investments, highlighting a steadfast march towards sustainable energy solutions.
Here are the key findings:
Exponential growth in energy investments
Global energy investments are set to soar from $2.4 trillion in 2018 to a projected $3.1 trillion in 2024 – a steady climb at nearly 5% annually. Global clean energy investment now nearly doubles that of fossil fuels, set to leap from $1.2 trillion in 2018 to $2 trillion by 2024 – marking a bold pivot toward renewables.
The solar investment surge
Investments in solar represented ~ 59% ($393 billion) of all RE investments ($673 billion), driven largely by drop in solar panel costs.
APAC leads global solar investments
Region-wise, Asia-Pacific (APAC) is at the forefront of solar investments pouring $223 billion into solar in 2023. EMEA has experienced modest solar investment growth, with $91bn in 2023, followed by AMER region (North, Central and South America) with solar investments of $78bn.
World Technology Report highlights breakthroughs in solar PV efficiency and material innovation
The World Technology Report highlights the rapid progress being made in the field of solar technology. These innovations are not only enhancing the efficiency and accessibility of solar power but are also paving the way for a more resilient and cost-effective power infrastructure.
Key highlights from the report include:
Record-breaking solar PV panel efficiency
Solar PV monocrystalline modules have hit a new high with record-breaking 24.9% efficiency – a major leap in maximising solar energy potential. Multi-junction perovskite cells are set to disrupt the solar panel industry, promising higher efficiency, lower production costs and seamless integration with diverse surfaces – leaving traditional silicon panels in the dust.
Solar manufacturing now uses 88% less silicon per watt peak than in 2004
The manufacturing process has undergone significant improvements, resulting in a drastic reduction in silicon usage – from consuming 16 gm/Wp in 2004 to 2 gm/Wp in 2023. This 88% decrease in silicon consumption not only reflects the strides made in optimising material efficiency but also underscores the potential for further cost reductions and environmental benefits.
Utility-scale PV costs hitting new low
The global weighted average levelised cost of electricity (LCOE) for utility-scale solar PV dropped by 90% – falling from $0.460/kWh in 2010 to $0.044/kWh in 2023. At country level, the drop ranges from 76%-93% over the same period.
Readiness assessment of green hydrogen in African countries report by ISA and Denmark
Direct electrification cannot solve the decarbonisation requirements of industries that still rely on fossil fuels like coal, oil, or natural gas as feedstocks to produce commodities like steel, fertilisers, refined gasoline and diesel fuel.
Hence, green hydrogen, produced through the electrolysis of water powered by renewable electricity sources like wind, solar and geothermal, emerges as a suitable replacement for fossil fuel-based energy sources.
Joshi said the significance of advancing solar technology cannot be overstated as we move towards the clean energy transition.
“With the challenges posed by climate change, our collective efforts to innovate and implement this sustainable solution are more important than ever.” |
