World Solar Report 2024

The recently released World Solar Report 2024 by the International Solar Alliance (ISA), provides a comprehensive overview of the global solar energy sector's rapid growth and emerging trends.

Key Highlights and Developments in Solar Energy

• Growth in Global Solar Capacity:
  • From 22 GW in 2000, the world's total solar capacity has surged to 1,419 GW by 2023.
  • This represents a Compound Annual Growth Rate (CAGR) of around 36%.
  • Solar energy now accounts for about 75% of all renewable energy capacity additions
• Emerging Solar Technologies: The solar industry is seeing innovations that are improving efficiency, sustainability, and functionality:
• Quantum Dot Solar Cells: These have reached an impressive efficiency of 18.1%, which could significantly improve solar energy capture.
  • Self-Healing Solar Panels: Researchers are developing solar panels that can repair themselves, reducing the need for maintenance and extending the lifespan of solar installations.
  • Solar-Powered Phyto-Mining: This technique uses solar energy to extract valuable metals from soil using plants. It provides a sustainable alternative to traditional mining.
  • Solar Paver Blocks & BIPV: Building-Integrated Photovoltaics (BIPV), like transparent solar panels and solar paver blocks, integrate solar energy generation into infrastructure while allowing light transmission and visibility.
  • Recycling and Circular Economy: The sector is also focusing on recycling solar panels and implementing circular economy practices to reduce reliance on scarce materials like lithium and rare earth elements.
• Impact of Reducing Costs:
  • The costs of solar photovoltaic (PV) technology have been declining steadily. In 2024, utility-scale solar PV projects had an average auction price of just $40/MWh
  • India achieved the lowest auction price for solar PV capacity at $34/MWh.
  • Solar energy investments are expected to surpass $500 billion by 2024, which is more than the combined investments in all other power generation technologies.

Global Solar Market

• China is the global leader in solar PV, contributing 43% of the total global solar capacity, equivalent to 609 GW.
• The S. follows with 10% (137.73 GW), and Japan, Germany, and India each have a share of 5-6%.
• Emerging markets like Brazil, Australia, Italy, and Spain each contribute around 2%.
• In 2023, China also maintained its dominance in solar component manufacturing, producing 97% of solar wafers, 89% of solar cells, and 83% of module installations.
  • Solar Energy's Impact on Other Industries: The solar PV sector saw a significant rise in employment, with 7.1 million jobs in 2023, up from 4.9 million in 2022, highlighting the sector’s role in economic development and job creation.
  • Agricultural Transformation:
  • Solar-powered irrigation systems are transforming agriculture, with the global market for solar pumps growing at a CAGR of 5.8% from 2021 to 2027.
  • Agrivoltaics, where solar panels are installed on farmland, not only generate electricity but also provide shade for livestock, improving animal welfare and energy efficiency.
• Pay-as-you-go Models: These models are becoming increasingly popular, enabling users to pay for solar systems in small, regular instalments, making solar energy more accessible, especially in rural areas.