Photovoltaics (PV) has not only reached technological maturity: it has established itself as the main driver of the global energy transition. SolarPower Europe’s new report, Global Market Outlook for Solar Power 2025-2029, offers revealing figures that place PV technology as the dominant pillar of renewables growth worldwide.
2024: A record year for solar energy
The global PV sector added 597 GW of new capacity in 2024, a year-on-year growth of 33%. This brought cumulative installed capacity to 2.2 TW, doubling in just two years. Solar PV alone accounted for 81% of all new renewable capacity installed during the year.
Key fact: 100% of the net renewable growth in 2024 is attributed to the photovoltaic sector, while the rest of the technologies (wind, hydro, biomass) remained virtually stable.
Regional distribution: who leads PV growth?
Let’s see how the new solar PV capacity added in 2024 was distributed:
China: epicenter of the global PV industry
China not only leads in capacity installation, it also dominates the entire PV value chain: from polysilicon production to module and complete system manufacturing.
- 329 GW installed by 2024: more than the rest of the Top 10 combined.
- Represents 44% of the global solar park (985 GW cumulative).
- Record low module prices due to industrial overcapacity.
- 86% of new Chinese capacity was utility-scale.
PV in America and Europe: robust growth but with challenges
United States
- 50 GW installed (+54%).
- Key boost from the Inflation Reduction Act.
- Increased energy demand due to new data centers and electrification.
India
- 30.7 GW (+145%).
- Returns to Top 3 worldwide with strong deployment of utility-scale projects.
🇧🇷 Brazil:
- 18.9 gw (+21%), with 62% in the residential segment.
🇪🇺 Europe:
- 82.1 GW in 2024, but slower growth (+15%).
- Grid, permitting and solar price capture issues limit development.
- Germany, Spain and Italy lead in installed capacity, with strong presence of self-consumption.
Projections 2025-2029 for the PV sector
According to the report’s medium scenario:
- 2025: 655 GW (+10%) of new PV capacity.
- 2026: possible stagnation due to regulatory adjustments in China.
- 2027-2029: recovery with sustained double-digit growth.
- 2030: target of 7.1 TW of installed solar capacity (65% of the COP28 global renewable target).
Technical challenges of the global PV sector
Although the figures are promising, the accelerated growth of PV is generating structural challenges:
- Insufficient grid infrastructure and increasing curtailment.
- Negative pricing in markets with high solar penetration.
- Mismatch between policies and actual deployment.
- Urgent need for energy storage and grid flexibility.
- Lack of specialized technical personnel in many emerging countries.
Conclusion: the future of energy is photovoltaic, but not guaranteed
Solar PV has proven to be the most competitive and scalable technology for a decarbonized energy future. But its success does not depend on numbers alone: it requires planning, modern grids, innovation in storage and adapted regulatory frameworks.
The PV sector is ready. Now it’s up to governments, businesses and citizens to rise to the occasion.