In 2023, there was an expected 87% increase in growth. This year’s increase is 29% over the previous one, according to the research.
The cheapest source of electricity globally is solar power, and as such, it is expanding quicker than many anticipated, according to Euan Graham, an Ember electricity data analyst.
Ember estimates demonstrate the rapid growth of solar energy: in 2024 alone, new solar capacity will surpass the 540 GW of additional coal power added globally since 2010.
Expected to add 334 GW, or 56 percent of the global total in 2024, China continues to lead the globe in this industry.
According to the survey, it is followed by the US, India, Germany, and Brazil. These five nations will account for 75% of the new solar capacity in 2024.
According to the research, maintaining the sector’s growth required grid capacity and battery storage.
“Providing enough grid capacity and developing battery storage is critical for handling electricity distribution and supporting solar outside of peak sunlight hours as solar becomes more inexpensive and accessible,” the statement stated.
“Solar power might continue to surpass forecasts for the remainder of the decade if these issues are resolved and development is sustained.”
