ISA releases World Solar Report series
5th November 2024
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 4 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
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. The latest edition emphasizes the vital role of solar energy in advancing sustainable energy solutions worldwide, offering stakeholders valuable insights into the industry's rapid evolution
The World Solar Market Report reveals exceptional solar growth, with global capacity soaring from 1.22 GW in 2000 to 1,418.97 GW in 2023. Manufacturing is set to exceed demand, making solar more affordable. Solar jobs have surged to 7.1 million, and global capacity may reach 7,203 GW by 2030
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 fertilizer production. Produced via renewable-powered electrolysis, green hydrogen offers a viable alternative to coal, oil, and gas, supporting Africa’s transition to cleaner energy
- Rise in Solar Capacity: In just two decades, global solar capacity has exploded from 1.22 GW in 2000 to an astounding 1,418.97 GW in 2023—a staggering 40% annual growth rate. In 2023 alone, 345.83 GW of solar power was added, accounting for three-quarters of all new renewable capacity worldwide. Solar generation has surged similarly, rocketing from 1.03 TWh in 2000 to 1,628.27 TWh in 2023
- Solar Manufacturing to Exceed Demand with Over 1,100 GW by 2024: By the close of 2024, the capacity for global solar manufacturing is projected to exceed 1,100 GW, 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 ten countries
- Future Forecasts: Global solar capacity is set to skyrocket to between 5,457 and 7,203 GW by 2030, driven by Paris Agreement commitments. This surge underscores the massive infrastructure push needed to meet climate goals
- 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% (USD 393 billion) of all RE investments (USD 673 billion), driven largely by drop in solar panel costs
- APAC leads global solar investments: Region-wise, APAC is at the forefront of solar investments pouring USD 223 billion into solar in 2023. EMEA has experienced modest solar investment growth, with USD 91 billion in 2023, followed by AMER region with solar investments of USD 78 billion
- 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 maximizing solar energy potential. Multijunction 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 optimizing 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 LCOE for utility-scale Solar PV dropped by 90%- falling from USD 0.460/kWh in 2010 to USD 0.044/kWh in 2023. At country level, the drop ranges from 76%-93% over the same period