The global solar PV industry has entered a period of massive expansion, with total installed capacity expected to double within the next 5 years according to a new report from the International Solar Energy Association (ISEA).
Total global solar PV capacity reached over 580 gigawatts in 2019. ISEA forecasts this cumulative capacity to surpass 1 terawatt by 2024, a nearly two-fold increase within a short period. Such phenomenal growth is attributed to the rapidly decreasing costs of solar panels combined with increased adoption of renewable energy policies around the world.
Over 100 countries have now set renewable energy targets as part of their Paris Climate Accord commitments. Government incentives like feed-in tariffs and renewable portfolio standards have made solar PV generation cost competitive with traditional fossil fuel power in many markets.
The ISEA report identified China, the United States, India, Japan and Germany as the top 5 solar PV markets. Developing countries in Asia, Africa and Latin America also present major growth potential.
“It is clear the transition to renewable power is accelerating globally,” remarked ISEA President Li Jun at the report launch. “With solar PVcosts expected to fall further and energy storage technologies improving, we foresee the share of solar energy in electricity generation rising dramatically in the next decade.”
While previous industry booms were driven by a few major markets, the current growth phase is characterized by the global spread of solar PV adoption. If annual growth rates persist, solar PV could become the world’s primary electricity source by 2050, displacing fossil fuels and realizing a sustainable energy future.
