Global solar capacity may breach 7,000 GW by 2030

Capacity as of 2023 has reached nearly 1,500 GW.

Solar capacity worldwide is expected to range between 5,457 gigawatts (GW) and 7,203 GW by 2030, which will be driven by Paris Agreement commitments.

According to the latest World Solar Market Report by the International Solar Alliance, this highlights the urgent need for infrastructure investment to achieve climate targets.

From 1.22 GW in 2000, global solar capacity reached 1,418.97 GW in 2023, with 345.83 GW being added last year, accounting for three-quarters of all new renewable capacity worldwide.

Solar generation also surged from 1.03 terrawatt-hours (TWh) in 2000 to 1,628.27 TWh in 2023.

By the end of 2024, global solar manufacturing is expected to exceed 1,100 GW, which is more than twice the anticipated demand for photovoltaic panels.

Solar cell prices have reached $0.037/watt, whilst advanced mono TOPCon and mono PERC module prices have fallen below $0.10/watt, indicating a trend towards greater affordability in solar technology.

In terms of employment, the solar industry currently accounts for 7.1 million of the total 16.2 million jobs in the clean energy space. Nearly 90% of these jobs are concentrated in just ten countries.