Chinese solar PV installations for the year 2024 totaled a record high of 277.17 GW
It comprises more than 66 GW deployed in the month of December, compared to 25 GW added in the previous month
At the end of 2024, its aggregate installed solar PV capacity reached close to 890 GW
China, the world’s largest solar PV market, grew by 277.17 GW in 2024, setting a new record for annual solar capacity additions. This represents a year-on-year (YoY) growth of more than 27% over the 216.88 GW the country’s National Energy Administration (NEA) had announced for the year 2023.
With this, China’s cumulative installed solar PV capacity has increased by 45.47% YoY to 886.66 GW, up from 609.49 GW at the end of 2023 (see China Installed Close To 217 GW New Solar PV In 2023). In comparison, wind energy grew by 18% YoY to 52.68 GW.
China has defied industry expectations in 2024, with the country’s own China Photovoltaic Industry Association (CPIA) having predicted up to 220 GW AC new additions last year. CPIA later increased its forecast to between 230 GW and 260 GW, driven by the large-scale wind and solar projects planned for the country’s desert regions, as well as by the growing adoption of rooftop solar.
Demand continued to be strong despite the underutilization of capacity due to overcapacity in the global markets. Lower module prices helped the aggressive installation pace, seen particularly in December 2024 when the deployments reached over 66 GW after installing 20.42 GW in October and 25 GW in November (see China Installed 25 GW New Solar PV Capacity In November 2024).