ISA has released the 3rd annual World Solar Report series covering the technology’s growth over the years
The World Solar Market report forecasts solar energy capacity to grow to between 5.457 TW and 7.203 TW by 2030
Led by the APAC region, solar energy accounted for 59% of the $673 billion investments in renewable energy in 2023
A drop of 88% in silicon consumption from 16 gm/W in 2004 to 2 gm/W in 2023 proves the potential for further cost reduction
The global solar PV capacity has seen astounding growth over the years, with a 40% annual growth rate, expanding from a cumulative 1.22 GW in 2000 to 1,418.97 GW in 2023, while solar power generation sky-rocketed from 1.03 TWh to 1,628.27 TWh over the same period, according to the World Solar Report series released by the International Solar Alliance (ISA) recently.
Recently, the Global Solar Council and SolarPower Europe announced the 2 TW solar capacity target achievement for the world (see Global Solar PV Installations Achieve 2 TW Milestone).
The ISA’s World Solar Market Report forecasts the growth rate to continue to reach between 5.457 TW and 7.203 TW by 2030, driven by commitments related to the Paris Agreement.
According to analysts, the global solar PV manufacturing capacity will far exceed the annual installations by the end of 2024 with 1.1 TW, more than twice the anticipated demand for PV panels. This technology also continues to become more affordable as solar cell prices have reached $0.037/W, while TOPCon and mono PERC module prices have dropped below $0.10/W.
The report also counts solar as the leading job-creating clean energy technology accounting for 7.1 million out of 16.2 million jobs in the clean energy industry.
According to the World Investment Report of the ISA, energy investments have gone up from $2.4 trillion in 2018 to $3.1 trillion in 2024. In 2023, out of $673 billion investments in renewable energy, solar accounted for 59% at $393 billion, thanks to a drop in solar panel costs. It is the Asia Pacific that’s the top investment region in this space as it attracted $223 billion last year, followed by the EMEA region’s $91 billion. The Americas took in solar investments of $78 billion last year.
One of the key highlights of the solar PV industry has been the technological growth. Solar PV monocrystalline modules have reached a record-breaking 24.9% efficiency, as per ISA’s World Technology Report.
The manufacturing processes continue to evolve as the industry targets cost reduction without compromising efficiency. For instance, silicon consumption has dropped from 16 gm/W in 2004 to 2 gm/W in 2023, a decrease of 88%. This shows there is potential for further cost reductions and environmental benefits. Multijunction perovskite cells are also on the horizon, with the potential to disrupt the solar panel industry.
Thanks to these developments, the global weighted average LCOE for utility-scale solar PV dropped by 90% from $0.460/kWh in 2010 to $0.044/kWh in 2023, according to the report.
An organization of 120 member and signatory countries, ISA has been releasing these report series since 2022 to provide a concise and comprehensive overview of the global progress of solar PV technology, it key challenges and investment trends.
This year, the 3rd edition of the World Solar Report series was launched at the High-Level Conference held on the sidelines of the 7th Assembly of the ISA in New Delhi recently, according to the Indian Ministry of New and Renewable Energy.
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