GlobalData projects Singapore’s installed solar capacity to rise from around 1.57 GW in 2024 to 5.33 GW by 2035
Annual additions of 300–400 MW from 2025 onward should lift capacity to about 3.6 GW by 2030, exceeding the country’s minimum 2 GW target by the end of this decade
Solar is set to remain the main domestic renewable as Singapore balances the energy system with natural gas and regional power imports for system stability
GlobalData projects Singapore’s cumulative solar PV capacity to increase to 5.33 GW by 2035, going up from around 1.57 GW in 2024. This will represent approximately an 11.7% compound annual growth rate (CAGR) during 2024-2035.
In 2024, the country installed around 400 MW of PV capacity. Between 2025 and 2035, GlobalData expects it to add between 300 MW and 400 MW annually to grow to a 5.33 GW market. By 2030, it is likely to expand to 3.6 GW installed capacity, exceeding the country’s minimum 2 GW target under the Singapore Green Plan 2030.
Analysts of the UK-based market intelligence firm see this growth supported by rooftop solar, floating PV, and utility-scale installations. Natural gas, nevertheless, remains central to its current electricity consumption, accounting for close to 94% to 95% of its power generation.
Solar PV leads Singapore’s Four Switches framework, the country’s energy strategy, with the rest being natural gas, regional power grids, and emerging low-carbon alternatives.
The Singapore government already prioritizes solar integration within urban and industrial environments through various programs such as SolarNova, the Simplified Credit Treatment (SCT) scheme, and the Enhanced Central Intermediary Scheme (ECIS). Analysts credit these schemes for reducing barriers for distributed solar deployment across the residential and commercial & industrial segments, while improving project bankability.
“Singapore’s clean energy strategy reflects the constraints of a dense, import-dependent system. Solar PV is being scaled within physical limits through targeted policy mechanisms and urban deployment models, while parallel investment in storage, gas modernization, and regional interconnections support reliability and system balance,” according to GlobalData Analyst Mohammed Ziauddin.
The government is also exploring regional diversification of its electricity supply, rather than relying solely on its own power generation. Its plan to import 6 GW of low-carbon electricity from neighboring countries by 2035 is one such plan (see Singapore To Raise Low-Carbon Electricity Import Goal To 6 GW).
“Solar PV remains the cornerstone of domestic renewable growth, supported by targeted policy mechanisms and urban deployment models, while natural gas, regional power imports, and hydrogen readiness collectively ensure system resilience through 2035,” added Zia.
Earlier, another energy consultancy, Rystad Energy, suggested that if all proposed regional interconnections to Singapore are realized, it could unlock up to 25 GW of renewable and energy storage projects in Southeast Asia, with Singapore at its core (see Singapore Interconnectors Could Unlock 25 GW Of Renewable Energy).
Rystad Energy’s Vice President, Renewables & Power, Sushma Jagannath, is attending TaiyangNews Solar Technology Conference India 2026 (STC.I 2026) to be held on February 5 and 6 in New Delhi. TaiyangNews is bringing together the Indian solar PV manufacturing industry for the 2nd edition of this physical conference, which will also have banks, investors, and policymakers in attendance. Register for the event here.
