The World Solar Market Report shows global solar capacity increasing from 1.22 GW in 2000 to 1,418.97 GW in 2023, and job growth reaching 7.1 million.
Pralhad Joshi, President of the ISA Assembly and India’s Minister for New and Renewable Energy released the latest series highlighting solar energy’s significant role in advancing sustainable energy solutions.
The new series is focused on Africa’s green hydrogen potential, global solar growth, investment trends, and technological advancements in sustainable energy.
Highlights of the World Solar Market Report:
Global solar capacity has grown by 40% annually from 1.22 GW in 2000 to 1,418.97 GW in 2023, marking a significant increase in just two decades. In 2023, 345.83 GW of solar power was added, accounting for three-quarters of global renewable capacity, and solar generation increased from 1.03 TWh in 2000 to 1,628.27 TWh in 2023.
According to the report:
- Global solar manufacturing capacity is expected to surpass demand by 2024, exceeding 1,100 GW, more than double the anticipated demand for PV panels.
- Solar cell prices have risen to $0.037/watt, while advanced mono TOPCon and mono PERC module prices have fallen below $0.10/watt, indicating increased affordability in solar technology.
- The clean energy industry generates 16.2 million jobs, with solar being the most popular, accounting for 7.1 million, a 44% increase from 2022, and 86% concentrated in ten countries.
The World Investment Report:
The World Investment Report reveals a significant shift in global energy investments. It predicts a significant increase in global solar capacity, reaching between 5457 and 7203 GW by 2030, driven by Paris Agreement commitments.
- Global energy investments are projected to increase from $2.4 trillion in 2018 to $3.1 trillion in 2024, a steady 5% annual increase.
- With investments in clean energy expected to soar from $1.2 trillion in 2018 to $2 trillion by 2024—a daring shift toward renewables—global investment in clean energy now nearly doubles that of fossil fuels.
- Global clean energy investment is expected to double from $1.2 trillion in 2018 to $2 trillion by 2024, signaling a significant shift towards renewable energy sources.
Solar investments accounted for approximately 59% of all renewable energy (RE) investments, primarily due to a decrease in solar panel costs, the report said.
Region-wise, APAC leads solar investments with $223 billion in 2023, followed by EMEA with 91 billion and AMER region with 78 billion.
The World Technology Report:
The World Technology Report highlights advancements in solar technology, enhancing efficiency, accessibility, and paving the way for a more resilient and cost-effective power infrastructure.
- Solar PV monocrystalline modules have achieved a record-breaking 24.9% efficiency, marking a significant advancement in maximizing solar energy potential.
- Multijunction perovskite cells are set to revolutionize the solar panel industry, offering higher efficiency, lower production costs, and seamless integration with diverse surfaces.
- The solar manufacturing process has significantly improved, reducing silicon usage from 16 gm/Wp in 2004 to 2 gm/Wp in 2023.
As per the report, the 88% decrease in silicon consumption demonstrates progress in material efficiency, indicating potential for further cost reductions and environmental benefits.
The global LCOE for utility-scale Solar PV has experienced a 90% drop, with a country-level drop ranging from 76%-93%.
Additionally, the Readiness Assessment of Green Hydrogen in African Countries’ report by ISA and Denmark suggests that green hydrogen, produced through water electrolysis powered by renewable sources like wind, solar, and geothermal, could be a suitable replacement for fossil fuel-based energy.
