Global solar PV capacity additions hit 597 GW in 2023—a 36% annual surge—with China accounting for 55.1% of new installations, according to SolarPowerEurope’s Global Solar Market Outlook 2025–2029. The association forecasts cumulative capacity to reach 2.2 TW by year-end 2024, outpacing the International Renewable Energy Agency’s (IRENA) estimate of 1.87 TW. By 2030, global capacity is projected to triple to 7.1 TW, though falling short of the UN Climate Summit COP28’s 11 TW renewable energy target.
China Dominates Global Growth, but Discrepancies Emerge
China installed 329 GW of new solar capacity in 2023—30% higher than 2022 and exceeding the combined total of the next 10 largest markets. SolarPowerEurope estimates China’s cumulative capacity at 985 GW (44% global share), while IRENA pegs it above 50%. This growth has transformed China’s role: its share of global installations surged from 34% in 2022 to 40% in 2023 and 44% in 2024.
Europe’s Rapid Transition: Solar Surpasses Coal in 2024
Regional Leadership: Germany became the third nation (after Australia and the Netherlands) to exceed 1 kW/capita solar capacity, reaching 1,187 W per person (+20.5% YoY).
Per-Capita Rankings:
Australia leads at 1,521 W (+10.9%).
Netherlands follows at 1,491 W (+13.4%).
Greece ranks sixth globally, with capacity jumping 40.3% to 964 W/capita.
Turkey’s Emergence: The Balkan region’s largest market added 19.7 GW in 2024 (+76% YoY), with rooftop solar contributing 90% of new capacity. Its 1.42% share of global annual additions places it seventh globally.
Global Market Disparities and Scalability
35 Countries Cross 1 GW Annual Threshold: Up from 31 in 2023, this group includes Greece, Romania, and Bulgaria, with 10 more expected to join by 2025.
EU Progress: Cumulative capacity reached 338 GW (+23.9% YoY) in 2023, on track to exceed REPowerEU’s 750 GW wind-solar target by 2030 (projected 797 GW). Solar will supply >10% of EU electricity in 2024, surpassing coal for the first time, with Cyprus, Greece, Hungary, and Spain exceeding 20% solar penetration.
Germany’s Reign: Europe’s largest market grew 21% to 101 GW in 2023, maintaining 13 consecutive years of leadership.
Romania’s Surge: Capacity is set to soar 67% to 2.9 GW by 2025, driven by government-backed utility-scale projects.
Solar’s Dominance in Renewables Expansion
Photovoltaics now account for 81% of global new renewable energy capacity additions. While solar’s 6.9% share of total electricity generation remains modest, it has nearly doubled in three years. The first TW of solar capacity took 70 years to deploy; the second TW was added in just two.
Manufacturing and Policy Drivers
Turkey’s Industrial Base: Nearly 70 firms produce >40 GW of solar modules domestically, with investments boosting cell production to 2 GW/year.
EU Policy Impact: The bloc’s 2030 solar target is achievable under current growth trajectories, though medium-term forecasts suggest a 11% downward revision from 2023 projections.
