Annual solar PV installations are continuing to scale up globally, rising an expected 8 per cent from record levels in 2023 to reach 462 gigawatts direct current (GWDC) this year, according to a Rystad Energy whitepaper.

While utility scale projects are expected to make up the bulk of capacity additions at 275 GWDC in 2024, rooftop PV will maintain a significant share, with almost 190 GWDC of expected deployments this year, the solar PV and storage whitepaper said.

Residential PV is set to take an increasing share of rooftop PV distribution, with 108 GWDC of installations. However, commercial and industrial PV additions are expected to see a slight decrease in growth this year, landing at 78 GWDC.

The whitepaper noted that China continues to lead the way in solar PV deployments. After installing more than 260 GWDC of solar PV in 2023, it is expected to be responsible for more than half of this year’s added capacity, followed by Europe and North America.

Rising solar manufacturing capacity across the global solar value chain will drive further increases in annual installations. However, bottlenecks such as high debt costs, market saturation, increased installation expenses and transmission constraints will need to be tackled in the years to come.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.