World Solar Report 2024: Key Trends and Technological Breakthroughs in Global Solar Energy by the International Solar Alliance

ISA Releases World Solar Report series

The 3rd edition of the World Solar Report series was released at the 7th Assembly of the International Solar Alliance, focusing on global solar growth, investment trends, technological advancements, and Africa’s green hydrogen potential. The newly launched four reports, namely World Solar Market Report, World Investment Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries, highlight a crucial area in the global shift towards sustainable energy.

The World Solar Market Report reveals exceptional solar growth, with global capacity soaring from 1.22 GW in 2000 to 1,418.97 GW in 2023. Manufacturing is set to exceed demand, making solar more affordable. Solar jobs have surged to 7.1 million, and global capacity may reach 7,203 GW by 2030.

The latest World Investment Report highlights a global shift toward sustainable energy, with energy investments rising from $2.4 trillion in 2018 to $3.1 trillion by 2024. Solar leads renewable energy investments, accounting for 59% of the total, driven by lower costs, with APAC emerging as the top investing region.

The World Technology Report showcases advancements in solar technology, emphasizing efficiency, sustainability, and affordability breakthroughs. Highlights include record-setting 24.9% efficiency in solar PV modules, an 88% reduction in silicon usage since 2004, and a 90% drop in utility-scale solar PV costs, fostering resilient, cost-effective energy solutions.

Readiness Assessment of Green Hydrogen African Countries highlights green hydrogen’s potential to decarbonize industries heavily reliant on fossil fuels, such as steel and fertilizer production. Produced via renewable-powered electrolysis, green hydrogen offers a viable alternative to coal, oil, and gas, supporting Africa’s transition to cleaner energy.

Here are more details of each report:

World Solar Market Report Highlights Unprecedented Growth and Future Projections

The World Solar Market Report highlights a remarkable growth trajectory in the solar power sector.

• Rise in Solar Capacity: In just two decades, global solar capacity has exploded from 1.22 GW in 2000 to an astounding 1,418.97 GW in 2023—a staggering 40% annual growth rate. In 2023 alone, 345.83 GW of solar power was added, accounting for three-quarters of all new renewable capacity worldwide. Solar generation has surged similarly, rocketing from 1.03 TWh in 2000 to 1,628.27 TWh in 2023.
• Solar Manufacturing to Exceed Demand with Over 1,100 GW by 2024: By the close of 2024, the capacity for global solar manufacturing is projected to exceed 1,100 GW, which is more than twice the anticipated demand for PV panels. Solar cell prices have reached $0.037/watt, while advanced mono TOPCon and mono PERC module prices have fallen below $0.10/watt, indicating a trend towards greater affordability in solar technology.
• Solar Industry Employment Boom: The clean energy industry now fuels 16.2 million jobs, with solar leading the charge at 7.1 million—up 44% from 2022’s 4.9 million. And 86% of these jobs are concentrated in just ten countries.
• Future Forecasts: Driven by Paris Agreement commitments, global solar capacity is set to skyrocket to between 5457 and 7203 GW by 2030. This surge underscores the massive infrastructure push needed to meet climate goals.

World Investment Report Unveils a Dynamic Shift in Global Energy Investments

The latest World Investment Report has significantly transformed global energy investments, highlighting a steadfast march towards sustainable energy solutions. Here are the key findings:

• Exponential Growth in Energy Investments: Global energy investments are set to soar from $2.4 trillion in 2018 to a projected $3.1 trillion in 2024—a steady climb at nearly 5% annually. Global clean energy investment now nearly doubles that of fossil fuels, set to leap from $1.2 trillion in 2018 to $2 trillion by 2024—marking a bold pivot toward renewables.
• The Solar Investment Surge: Investments in solar represented ~ 59% (USD 393 billion) of all RE investments (USD 673 billion), mainly driven by a drop in solar panel costs
• APAC leads global solar investments: Region-wise, APAC is at the forefront of solar investments, pouring USD 223 billion into solar in 2023. EMEA has experienced modest solar investment growth, with USD 91 billion in 2023, followed by AMER region with solar investments of USD 78 billion

World Technology Report Highlights Breakthroughs in Solar PV Efficiency and Material Innovation

The World Technology Report highlights the rapid progress being made in the field of solar technology. These innovations are not only enhancing the efficiency and accessibility of solar power but are also paving the way for a more resilient and cost-effective power infrastructure. Key highlights from the report include:

• Record-Breaking Solar PV Panel Efficiency: Solar PV monocrystalline modules have hit a new high with record-breaking 24.9% efficiency—a significant leap in maximizing solar energy potential. Multijunction perovskite cells are set to disrupt the solar panel industry, promising higher efficiency, lower production costs, and seamless integration with diverse surfaces—leaving traditional silicon panels in the dust.
• Solar Manufacturing Now Uses 88% Less Silicon per Watt Peak than in 2004—The manufacturing process has undergone significant improvements, resulting in a drastic reduction in silicon usage—from 16 gm/Wp in 2004 to 2 gm/Wp in 2023. This 88% decrease in silicon consumption reflects the strides made in optimizing material efficiency and underscores the potential for further cost reductions and environmental benefits.
• Utility-Scale PV Costs Hitting New Low—The global weighted average LCOE for utility-scale Solar PV dropped by 90%, falling from USD 0.460/kWh in 2010 to USD 0.044/kWh in 2023. At the country level, the drop ranges from 76% to 93% over the same period.

Readiness Assessment of Green Hydrogen in African Countries’ Report by ISA and Denmark

Direct electrification cannot solve the decarbonization requirements of industries that still rely on fossil fuels like coal, oil, or natural gas as feedstocks to produce commodities like steel, fertilizers, refined gasoline, and diesel fuel. Hence, green hydrogen, produced through the electrolysis of water powered by renewable electricity sources like wind, solar, and geothermal, emerges as a suitable replacement for fossil fuel-based energy sources.

High-level Conference on New Technologies for Clean Energy Transition

The International Solar Alliance, in global collaboration with the Ministry of New & Renewable Energy, the Government of India, the Asian Development Bank, and the International Solar Energy Society, also organized the third edition of the High-level Conference on New Technologies for Clean Energy Transition. This event, which united stakeholders worldwide, took place on the sidelines of the Seventh Session of the ISA Assembly in New Delhi today.

The conference’s overarching goal is to translate dialogue into action. Deep-dive sessions focusing on new-age solar technologies, emerging storage technologies, and unleashing solar’s role in accelerating equitable economic, social, and environmental development formed the crux of the discussions.

About the International Solar Alliance

The International Solar Alliance is an international organization with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilizing investments. Through this work, ISA has identified, designed, and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organization to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organizations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

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