In 2024, global photovoltaic capacity rose to more than 2.2 TW, up from 1.6 TW in 2023, with over 600 GW of new PV systems commissioned. This marks another record year for PV deployment, despite continued overcapacity in manufacturing and falling module prices that placed pressure on the entire value chain.
PV supplied more than 10% of global electricity consumption for the first time, cementing its position as a central pillar of the global energy transition.
At a Glance:
Key Takeaways:
- In 2024, global cumulative PV capacity reached over 2.2 TW, with China alone surpassing 1 TW.
- At least 554 GW of new PV systems were commissioned in 2024, possibly reaching 601.9 GW.
- China installed up to 357.3 GW, accounting for almost 60% of new global capacity.
- Outside China, 244.6 GW were added, led by the European Union (62.6 GW), USA (47.1 GW), and India (31.9 GW).
- Pakistan emerged as a key market with an estimated 17 GW, while Brazil installed 14.3 GW.
- 34 countries installed more than 1 GW of new capacity in 2024; 23 countries now exceed 10 GW in total installed capacity.
- Utility-scale PV led global installations, but distributed PV remained strong in key markets including Germany, Türkiye, and Brazil.
- Curtailment is increasingly prevalent in high-penetration markets, underlining the need for grid flexibility, storage, and new business models.
- PV represented more than 75% of all new renewable generation capacity installed globally in 2024.
