The world breaks records in solar growth, but can it reach 1 TW annually by 2030?

In 2024, an unprecedented 597 gigawatts of solar-powered plants were installed around the world, with the global capacity of solar electricity generation surging to 2 terrawatts (2,000 GW) and accounting for 7% of global electricity production (the highest among renewables).

However, as the world aims to triple renewable energy capacity by 2030 to mitigate changing climate patterns, it must establish 1 TW of solar power plants per year by then.

China is the leader in new solar power plant installations, with Beijing aiming to increase the country’s electricity generation capacity.

But can it sustain this rapid growth rate amid grid overloads and shrinking profits?

Global solar capacity generation evolution

According to the 2025 SolarPower Europe report, the evolution of global solar power electricity generation has been impressive:

• In 2022, the world had 1 TW of solar power installed.

• At the end of 2024, in just 2 years, that figure had doubled to hit 2.2 TW.

• In 2025, around 655 GW of new solar is expected to be added, a slower 10% increase due to political, economic, and technical issues.

• By 2030, the world could achieve 1 TW of new solar power generation a year to reach a total installed capacity of over 7 TW.

Which countries generate the most solar-powered electricity?

In terms of new solar capacity share in 2024, China topped the list with 55%, followed by the United States with 8%, and India with a 5% share.

Even though solar has continued to expand internationally, its distribution remains rather uneven and highly localized.

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Top 10 global solar markets, by growth rate:

In 2024, the 10 largest solar markets were responsible for over 80% of total solar installations.

Top 10 largest solar markets (share and cumulative capacity)

How is China's solar market performing?

Today, China is the world leader in solar power with 985 GW of solar capacity installed, and the primary driver of solar energy's continuing rapid growth, which is the result of the nation’s record-low prices, flexibility, and continuous cost reductions.

In 2024, around 329 GW of solar capacity was built in China alone, which accounts for about 55% of all new installations worldwide.

After three years of impressive growth, the country’s annual solar expansion rate in 2024 was lower compared to 2023 (+30% vs 167%), but nevertheless still very high.

China is currently facing certain challenges connected to its solar power capacity growth, namely:

1. Grid overload and longer delays for new projects to be connected

2. Lower profits due to a surplus of energy.

   
   

How is the United States solar market performing?

After rising by 48% in 2023, the U.S. solar market showed even higher growth rates in 2024, increasing by 54% and an additional 50 gigawatts of solar capacity.

Solar growth in the U.S. was mostly driven by:

• Boosts from the Inflation Reduction Act and other incentive programs.

• Rising electricity demand, which registered growth due to the construction of new manufacturing plants and data centers.

• A surge in heating and transportation electrification.

How is India’s solar market performing?

India is the third-largest solar market in the world, with a total capacity of 121 GW. Its solar installations more than doubled in 2024.

The market grew by 145%, which led to 30.7 GW of new solar being added in 2024 - a significant increase compared to 2023, when the country had 12.5 GW installed.

Which other regions are present in the solar market?

Other regions are contributing steady albeit less significant growth, with the Americas and Europe growing by 40% and 15% respectively.

Meanwhile, growth in the Middle East and Africa was less significant in 2024 with installations declining year-on-year.

The Asia-Pacific region

Asia-Pacific showed the most impressive growth results, making up 70% of all new solar capacity in 2024, with a 37% growth over the year. Obviously, the major driver of this growth was China, but Japan and Turkey also significantly contributed to the region’s results.

Japan

The increase in solar installations remained steady at 6.2 GW for the fourth year in a row. Growth has plateaued because of a shift from guaranteed feed-in tariffs to less reliable feed-in premiums, limited land, and grid capacity issues.

Turkey

Solar installations showed a nearly 400% increase (+8.5 GW), more than doubling the total capacity to 19 GW, and thus achieving its 2025 target a year early. Strong incentives, such as YEKDEM, spurred growth, as did an expanding local manufacturing base.

The Americas (United States and Brazil)

This region also grew strongly, increasing by 40% and reaching a 14% share of the global market.

In addition to the United States, Brazil is a significant player, having the sixth largest solar market, installing a record 18.9 GW, which represents a 21% growth.

Europe

Europe saw slower growth, rising 15% to 82.1 GW, with Germany being its largest solar market.

Germany

The country has maintained its leading position among European nations for over a decade, with 101 GW of solar power installed.

In 2023, Germany’s solar market grew by 15% or 17.5 GW, which is lower than the sharp 106% increase seen during the 2023 energy crisis.

Spain

The country showed a 10% decline in 2024, despite the strong growth enjoyed over the previous few years.

Rooftop demand was hampered by delayed subsidies and declining residential energy prices, and challenges such as limited grid capacity and lower prices for selling solar power to the grid continue to restrict growth.

Italy

Italy grew its solar capacity by 27% in 2024, adding 6.8 GW. Most of this growth came from large utility-scale projects, which made up for a drop in home installations after government support programs ended.

France

France saw strong solar growth of 49% in 2024, mainly thanks to a big increase in rooftop installations, which was driven by valuable incentives to sell solar power back to the grid and new regulations requiring more solar use.

The biggest growth in France came from commercial systems. Larger ground-mounted projects also grew but still faced challenges with gaining permits and finding suitable land.

The Middle East and Africa (MEA) region

MEA was the only region where solar installations declined, dropping by 2% to 14.5 GW, making up just 2.4% of the global total.

Saudi Arabia

Saudi Arabia was the region’s top solar market for the first time, installing 1.4 GW, although this was 28% less than in 2023. The reduction was due to new projects in 2024 being smaller than the massive solar park that was completed the previous year.

South Africa

This nation had led the region for years but then saw a massive fall with solar installations dropping 66% to 1.1 GW, mostly due to slow policy progress and restrictions on grid connections.

The UAE

The United Arab Emirates failed to repeat its strong performance of 2023, and Qatar moved up to third place despite not exceeding the 1 GW mark.

Wrap up

The world appears to be on track to reach the much-needed 1 TW of new solar every year until 2030 to achieve the global target of tripling renewable energy capacity by the end of the decade.

The achievement of this target very much depends on China, the leading country in terms of both new and total solar power capacities. However, the U.S., India, Japan, Germany, and Brazil are also keeping up the pace.