BAKU, Azerbaijan, July 7. Annual growth in the global solar PV market is expected to continue, reaching nearly 310 GW in 2024, representing a growth rate of over 7 percent year-on-year, Trend reports.
As indicated in the forecast of the International Energy Agency (IEA), this growth is driven by lower module prices, increased adoption of distributed PV systems, and policy incentives promoting large-scale deployment.
Major markets such as China, the EU, the US, and India are expected to see higher annual additions, the IEA says. However, the agency notes that policy changes in Brazil regarding net metering rules will lead to a decline in additions from 2023 to 2024 due to reduced remuneration rates for surplus generation.
On the other hand, annual additions in the onshore wind sector are projected to decline by approximately 4 percent from 2023 to 2024. China will continue its wind energy expansion with the commissioning of large-scale onshore projects, supported by incentives for offshore plants. However, other major markets are expected to experience a decrease in additions. In Europe, undersubscription in auctions in Germany and Spain, permitting delays in France, and turbine placement restrictions in Poland hinder the expansion of wind energy. In the US, the pace of capacity additions will slow down in 2024 due to lower production tax credit rates compared to the previous federal policy.
Supply chain challenges in India lead to higher turbine prices, affecting the bankability of already-auctioned projects and causing delays. Additionally, limited auction capacity in the Brazilian market results in a significant reduction in annual wind additions between 2023 and 2024.
In an accelerated scenario, where deployment of distributed PV systems and commissioning of large-scale solar and wind projects are expedited, renewable power capacity additions in 2024 could be 17 percent higher than the main forecast, reaching over 540 GW. This would require increased efforts in China, Europe, India, and the US, the IEA concluded.