The global solar photovoltaic (PV) market continues its rapid growth, with installed capacity projected to reach 7.6 terawatts (TW) by 2035, according to the latest data from GlobalData. Solar energy, as the leading technology in renewable energy sources (RES), is set to play a pivotal role in increasing the total RES capacity, which is expected to reach 11.2 TW by 2035, up from just 3.24 TW in 2024.
According to pv-magazine, cumulative installed solar PV capacity is expected to hit 2.4 gigawatts (GW) by the end of 2024 and 2.9 GW by 2026. This growth trajectory is set to continue, with installed solar capacity surpassing 4.8 TW by 2030, reaching 6 TW by 2032, and exceeding 7 TW by 2034.
GlobalData highlights that significant cost reductions in technology and favorable policy support for solar and wind projects will further drive renewable energy growth. Although investment rates in wind projects are projected to outpace those in solar, total annual investments in solar energy are expected to remain higher, surpassing $300 billion by the end of the decade.
This dynamic expansion of solar PV and renewable energy sources is a key factor in the global energy transition and the achievement of worldwide emissions reduction targets.
Source: energypress.gr (based on GlobalData)
