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Global solar power capacity could quadruple

The capacity of solar generators worldwide reached 551 gigawatts (GW) by December 2023, more than double that of power plants using fuel oil, which account for a little over 3% of the global power output. These data are provided by the Global Energy Monitor, which estimates that the installed capacity of solar power plants could quadruple in case of the successful completion of the ongoing and planned projects in the area of solar generation.

03.02.2024
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Global solar power capacity could quadruple
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The data provided by Global Energy Monitor cover solar power plants with a capacity of 20 megawatts (MW) or more, which are operating or planned to be launched around the world. The only exception is the Middle East and North Africa: for this region, facilities with a capacity of 10 MW or more are taken into consideration. All of these power plants are grouped into four segments: operating power plants, which are already generating electricity on a regular basis; facilities under construction where site preparation or equipment installation is underway; projects at the pre-investment stage whose operators are looking for investors, selecting technologies and awaiting regulatory approvals; and, lastly, projects, which have been announced but so far exist only on paper.

The global capacity of power plants under construction reached 294.8 GW by December 2023. The same figure was 451.4 GW for announced projects, and 924.8 GW for facilities at the pre-investment stage. If the projects, which are being implemented and planned to be launched are successfully completed, the global solar generation capacity will reach 2222 GW, which is four times the capacity of the existing solar power plants.

As expected, solar industry development will be driven by China, which, as of December 2023, accounted for more than one-third of the capacity of prospective projects (596.4 GW out of 1671 GW), including under-construction and planned power plants, as well as facilities at the pre-investment stage. The development of China’s solar industry is facilitated by the domestic raw material base: according to the United States Geological Survey, China accounted for 68% of global silicon production and 14% of global silver production in 2022, which is important since these materials are used in the solar industry. Meanwhile, the country’s share in the production of graphite and lithium, key materials for energy storage systems that can provide energy supply during cloudy weather, reached 65% and 14%, respectively.

Also among the top three countries in terms of solar industry development were the United States and Brazil, which together accounted for 16% of the capacity of prospective projects by December 2023. Other significant growth points will include India (4%), where the introduction of photovoltaic panels will reduce the country’s dependence on coal, and Australia (4%), where a major project could be implemented in the north of the country with the construction of a solar park, electricity from which would be exported to Singapore via submarine cable systems.

Tags: AfricaAustraliaBrazilChinaCoalElectricityIndiaMaterialsPower plantsSiliconSingaporeSolar

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