New global solar installations nearly doubled in 2023, growing by 87% year-on-year (YoY) with an addition of 447 gigawatts (GW) of solar projects, according to a report by SolarPower Europe.
In its Global Market Outlook for Solar Power 2024-2028, SolarPower Europe noted that China led the way, accounting for 57% of the new installations, which equates to 253 GW.
“The world has truly entered its solar age. The sky is no longer the limit. How far solar can go will be determined by equitable global access to financing and the political will to deliver flexible energy systems fit for the renewable reality,” said SolarPower Europe CEO Walburga Hemetsberger.
Despite the surge, bringing the world’s total solar capacity to 1.6 terawatts, 80% of the installations were concentrated in the top 10 markets.
Following China, the United States installed the second-largest solar capacity last year with 32.4 GW. Brazil followed with 15.4 GW, Germany with 15 GW, and India with 12.5 GW.
Rounding out the top 10 solar markets were Spain (8.9 GW), Japan (6.2 GW), Italy (5.2 GW), Australia (5.1 GW), and the Netherlands (4.9 GW).
This year, SolarPower Europe expects the total solar capacity to reach 2 terawatts. However, YoY growth between 2024 and 2028 is expected to slow due to high interest rates, the energy crisis, and the need for grid upgrades.