Solar Module Installations Could Hit 592 GW in 2024

BloombergNEF says the global solar industry will install 592 GW of modules this year, up 33% on 2023. The consultancy has also lowered its estimate for 2024 polysilicon production, as manufacturers are temporarily scaling back output.

The global solar industry is on track to install 592 GW of modules this year, up 33% from 2023, according to a new report from BloombergNEF. It said in its its “3Q 2024 Global PV Market Outlook” that “low prices for modules are stimulating demand in new markets this year, but hurting manufacturers, who are competing intensely to maintain market share.”

Quarter-on-quarter analysis shows a 1% increase across the world’s largest 28 markets. Pakistan, Saudi Arabia, and India lead the largest developments, while Japan and South Africa experience notable decreases.The most established solar markets continue to build steadily.

The report forecasts steady year-on-year increases in solar module installations, reaching 996 GW by 2035.