Global Market Outlook for Solar Power 2025-2029: Focus on India

New report: World installed 600 GW of solar in 2024, could be installing 1 TW per year by 2030

MUNICH, Germany (Tuesday 6th May 2025): A new report from SolarPower Europe reveals that the world installed a record 597 GW of solar power in 2024 – a 33% surge over 2023. After the world crossed the milestone of 2 terawatts (TW) total solar in late 2024, the annual report predicts the world could be installing 1 TW of solar per year by the end of the decade.

Walburga Hemetsberger, CEO of SolarPower Europe (she/her), said: “The solar age is truly here. While the uptake of solar varies across regions across the world, a common theme is the importance of flexible, electrified energy systems – underpinned by critical technology like battery storage. Decisionmakers across the globe should ensure that their flexibility plans match, and maximise, the solar reality.”

While solar continues to grow globally, its distribution remains highly concentrated and uneven. In 2024, China alone added 329 GW of solar capacity – accounting for 55% of global installations. With adjustments in China’s market design in 2025, a temporary dip in global installations in 2026 appears likely.

This year’s special focus is India, recognising the third-largest solar market, which more than doubled its installations in 2024. A 145% annual market increase in India meant 30.7 GW of new solar added in 2024, which is a stark uplift from the 12.5 GW installed in 2023. The country’s comprehensive solar strategy is positioning it as a major force in the energy transition, with strong growth projected in the coming years. To meet India’s ambitious national renewable installation target of 500 GW by 2030, the country aims to add another 200 GW of solar within the next 5 years.

Other regions contribute steady, albeit less significant growth, with the Americas and Europe growing by 40% and 15% respectively. Meanwhile, growth in Middle East and Africa faltered in 2024, with installations declining year-on-year.

Sonia Dunlop, CEO at the Global Solar Council (she/her), said: “It’s been 10 years since the GSC was established, and since then we’ve seen immense progress for solar – but this progress is not seen everywhere. Achieving the global target of tripling renewable energy capacity by the end of the decade is possible with solar, we need 1 TW of solar every year through 2030 and solar progress in more and more countries. That means action now to prepare for the future: smarter grids, faster permitting, bigger investments in emerging markets, and serious workforce planning.”

Accounting for the regional differences, the Global Solar Council has accompanied the analysis with a number of policy recommendations. More advanced markets must focus on enhancing grid flexibility, adapting policy frameworks to the needs of variable renewables, prioritising battery storage, and streamlining permitting and grid-connection processes. For least developed countries, the key lies in bridging investment gaps. Across all regions, developing a skilled workforce and setting ambitious solar and storage targets are essential tasks.

Markus Elsaesser, the CEO of Solar Promotion GmbH (he/him), said: “Crossing the 2-terawatt mark is more than just a milestone—it is proof that solar energy has become a cornerstone of the global energy system. But this rapid growth also brings new challenges. We must now ensure that regulation and investment in a flexible and digital energy infrastructure advance just as quickly. Cooperation and knowledge sharing – across industries, regions, and sectors – are essential, as demonstrated every year at The smarter E Europe."

Looking forward, the analysis extends through 2029 and includes a preliminary outlook for 2030. By the end of 2024, solar PV made up 46% of global renewable capacity, with 2.2 TW installed. By 2030, we expect global installed solar PV capacity to exceed 7 TW by 2030. This would represent about 65% of the total renewable capacity required to meet the 11 TW global target.

The Global Market Outlook for Solar Power is launched annually at Intersolar Europe in Munich.

Note

· The Europe region in the Global Market Outlook for Solar Power refers to EU27 + Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Georgia, Iceland, Kosovo, Montenegro, North Macedonia, Norway, Russia, Serbia, Switzerland, Turkey, Ukraine, and the United Kingdom. 

· Top 10 Global Solar Markets:

Country

2024 Installations

China

329 GW

United States

50 GW

India

30.7 GW

Brazil

18.9 GW

Germany

17.4 GW

Spain

8.7 GW 

Türkiye

8.5 GW 

Italy

6.8 GW

Japan

6.2 GW

France

4.7 GW

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About SolarPower Europe

SolarPower Europe is the award-winning link between policymakers and the solar PV value chain. Our mission is to ensure solar becomes Europe’s leading energy source by 2030. As the member-led association for the European solar PV sector, SolarPower Europe represents over 320 organisations across the entire solar sector. With solar sitting on the horizon of unprecedented expansion, we work together with our members to create the necessary regulatory and business environment to take solar to the next level.

About the Global Solar Council

The Global Solar Council (GSC) is the united voice of the solar industry worldwide. As a non-profit trade body, our vision is to create a fair and sustainable world with solar at the heart of a new energy economy. Driven by our passion for a cleaner, more just world, we work as a community to ensure everyone’s voices are heard, advocating for swift progress to be made in the battle for the climate. We advise governments on behalf of our members on the pressing issues central to the solar transition, including finance, grids, skills and supply chains.  

About Intersolar Europe

As the world’s leading exhibition for the solar industry, Intersolar Europe demonstrates the enormous vitality of the solar market. Under the motto “Connecting Solar Business” global market leaders present their latest product developments, as well as trends and business models. These include manufacturers, suppliers, distributors, installers, service providers, project developers, planners and start-ups. Intersolar Europe will take place from May 7–9, 2025 as part of The smarter E Europe, Europe’s largest alliance of exhibitions for the energy industry, at Messe München. Intersolar Europe is organized by Solar Promotion GmbH and FWTM (Freiburg Wirtschaft Touristik und Messe GmbH & Co. KG).