Solar PV leads global capacity growth

Wood Mackenzie has forecasted a significant increase in global solar and wind capacity from 2024 to 2033, with developers adding over 5.4 TWac, raising the global total to 8 TWac. Annual capacity will rise from 500 GW in 2023 to an average of 560 GW, led by China’s contribution of 3.5 TWac. According to the forecast, solar PV will dominate, comprising 59% of new capacity. Despite grid constraints and fluctuating power prices, ultra-low module prices have driven rapid deployments, particularly in Europe and China. By 2033, solar PV installed capacity is projected to reach 4.7 TWdc, with China accounting for 50%. In early 2024, the US and China saw significant increases in solar installations, while Europe’s PV market faced declines, especially in Germany and the Netherlands.