Wood Mackenzie’s “Three Predictions for Global Solar in 2024” report emphasizes the pivotal role of solar in the global energy transition. With 1.5 TW installed globally by 2023 and an expected 3 TW in the next decade, solar has become the foundation of decarbonization. The report anticipates a shift in 2024 from high growth to a more mature industry, with global solar capacity growth slowing. The Inflation Reduction Act’s impacts are predicted to materialize fully in 2024, influencing the United States and contributing to a slowing growth pattern. Additionally, the report highlights challenges for the solar manufacturing sector in 2024, necessitating a reckoning as global installations and manufacturing capacity expand.
Wood Mackenzie predicts challenges for solar manufacturing in 2024
Global solar market’s growth mirrors an S-curve, projecting flat annual growth from 2024 to 2028, with intermittent contractions. (Image Credit: Wood Mackenzie).
Seven manufacturers to exceed 100 GW production capacity by 2027, reports Wood Mackenzie. (Image Credit: Wood Mackenzie)
South Carolina currently has 108 solar farms with a combined capacity of 1,503 MW, generating 159,167 MWh annually. (Image Credit: SOLARbytes)
JinkoSolar’s N-type TOPCon solar module has attained 25.42% conversion efficiency. (Image Credit: JinkoSolar)
ISO 37301 certification reflects Trina Solar’s commitment to ethical business practices and regulatory compliance. (Image Credit: Trina Solar)