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1、Chapter 1EU solar markets 2024Global Market Outlook for Solar Power 2025-2029 Focus on Indiasolarpowereurope.orgSupported by:Welcome to the Global Market Outlook for Solar Power 2025-2029The year 2024 was a true landmark year for solar power.Global solar installations reached nearly 600 GW an impres

2、sive 33%increase over the previous year setting yet another record.Solar accounted for 81%of all new renewable energy capacity added worldwide.While remaining a modest contributor to overall electricity generation for now,solars share rose to 7%in 2024 nearly doubling in just three years.Solar exper

3、ienced the fastest growth among all power generation technologies in terms of electricity output,three times as much as wind power,which was ranked second.As if that werent enough,global installed solar capacity surpassed 2 TW in 2024.It took nearly 70 years to reach the first terawatt,but only two

4、more to double it.This remarkable progress has been fuelled by rapid technological advancements that have significantly reduced costs,the unmatched versatility of solar from small plug-in or rooftop systems to massive utility-scale installations and historically low prices driven by global manufactu

5、ring overcapacities.As a result,solar is increasingly outperforming other power generation technologies across the board.There is no doubt that solar power has become the driving force of the global energy transition.Looking ahead,however,there remain challenges that must be addressed for solar to c

6、ontinue fulfilling its potential.Although continued market growth is expected,the pace is projected to slow after several years of explosive expansion.In our most realistic scenario,we anticipate a 10%increase in installations to 655 GW in 2025,with annual growth rates remaining in the low double di