Global Solar cell manufacturing to outstrip demand by over 1,100 GW by 2024

The global solar manufacturing capacity will surpass 1,100 GW, which is double the expected need for PV panels. The report stated that solar power will become more affordable as the production of solar panels surpasses the demand.

“Solar cell prices have reached USD 0.037/watt, while advanced mono TOPCon and mono PERC module prices have fallen below USD 0.10/watt, indicating a trend towards greater affordability in solar technology,” it said.

At its 7th General Assembly in New Delhi, the ISA published three reports for the World Solar Report series. A statement mentioned that the four recently released reports - World Solar Market Report, World Investment Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries - all focus on important aspects of the worldwide transition to sustainable energy.

The report stated that global solar capacity has grown rapidly from 1.22 GW in 2000 to an impressive 1,418.97 GW in 2023, with a remarkable 40 percent annual growth rate in just two decades. In the year 2023, a total of 345.83 GW of solar power was installed, making up 75% of the new renewable energy capacity added globally. Solar power production has also experienced a significant increase, jumping from 1.03 TWh in 2000 to 1,628.27 TWh in 2023.