Emerging solar era: The global expansion of solar PV and energy storage

Solar PV installations are continuing to scale up globally, with an expected 8% increase from last year's record, reaching an impressive 462 gigawatts direct current (GWDC) in 2024.

Utility-scale projects will dominate, contributing 275 GWDC in 2024, but rooftop PV remains a key player, with nearly 190 GWDC slated for deployment. Residential PV is rising, capturing a larger share of rooftop installations with 108 GWDC, while commercial and industrial PV will see a slight dip, totaling 78 GWDC this year.

The expanding solar manufacturing capacity worldwide is set to boost annual installations even further. Yet, challenges like high debt costs, market saturation, increased installation expenses and transmission constraints must be addressed for sustained growth.

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