Importance of grid capacity and battery storage to sustain the industry’s growth
The solar industry is poised to expand by nearly a third in 2024, exceeding predictions by adding 593 gigawatts of new capacity, with China leading the way, according to a report by Ember, an energy think tank. .
“This marks a 29 percent growth from the previous year, continuing a strong trajectory following an estimated 87 percent jump in 2023,” the report stated.
“Once again, solar power is surpassing expectations, solidifying its position as the most affordable source of electricity worldwide,” said Euan Graham, an electricity data analyst at Ember. (I have a story here about a solar generation in Turkey)
Solar capacity added in 2024 alone will surpass the 540 GW
Highlighting the rapid growth, Ember’s projections reveal that the solar capacity added in 2024 alone will surpass the 540 GW of coal power added globally since 2010. China is expected to remain the global leader, contributing 334 GW, or 56 percent of the world’s total new capacity for the year. The United States, India, Germany, and Brazil round out the top five countries, accounting for 75 percent of new solar installations in 2024.
The report also emphasized the importance of grid capacity and battery storage to sustain the industry’s growth.
“As solar energy becomes more affordable and widespread, it’s crucial to ensure enough grid capacity and develop battery storage to manage power distribution and support solar energy during non-sunlight hours,” it announced. “By addressing these challenges, solar power could continue to surpass expectations throughout the decade,” the report added.
