Feb 24, 2025 · We expect 63 gigawatts (GW) of new utility-scale electric-generating capacity to be added to the U.S. power grid in 2025 in our latest Preliminary Monthly Electric Generator
May 6, 2025 · After the world crossed the milestone of 2 terawatts (TW) total solar in late 2024, the annual report predicts the world could be installing 1 TW of solar per year by the end of the
Feb 25, 2021 · Nine more African countries are scheduled to join soon to increase their gigawatt club solar capacity, according to the first annual African Solar Energy Outlook 2021 report
Apr 1, 2025 · A typical solar farm needs 5,000 acres per gigawatt of power. In other words, for its ambitious target of 280GW of installed solar capacity, India would need about 1.4mn acres of
Despite these headwinds, the global solar PV market is still expected to grow by 10% in 2025, reaching 655 GW under the Medium Scenario (see Fig. 4). This would mark a continuation of the deceleration trend following the extraordinary 85% growth in 2023 and the more moderate 33% in 2024.
This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global. After global solar photovoltaic (PV) additions reached 421 GWdc – a staggering 70% year-on-year growth – in 2023, S&P Global Commodity Insights projects further 20% year-on-year growth in 2024.
Recently, the International Energy Agency (IEA) predicted that global photovoltaic solar power capacity additions will exceed 4,000 GW by 2030.
During the event, analyst Youru Tan from BloombergNEF provided insights and a review of the global PV industry’s development. Tan introduced that global PV installations are expected to reach 698GW by 2025, with an optimistic forecast of 730GW of new installations this year, representing a growth rate close to 20%.
The world may add about 698 GW of new PV capacity in 2025, BloombergNEF said in a new report. That figure would compare to 599 GW in 2024, 444 GW in 2023, and 252 GW in 2022. BloombergNEF said it expects China to remain the largest PV market this year, followed by the United States, India, Germany, Brazil, Pakistan, Turkey, and Italy.
In 2024, China once again dominated the global solar market, installing an impressive 329 GW, over six times the capacity added by the second-ranked United States, and exceeding the combined total of all other top 10 markets.
The global residential solar storage and inverter market is experiencing rapid expansion, with demand increasing by over 300% in the past three years. Home energy storage solutions now account for approximately 35% of all new residential solar installations worldwide. North America leads with 38% market share, driven by homeowner energy independence goals and federal tax credits that reduce total system costs by 26-30%. Europe follows with 32% market share, where standardized home storage designs have cut installation timelines by 55% compared to custom solutions. Asia-Pacific represents the fastest-growing region at 45% CAGR, with manufacturing innovations reducing system prices by 18% annually. Emerging markets are adopting residential storage for backup power and energy cost reduction, with typical payback periods of 4-7 years. Modern home installations now feature integrated systems with 10-30kWh capacity at costs below $700/kWh for complete residential energy solutions.
Technological advancements are dramatically improving home solar storage and inverter performance while reducing costs. Next-generation battery management systems maintain optimal performance with 40% less energy loss, extending battery lifespan to 15+ years. Standardized plug-and-play designs have reduced installation costs from $1,200/kW to $650/kW since 2022. Smart integration features now allow home systems to operate as virtual power plants, increasing homeowner savings by 35% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 25% for solar storage installations. New modular designs enable capacity expansion through simple battery additions at just $600/kWh for incremental storage. These innovations have improved ROI significantly, with residential projects typically achieving payback in 5-8 years depending on local electricity rates and incentive programs. Recent pricing trends show standard home systems (5-10kWh) starting at $8,000 and premium systems (15-20kWh) from $12,000, with financing options available for homeowners.