Global solar photovoltaic energy will reach 7 TW in 2035

Asia-Pacific installed 253.98 GW of solar photovoltaics (PV) in 2023, more than double the amount installed by all other regions combined.
In a recent report titled Solar Photovoltaic (PV) Market Update 2024, Power Technology’s parent company GlobalData revealed that the global solar PV market is on track to surpass 7TW of installed capacity by 2035.

The market grew from a cumulative installed capacity of 227.4GW in 2015 to 1.48TW in 2023 at a compound annual growth rate (CAGR) of 21.9%, with an addition of 371.7GW in 2023 alone.

Global solar PV market by annual addition and cumulative installed capacity, 2015–35. Credit: GlobalData.

By 2035, the cumulative installed capacity is expected to reach 7.51 TW with a CAGR of 16.2% between 2023 and 2035.

The Asia-Pacific region emerged as the largest market for solar PV in 2023, boasting a cumulative installed capacity of 893.67GW.  

Although a distant second and third place, Europe and North America also revealed substantial capacities, with 304.85GW and 189.27GW, respectively. 

The success of the Asia-Pacific region can be largely attributed to China’s continued dominance in solar PV. China set itself apart by adding 216.5GW in the past year, while runner-up the US followed with only a 24.1GW addition.  

China also topped the cumulative capacity charts, with 609.5GW installed as of 2023. The US was the second-largest market with 172.5GW, followed by Japan, India and Germany with cumulative capacities of 91.6GW, 84.8GW and 81.7 GW, respectively. 

Jackie Park