Bloomberg NEF, the research firm on raw materials and technologies for the energy transition, presented its outlook for the global photovoltaic industry for this and the coming years. The global projection to close 2024 is 592 gigawatts of solar energy panel installation capacity, which means 33% more than what was recorded in 2023.
They explain that this increase is due to low panel prices, which have fallen to US$0.096 per watt, the lowest level in history.This is stimulating demand in new markets, although it means that major manufacturers are facing a greater challenge in maintaining their market share.
Currently, the main generator of solar energy is in Asia, followed by Europe, But with projections for 2034, when it is projected to reach 1,000 gigawatts of installed solar energy, this continent would stop being second and would be replaced by India.
Global forecast for photovoltaic plant construction increased by 1% on a half-yearly basisand this is precisely explained by the growth in the industry in India and other Asian countries such as Pakistan. On the contrary, Installations have been seen to be slower than expected in Japan and South Africa, but on a global regional scale, Most established solar markets continue to grow at a steady pace.
In the global clean energy market, China leads in new renewable investments and the United States was the second largest market in the first half of 2024 with half-year investment levels increasing by 63% with the approval of the Inflation Reduction Act. EThe aforementioned Pakistan became the fifth largest market for new solar energy investments, while in the same period last year it ranked 14th.
