Global solar PV market outlook update: Q4 2024 Report

Market Report 29 November 2024

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Report summary

Bringing together our regional expertise in the Americas, Europe, Asia Pacific, the Middle East and Africa, Wood Mackenzie's Global solar PV market outlook Q4 2024 breaks down how the key policy, supply chain, finance and other market developments from the past quarter will affect solar PV buildout across all segments in all territories in the next 10 years. We estimate global solar PV cumulative capacity will reach 6.5 TWdc globally by 2033, which represents a 2% upgrade relative to our previous quarterly update. China’s year-to-date 2024 volumes reflect a 25% year-on-year increase. As 2024 installations have outperformed expectations, annual forecasts for the Asian country have been revised upward by 5%. Revenue risks caused by curtailment and power trade marketisation are taking a toll on investor sentiment, leading long-term growth to further decelerate. However, the largest global solar market will still account for over half of global installed capacity in the next 10 years.