3rd Edition of the World Solar Report

November 6, 2024

The International Solar Alliance (ISA) released the 3rd edition of the World Solar Report series during its 7th Assembly. This event brought to light global solar energy growth, investment trends, and technological advancements. The series includes four new reports: the World Solar Market Report, World Investment Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries. These reports underscore the importance of solar energy in the transition to sustainable energy.

World Solar Market Report Highlights

The World Solar Market Report reveals growth in the solar sector.

Rise in Capacity: Global solar capacity increased from 1.22 GW in 2000 to 1,418.97 GW in 2023, marking a 40% annual growth rate.

Manufacturing Growth: By 2024, solar manufacturing is expected to exceed 1,100 GW, surpassing demand.

Employment: The solar industry now supports 7.1 million jobs, a 44% increase from 2022. – Future Projections: Capacity could reach between 5,457 and 7,203 GW by 2030.

World Investment Report Insights

The World Investment Report indicates a shift in energy investments.

Investment Growth: Global energy investments are projected to rise from $2.4 trillion in 2018 to $3.1 trillion by 2024.

Solar Investments: Solar accounts for 59% of renewable energy investments, totaling $393 billion. –

Regional Leaders: Asia-Pacific (APAC) leads with $223 billion in solar investments in 2023.

World Technology Report Innovations

The World Technology Report showcases advancements in solar technology.

Efficiency Milestones: Solar PV panels have achieved a record efficiency of 24.9%.

Material Use Reduction: Silicon usage in manufacturing has decreased by 88% since 2004.

Cost Reduction: The cost of utility-scale solar PV has dropped by 90% since 2010.

Green Hydrogen Readiness Assessment

The Green Hydrogen Readiness Assessment focuses on Africa’s potential for green hydrogen.

Decarbonisation Potential: Green hydrogen can replace fossil fuels in industries like steel and fertilizer production.

Production Method: It is produced via renewable-powered electrolysis.

Target Countries: The assessment includes Egypt, Morocco, and Namibia, evaluating their readiness for a green hydrogen economy.

High-Level Conference on Clean Energy Transition

The ISA hosted a High-Level Conference to discuss clean energy technologies.

Goals: The conference aimed to translate discussions into actionable steps for achieving climate goals.

Collaboration: It brought together policymakers, experts, and industry leaders to enhance global cooperation in solar energy.

International Solar Alliance Overview

The ISA is an international organization with 120 member countries.

Mission: It aims to unlock $1 trillion in solar investments by 2030 and promote solar energy for a carbon-neutral future.

Focus Areas: The ISA works on improving energy access, sharing best practices, and mobilizing investments in solar technology.

This concise overview of the World Solar Report series and related developments marks the critical role of solar energy in advancing global sustainability efforts.

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