Rapid Expansion of Renewable Energy Globally - Germany Secures Top 5 Spot - Global solar energy production thriving across the globe - Germany listed as top 5 solar producers
Shining Bright Around the World: Solar Power Domination Lead by the Solar Titans
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The global solar energy industry is set to soar with double-digit growth rates predicted over the next few years, according to industry projections. However, another set of record-breaking installations isn't in the cards for the near future, as consistent forecasts from the German Solar Industry Association (BSW Solar) and European umbrella organization Solar Power Europe suggest. This year alone, the world is expected to surpass the 600 gigawatt capacity threshold for solar energy, which is approximately double the capacity of 2022.
Top Dogs in the Solar Power Race
Despite its smaller size, Germany is holding its own on the international stage. According to BSW Solar's analysis, Germany had roughly 100 gigawatts of total installed solar capacity last year, placing it fourth behind much larger countries: the United States, China, and India. By 2024, Germany's solar power capacity is expected to soar by an impressive 14% — amounting to 17.5 gigawatts.
Though growth may slow down slightly this year, the demand for balcony solar installations remains strong, with a projected 800,000 units anticipated for 2024.
The Solar Titans of China
Ranking at the top, China is leagues ahead with 329 gigawatts of new solar installations expected to be connected to the grid in 2024 — more than double the combined total of the top ten countries, including the United States, India, Brazil, Germany, Spain, Turkey, Italy, Japan, and France. The EU as a whole trails only China in the global solar power race.
Energy Storage: The New Frontier
As the expansion of renewable energy surges forward, the importance of increased energy storage capacity looms larger to avoid producing an excess of green electricity that goes unused. One technology edging closer to widespread use is bidirectional charging, where electric vehicles act as storage devices for the power grid. In fact, the first car model for this technology is already available on the market, and using it for energy storage cuts operating costs nearly to zero, according to Herbert Diess, the former CEO of Volkswagen and current chairman of the board of directors of charging station service provider Mobility House. Diess predicts that this innovation will rejuvenate Europe's stagnant electric vehicle market: "We'll see an acceleration of electromobility."
👉 Notable Insights:
- The global solar market is on track to reach 655 gigawatts by 2025 and potentially 800 gigawatts by 2027, primarily driven by policy measures and technological advancements.
- The top 10 countries in terms of solar power capacity capacity as of 2024 are China, the United States, India, Brazil, Germany, Spain, Italy, Australia, Japan, and France/Turkey.
- China accounted for approximately 55% of global solar capacity in 2024, while the US and India accounted for around 8% and 5% respectively.
👉 Reference(s):
- Enrichment Data (Overall)
- Enrichment Data (Summary Table)
- The community and employment policies should prioritize the growth of the solar energy sector, given the projected double-digit growth rates in the industry and the upcoming records in solar energy capacity, according to industry projections.
- In the field of environmental science, addressing climate-change and promoting solar power are crucial, especially considering the use of data and cloud computing in the renewable energy sector and the potential of technology like bidirectional charging for energy storage.
- As China dominates the global solar power race, the employment policy should focus on attracting investments in clean energy technologies and promoting environmental-science education to maintain pace with advancements in the sector.
