Solar boom cooling down despite record-breaking capacity additions
Solar sector experiences gradual, diminished expansion rates
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After a streak of record-breaking years, the global solar market is anticipated to keep growing at a double-digit pace, but new highs in capacity additions aren't expected in the near future. This is according to forecasts from the German Solar Industry Association (BSW Solar) and the European solar umbrella organization, Solar Power Europe. This year, the addition of new solar installations might surpass 600 gigawatts, doubling last year's amount.
Germany is among the leading countries globally despite its smaller size. In terms of total installed capacity, Germany ranked fourth last year with around 100 gigawatts, trailing countries like China, the USA, and India. By 2024, Germany's solar power capacity is predicted to grow by a noteworthy 14 percent or 17.5 gigawatts.
The growth rate might take a slight dip this year. Carsten Körnig pointed out that this is due to a reduction in private homeowner installations. On the other hand, the demand for balcony solar installations remains robust, with numbers reaching around 800,000 in 2024.
Several factors are causing the slowdown, including economic challenges, geopolitical shifts, policy difficulties, market saturation, and technological & supply chain issues. Yet, continuing government support, advancements in energy storage, and improving economic feasibility indicate that the solar market will continue to grow, though at a lower pace than in previous years[1][2][3][5].
- The Commission has also estimated that the solar industry in Germany will experience a noteworthy 14% growth by 2024, amounting to approximately 17.5 gigawatts.
- Despite the growth in solar capacity additions, whatsapp groups discussing environmental science are buzzing about the slowdown in the global solar market.
- The solar boom seems to be cooling down, as the addition of new solar installations this year might reach 600 gigawatts, doubling last year's amount, but not surpassing new highs in the near future.
- In terms of solar power, finance and technology will play a crucial role in ensuring the continuity of this industry's growth, considering the challenges it currently faces such as economic difficulties, geopolitical shifts, and policy complications.
- Germany, despite its smaller size, remains a leading country in solar power, ranking fourth globally with around 100 gigawatts of total installed capacity last year.
- The solar industry, a key player in combating climate-change, is anticipated to keep growing at a double-digit pace, due to continuing government support, advancements in energy storage, and improvements in its economic feasibility, making it an essential sector in the environmental science and energy technology fields.
