Solar energy capacity is growing at a record pace, exceeding experts’ forecasts.

According to energy think tank Ember, 593 GW of solar generating capacity will be added by the end of the year, 29% more than last year. These figures are almost 200 GW higher than the International Energy Agency’s main forecast released in January. SolarPower Europe raised its global forecast for 2024 from 401 GW in June last year to 544 GW in June 2024.

This year, China, the US, India, Germany, and Brazil will account for 75% of the world’s solar energy expansion. In the first seven months of 2024, China showed growth of 28% compared to the same period last year. China is expected to install 334 GW of solar power generation. By May 2024, India had already surpassed the total for the entire year of 2023 and plans to install another 23 GW of solar thermal power plant capacity by the end of the year. The US has added 20 GW of solar power generation during this time (+55% over last year).

Significant growth is also seen in new markets: Pakistan, Saudi Arabia, the Philippines, the UAE, Thailand, and Oman.