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India likely to add 23 GW solar capacity by 2024

Irishu
India likely to add 23 GW solar capacity by 2024

Sun World’s fourth largest power capacity addition in India renewable energy According to Ember’s report, the market is expected to grow at a healthy 77% YoY to reach 23 gigawatts (GW) in the current calendar year (CY).

India is expected to account for 75 percent of the world’s solar capacity increase in 2024, having added more solar capacity in the first five months of 2024 than in the whole of 2023, together with China, the US, Germany and Brazil.

Last year, fewer installations were made due to uncertainty around government rules on solar power generation. The report said installations skyrocketed in March this year, before new policy changes came into effect mandating that solar modules used in government-backed projects must come from the Approved Model and Manufacturer List (ALMM).

“However, growth has remained steady since then, with the country installing 18 GW of solar capacity by July, equalling an all-time record for annual solar panel installations from 2022. At the current pace of additions, India is on track to install 23 GW by the end of 2024, a 77% increase over 2023,” he added.

Overall, Ember estimates that at the current rate of addition, the world will install 593 GW of solar panels this year. That’s 29% more than was installed last year and continues strong growth even after a projected 87% increase in 2023. In 2024, an estimated 292 GW of solar capacity will be installed by the end of July.

The report said the 593 GW forecast, based on the pace of additions so far this year, was in line with projections by Bloomberg New Energy Finance (BNEF), but about 200 GW higher than the International Energy Agency’s (IEA) baseline outlook published in January 2024.

According to estimates from Ember, BNEF and SolarPower Europe, around 450 GW of solar panels will be installed worldwide by 2023. That figure seemed inconceivable even a year ago.

“For example, BNEF predicted in January 2022 that global solar additions in 2023 would reach just 236 GW. As a result of higher installations in 2023, the 2024 forecasts were revised upwards. For example, SolarPower Europe adjusted its 2024 forecast from 401 GW (June 2023) to 544 GW (June 2024),” he added.