China is predicted to dominate the global installed capacity in 2024, accounting for 54.7% of global solar PV capacity additions. China will be followed by the US, India, Brazil, and Germany. Three European countries are expected to increase their installed solar PV additions this year, including Spain, the Netherlands, and Italy. The study also found that European countries’ cumulative solar PV power capacity by 2030 will be at 215GW. Germany will lead with 215GW, while Italy and Spain will be ranked second and third. The global solar industry had a significant growth in 2023, increasing its installed capacity from 252GWDC in 2022 to a 76.2% year-on-year growth. The report also noted that the average price of polysilicon fell by 74% over 2023 to US$8.1 per kilogram.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
