Tiếng ViệtAccording to the latest report from the International Renewable Energy Agency (IRENA), by the end of 2024, solar power accounted for 75% of the total additional renewable electricity capacity.
Record growth of solar power
By the end of 2024, total global renewable power capacity had reached 4,448 gigawatts (GW), marking a record increase of 15.1% year-on-year, equivalent to 585 GW. Solar power led this growth with an increase of 452 GW, bringing its total capacity to 1,865 GW. In comparison, wind power added 113 GW, hydropower contributed 15 GW, bioenergy and geothermal added 4.6 GW and 0.4 GW, respectively.
One of the main reasons for the huge boom in solar power is the dramatic decrease in manufacturing costs. According to Swanson’s Law, the cost of solar modules tends to decrease by 75% every decade. This has been proven in practice by the sharp decline in panel prices due to technological advances and the expansion of production scale, especially in China – the leading country in solar energy.
Additionally, solar power offers the significant advantage of flexible deployment. Unlike wind turbines, which need large land areas and favorable wind conditions, solar panels can be installed on rooftops, farmland, bodies of water, and even deserts. This versatility makes solar power a preferred option for many countries rapidly advancing their renewable energy development.
According to the fDi Markets database, total foreign direct investment (FDI) in solar power projects in 2024 will reach $88 billion, down slightly from $98 billion in 2023 but still double the $41 billion for wind power. This reflects investors’ preference for solar power, especially in the context of the wind power supply chain facing many difficulties due to political and logistical challenges.
Future challenges and prospects
Despite its rapid growth, the solar industry still faces some hurdles. Protectionist policies in Europe and the United States that restrict imports of cheap panels from China could increase the cost of deploying clean energy. Some experts also warn of a future shortage of raw materials for solar panel production.
However, according to Bloomberg’s forecast (BNEF), global solar power capacity will reach 698 GW by 2025. To achieve the goal of tripling global renewable energy capacity by 2030, solar power needs to continue to play a leading role, accounting for at least 50% of total clean energy capacity additions.
The strong development of solar power not only reflects the trend of global energy transition but also opens up great opportunities for countries and businesses to invest in this field. . With increasingly low costs, increasingly advanced technology and support from energy policies, solar power will continue to be the main driving force for the growth of the renewable energy industry in the coming years.