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Global cumulative solar photovoltaic capacity has presented a trend of continuous growth in the last few years, which represents a gradual shift towards renewable and distributed energy technologies. Cumulative solar PV capacity is expected to surpass *** terawatts by 2029, representing an increase of almost **** terawatts when compared to 2024. 

Solar energy production outlook 

Solar electricity generation is also expected to grow rapidly in the next few years, with projections indicating a surge from *** petawatt hours in 2023 to over *** petawatt hours by 2030. China is expected to maintain its position as the global leader in solar power generation, with forecasts suggesting it will reach nearly petawatt hours of solar production by 2030. Other countries in the Asia Pacific region are also making significant strides, though their combined production of over *** terawatt hours in 2030 will still lag far behind China's output. 

China's dominance in the solar energy sector 

In the next years, China will continue to play a pivotal role in the solar industry, although its market share is expected to slightly decrease from ** percent of new installations in 2024 to approximately ** percent in 2029. China’s dominance extends beyond energy production, as the country is home to the vast majority of solar PV manufacturing capacity and most of the world's top solar companies.