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Between 2025 and 2029, it is forecast that China will be the leading country in terms of new solar photovoltaic capacity additions, with a total of *** terawatts installed between those years in an optimistic scenario and *** terawatts in a pessimistic scenario. India is expected to follow China and install between *** and *** gigawatts of solar PV capacity by 2029. 

Global solar PV capacity outlook 

In 2024, there were almost *** gigawatts worth of new PV capacity installed worldwide. This figure is expected to grow significantly in the coming years, with utility-scale projects leading the way. In 2029, new utility-scale installations are expected to reach *** gigawatts, while rooftop installations will climb to *** gigawatts. In total, cumulative solar PV capacity is projected to surpass *** terawatts in 2029, increasing by roughly **** terawatts from 2024.  

Solar PV investments worldwide 

The solar sector has seen significant financial backing in the last few years, with global investments in solar photovoltaic energy reaching nearly *** billion U.S. dollars in 2024, up from *** billion U.S. dollars in 2015. This represents some ** percent of total renewable investments worldwide, which amounted to *** billion U.S. dollars in 2024.