Solar Industry Set for Explosive Growth! Global PV Capacity to Surpass 7.6 TW by 2035

Core Data Insights

2035 Target: Global renewable energy capacity to reach 11.2 TW, with solar dominating at 7.6 TW (68% share)

Near-term Milestones: 2.38 TW by end 2024 → 2.85 TW by end 2026

Decade-long Leap: Exceeding 4.8TW by 2030 → Nearly 6TW in 2032 → Breaking the 7TW mark by 2034

Quadruple Growth Engines

Technological iteration accelerates: industry technological bottlenecks continue to break through, and solar energy conversion rates have significantly improved

Precipitous Cost Decline: PV module prices plummeted 89% (2010-2020)

Policy Support: 136 countries set net-zero targets; clean energy subsidies intensify

Surging Electricity Demand: AI data centers & green hydrogen production emerge as major consumers (single AI facility consumes ≈50,000 households annually)

Industry Transformation

Accelerated Tech Evolution: TOPCon/HJT/perovskite + LECO process pushes mass-production efficiency beyond 26%

Application Diversification: Integrated "PV + storage + hydrogen" stations become new infrastructure standard

Eastward Market Shift: Asia-Pacific contributes >60% of new capacity; China maintains global supply chain dominance

"This transcends mere quantitative growth—it's an energy system paradigm shift," notes Rehaan Shiledar, Senior Power Analyst at GlobalData. "When solar exceeds 30% of power systems, we must redefine grid operation rules."

Challenges & Concerns

Outdated power infrastructure: The power infrastructure cannot keep up, and the difficulty of grid connection increases

Grid Absorption Bottlenecks: "Negative midday prices" emerge across Europe and America

Material Supply Pressures: Silver paste consumption may triple by 2030

Technical Reliability: New failure mechanisms (e.g., LECO-induced resistance fluctuations) require resolution

As solar enters the "terawatt era," industry competition pivots from pure capacity expansion to lifecycle levelized cost of electricity (LCOE) control. Breaking material bottlenecks and solving grid compatibility challenges will determine the ultimate reach of this green energy revolution.