MUNICH, Germany, May 9 (Xinhua) -- China accounted for around half of both newly added and total global solar photovoltaic (PV) capacity in 2024, a milestone hailed by European analysts as a major contribution to the world's carbon reduction goals.
China installed 329 gigawatts (GW) of solar capacity within 2024, representing 55 percent of global new additions, according to a report released by the industry group SolarPower Europe during the 2025 Intersolar Europe exhibition, which just concluded here on Friday.
That brought global cumulative solar capacity to more than 2 terawatts (TW) by the end of last year, with China leading at 985 GW, followed by the United States, India, and Germany, said the report, titled Global Market Outlook for Solar Power 2025-2029.
"China's growth is a major achievement from a global decarbonisation perspective," the report noted. "Its comprehensive solar commitment has enabled the technology's rapid global development."
Christophe Lits, senior market analyst at SolarPower Europe and co-author of the report, told Xinhua that China's influence extends beyond its domestic market. "Most of the PV products in the European market are coming from China, which has enabled the strong growth of the bloc," he said.
European Union (EU) countries added about 65 GW of new solar capacity in 2024, the report showed, with Germany remaining the largest individual market. Four EU countries ranked among the world's top 10 for new installations.
Lits noted that some Chinese manufacturers are investing in local production across Europe, building factories for PV models, inverters, and storage systems. "This represents a deeper level of commitment from China to increase its participation in Europe's energy transition," he said.
The report underscored a significant role of solar power in the whole renewable energy landscape, forecasting global PV capacity to reach 7.1 TW as of 2030. This is expected to account for roughly 65 percent of total renewable electricity generation capacity by then.
