Market environment – Solar Power Generation

The solar market has taken a big leap forward in the last four years! Thanks to mass production and falling material costs, the number of solar installations has increased more than expected.

In 2023, installations doubled compared to the previous year. It was the year that China, the world market leader for solar installations, installed more than the entire world in 2022 combined.

In 2024, the upward trend in global installed capacity continued. Pakistan and Saudi Arabia invested heavily in the solar market. The figures for the top 15 countries showed an increase of more than 25% compared to 2023.

The only downside is the pace of distribution grid expansion. However, policy changes, grid improvements, and the development of better storage and technical solutions are beginning to alleviate the bottlenecks. Technological advances and the increasing improvement in solar panel performance can only have a positive effect on the solar industry.