2024 was a landmark year for the global solar energy industry. Despite challenges such as manufacturing overcapacity and trade barriers, solar PV has firmly established itself as the “new cornerstone” of the global electricity sector. From record‑breaking installations to disruptive new technologies, the year witnessed an accelerated energy transition.

Global Market: The “Solar Age” Arrives – Installations and Investment Surge

According to preliminary data from the International Renewable Energy Agency (IRENA) and BloombergNEF, global solar PV installations reached an astonishing 452 GW (AC) in 2024, accounting for 72% of all new power generation capacity added worldwide. This figure far surpasses any other energy technology, confirming solar energy as the top choice for new power capacity.

On the investment front, capital poured into the sector at an unprecedented pace. IRENA’s Global Landscape of Renewable Energy Finance 2025 report noted that global investment in solar PV soared to USD 554 billion in 2024, a 49% year‑on‑year increase, representing nearly 70% of total renewable energy investment. With further declines in technology costs, solar’s competitiveness reached an all‑time high. Data show that the levelized cost of electricity (LCOE) for newly built solar PV fell to USD 36/MWh in 2024, making it not only the cheapest source of new‑build power but also less than one‑seventh the cost of new nuclear power.

Technology & Cost: Efficiency Breakthroughs and the “Boost” from Energy Storage

2024 was a stellar year for PV technology. In terms of cell efficiency, Chinese companies continued to lead. In June 2024 at the Intersolar Europe exhibition, LONGi Green Energy announced that its commercial‑size M6 wafer‑based perovskite‑silicon tandem cell had achieved an efficiency of 30.1%, certified by Germany’s Fraunhofer Institute for Solar Energy Systems, breaking through the commercial technology barrier for that size.

Beyond the generation side, the explosion of energy storage became the most critical “enabler” for solar in 2024. Driven by a sharp decline in lithium‑battery prices (grid‑scale storage costs fell by 33% in 2024), global storage installations surged. Data indicates that global cumulative battery storage capacity exceeded pumped hydro for the first time in 2024, becoming the mainstream solution for grid‑level peak shaving. This “solar + storage” model effectively addresses the intermittency of solar power, allowing renewables to begin genuinely supporting grid stability.

Application Innovation: Lightweight Solutions and Industrial High‑Temperature Use

In 2024, solar applications expanded far beyond traditional rooftop and ground‑mounted plants, reaching into broader industrial fields.

1. World’s Largest Recyclable Lightweight PV Project Goes Live
In October 2024, the world’s largest recyclable lightweight solar installation was officially commissioned in Genk, Belgium. The project was completed through a collaboration between chemical giant SABIC, energy company ENGIE, and Dutch manufacturer Solarge. Nearly 4,600 special panels were installed on the roof of SABIC’s factory. These panels are glass‑free and extremely lightweight (less than 7 kg/m²), making them ideal for industrial roofs with limited load‑bearing capacity. Moreover, they are 100% recyclable. The project is expected to generate 2,000 MWh of electricity annually, directly reducing carbon emissions at the factory by 800 tonnes.

2. Solar Steam System Enters Industrial Heating
In December 2024, at the “Maritime Silk Road New Energy Innovation Technology Conference” held in Haikou, Hainan, China unveiled an industrial‑scale distributed solar steam system. This technological breakthrough means that solar energy is no longer limited to electricity generation – it can now provide high‑temperature steam directly for industrial processes. The system has already been piloted at a Chinese industrial site, producing steam at a cost of less than CNY 30 per tonne with zero carbon emissions. This offers a new pathway to decarbonise industrial heating, which accounts for a significant share of global carbon emissions.