From rooftop to utility-scale: powering the global solar boom

In the past decade, solar energy has evolved from a niche alternative into one of the fastest growing sources of electricity worldwide. Once limited to rooftop panels and small community installations, solar photovoltaics (PV) are now powering entire cities, industries and national grids. From suburban homes in Germany to sprawling deserts in China, solar is reshaping how the world thinks about energy and the numbers tell a story of unprecedented growth.

As of early 2024, the total installed solar PV capacity worldwide reached approximately 1.6 terawatts (TW), marking a pivotal moment for the renewable energy transition  (Green Energy Stocks). This massive figure represents not only technological progress but also a global commitment to cleaner, more resilient power systems. And with the pace of installations accelerating, 2025 is poised to be another record breaking year.

The scale of the boom

Analysts forecast that global solar PV installations in 2024 fell between 500 and 655 gigawatts (GW), a staggering increase compared to previous years. S&P Global Commodity Insights projected over 500 GW in new installations, while BloombergNEF (via Taiyang News) estimated closer to 592 GW. Some projections even reached as high as 655 GW (PV Tech), a number that would represent more than 40% growth year over year.