According to the International Energy Agency (IEA), global solar PV capacity reached a staggering 843 GW (gigawatts) at the end of 2023, with a record-breaking 330 GW added that year alone. This incredible growth has been driven primarily by lower costs. Solar panel prices have also plummeted by over 80% in the past decade, making them increasingly cost-competitive with traditional energy sources.
Many countries are also offering financial incentives like feed-in tariffs and tax breaks, making solar power a more attractive option for homeowners and businesses. Furthermore, growing awareness of climate change and the need for clean energy sources has driven public support for solar energy.
This growth is evident across the globe. China remains the world's leading solar power producer, followed by the United States, the European Union and India. However, significant growth is also being seen in developing countries like Vietnam, Brazil and Morocco. These regions are recognising the immense potential of solar power to meet their growing energy demands and create a more sustainable future. Follow the link to read more:
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