China to add over 277 GW of PV installations during 2024

As the world's largest PV market, China added over 277 gigawatts of new PV installations in 2024 . Last year, installations grew at a year-on-year rate of 148%. China thus broke its 2023 record for new PV installations.

World record
China broke its own world record for new photovoltaic (PV) installations last year, according to a statement from China's National Energy Administration (NEA). It added about 277 gigawatts (GW) of solar power, up from 217 GW a year earlier.

By comparison, the largest PV market in Europe last year was in Germany, which added about 17 GW of new PV. Total installed capacity in PV in Germany will reach about 100 GW by the end of 2024.

According to a Bloomberg analysis, just under 600 GW of new PV installations were built worldwide last year . In practice, this means that almost one in two panels was installed in China last year.

The rapid increase in solar capacity also surpassed the December estimate by the China Photovoltaic Industry Association and comes after a difficult year for China's solar industry. This is because oversupply caused huge losses for leading manufacturers.

For the first time ever, China surpassed then-solar powerhouse Germany in new PV installations in 2014. Since then, China has been the world market leader in PV every year.

Slowing growth
The pace of new PV installations in China is likely to slow this year. This is due to delays in grid infrastructure upgrades and limited land availability.

Over the past decade, China's annual installed PV capacity has shown steady growth. In 2023, new PV installations will exceed 200 GW, up 148% from the previous year. However, in 2024, the growth rate of new PV installations slowed to less than 28%, the lowest since 2019.

China is the world's largest air polluter, but continues to transform its energy sector to more environmentally friendly sources. The United States, on the other hand, is pulling out of the fight against climate change, as Bloomberg reported.

China also added 80 gigawatts of wind power last year. The record renewable energy installations mean that China met its original 2030 target six years early.

China's development is thus beginning to contrast with what can be expected from the United States, the world's second-largest greenhouse gas emitter. New President Donald Trump has announced that his country is returning to fossil fuels because they are cheaper. He also announced that the United States is withdrawing from the 2015 Paris climate agreement, which aims to combat global warming.