New Delhi, Nov 5 : The global solar capacity is expected to shoot up 5-fold to reach 7,203 GW by 2030 from a level of 1,418.97 GW in 2023 as manufacturing is set to exceed demand making solar energy more affordable, according to the latest World Solar Market Report.

The report forms part of the 3rd edition of the World Solar Report series released by Union Minister Pralhad Joshi at the 7th Assembly of the International Solar Alliance in Delhi.

The newly launched four key reports, namely the World Solar Market Report, the World Investment Report, the World Technology Report, and the Green Hydrogen Readiness Assessment for African Countries each highlight a crucial area in the global shift towards sustainable energy.

The World Solar Market Report points out that in just two decades, global solar capacity has exploded from 1.22 GW in 2000 to an astounding 1,418.97 GW in 2023 - a staggering 40 per cent annual growth rate.

In 2023 alone, 345.83 GW of solar power was added, accounting for three-quarters of all new renewable capacity worldwide.

By the close of 2024, the capacity for global solar manufacturing is projected to exceed 1,100 GW, which is more than twice the anticipated demand for PV panels. Solar cell prices have reached $0.037/watt, while advanced mono TOPCon and mono PERC module prices have fallen below $0.10/watt, indicating a trend towards greater affordability in solar technology, the report states.

The clean energy industry now fuels 16.2 million jobs, with solar leading the charge at 7.1 million'up 44 per cent from 2022's 4.9 million. And a striking 86 per cent of these jobs are concentrated in just 10 countries.

The latest World Investment Report highlights a global shift toward sustainable energy, with energy investments rising from $2.4 trillion in 2018 to $3.1 trillion by 2024. Solar leads renewable energy investments, accounting for 59 per cent of the total, driven by lower costs, with APAC emerging as the top investing region. The World Technology Report showcases advancements in solar technology, emphasising breakthroughs in efficiency, sustainability, and affordability. Highlights include record-setting 24.9 per cent efficiency in solar PV modules, an 88 per cent reduction in silicon usage since 2004, and a 90 per cent drop in utility-scale solar PV costs, fostering resilient, cost-effective energy solutions.

/IANS