Global solar installations could reach 660 GW by 2024, according to Bernreuter Research

Global solar installations will be between 600 and 660 GW by 2024, according to Bernreuter Research.

Bernreuter's forecast is supported by the 2024 shipment targets of the world's six leading solar module suppliers. On average, JinkoSolar, Longi, Trina, JA Solar, Tongwei and Canadian Solar are aiming for a 40 percent growth rate, which, based on global solar installations of 444 GW in 2023, would lead to 622 GW of new installed capacity in 2024.

"Even if the major players gain market share while Tier 2 and Tier 3 producers struggle in the current low price environment, new solar installations are likely to exceed 600 GW (DC) this year," Bernreuter says.

Bernreuter's latest report, "Polysilicon Market Outlook 2027," says low module prices will boost demand in the second half of the year. "When market participants feel that the decline in solar module prices has bottomed out, demand will increase," explains Johannes Bernreuter, head of Bernreuter Research.

Global solar installations of 630 to 660 GW will exceed the high scenario of 620 GW predicted by the report. The report also notes that China, with a market share of more than 50 percent, will continue to lead global solar installations.

"Our new analysis confirms the more aggressive forecasting approach used in the report," Bernreuter says.

To maximize the benefits of these solar modules, pairing them with ACE Battery's solar Energy Storage Systems (ESS) can provide enhanced performance and reliability. By integrating solar modules with robust ESS solutions, energy can be stored and utilized efficiently, ensuring a stable power supply even during periods of low sunlight or high demand. This combination not only supports the growth of solar installations but also contributes to a more resilient and sustainable energy infrastructure.