- Solar energy accounted for 70% of the new global power capacity in 2024, marking the technology’s strongest growth year.
- The IEEE report highlights that PV generated 6.8% global electricity in 2024 and emphasised the growing importance of battery energy storage systems.
The latest IEEE annual report on solar energy highlights how solar power continues to dominate new electricity generation worldwide. In an upcoming issue of the IEEE Journal of Photovoltaics, the report shows that photovoltaic (PV) systems generated 6.8% of global electricity in 2024. This steady rise reflects how quickly solar power transforms the renewable energy landscape.
The study also emphasises the growing importance of battery energy storage systems (BESS). Unlike traditional pumped hydro storage, BESS offers faster response times and more flexible deployment, helping to stabilise grids and manage the variable output from renewables.
China led the global expansion, installing 278 GW of new solar capacity in 2024, while the United States added 38 GW. Together, these record figures pushed global PV capacity past 2 TW. China alone contributed half of this total. Although coal remains the single largest power source, most new generation now comes from solar installations.
Industrialisation, electrification, and economic growth continue to drive electricity demand. The report adds that artificial intelligence and machine learning push energy needs even higher. Still, fossil fuels remain backup sources to prevent blackouts during the transition phase.
The authors note that renewables have proliferated since 2010, though not fast enough to meet total demand. Even so, the shift is clear. Solar, wind, and hydropower are steadily reshaping the global electricity mix. PV now leads this clean energy transformation, supported by innovation, investment, and policy alignment.
When combined, solar, wind, hydro, and nuclear power generated 40% of global electricity in 2024. Most of this growth came from solar and wind. Hydropower grew slightly, while atomic generation remained stable. Wind and solar output now rival nuclear power and are on track to surpass it within two years.
Energy storage also expanded significantly. Grid-scale BESS capacity reached 126.1 GW worldwide in 2024. China led again with 75.2 GW, followed by the United States with 25.7 GW, and Europe with 11.1 GW. For the first time, the United States had more BESS capacity than pumped hydro, a change expected globally by 2026.
The IEEE report marks 2024 as a milestone year for solar power and energy storage. As electricity demand climbs, PV technology will play an even larger role. With 19 countries generating over 10% of their electricity from solar, the momentum towards a cleaner, more resilient, and sustainable energy future continues to accelerate.