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Top 5 Solar Industry Trends for 2024

Updated: Dec 11, 2023

The solar industry continues to shine as one of the world's fastest-growing sectors, with a promising trajectory expected well into 2024 and beyond. This impressive growth is underpinned by several key factors, including diminishing costs, increased government support, and a burgeoning global appetite for clean, sustainable energy sources.

As of today, the global solar PV installation has exceeded 1000 GW, with an annual growth of over 200GW. So, what does the radiant future of solar energy hold in store for us in the year 2024?

Here are the top five solar industry trends to keep a close eye on in 2024:

1. The Continued Growth of Rooftop Solar

SolarPower Europe, the Global rooftop PV additions soar by 50% to 118 GW in 2022. The segment is poised to maintain its position as the solar industry's fastest-growing sector in 2024. This momentum is driven by several pivotal factors:

  • Cost Reduction in Solar Panels: Recent years have witnessed a significant drop in the cost of solar panels, rendering rooftop solar installations more financially accessible for homeowners and businesses alike.

  • Diverse Solar Financing Options: A multitude of solar financing alternatives are now available, simplifying the process for individuals to embrace rooftop solar energy.

  • Electric Vehicle Synergy: With the surge in popularity of electric vehicles, rooftop solar installations have found a new purpose—charging EVs. This synergy is creating an emerging market for rooftop solar applications.

This surge is predominantly fueled by robust demand from both residential and commercial sectors.

2. The Community Solar Boom

Community solar initiatives, enabling groups of individuals to share the benefits of solar power without installing panels on their own properties, are set to experience rapid expansion in 2024. Offering affordability and accessibility, community solar projects are typically managed by third-party companies. Subscribers pay a monthly fee and receive solar credits on their electricity bills, based on the project's electricity production.

3. The Surge of Solar Energy Storage

Solar energy storage systems, capable of storing excess solar energy for nighttime or cloudy days, are predicted to experience significant growth in 2024. These systems enhance the reliability and affordability of solar power, offering benefits such as reduced energy bills, improved energy security, and backup power during outages.

According to Mordor Intelligence, The energy storage market size is expected to grow from USD 44.70 billion in 2023 to USD 87.24 billion by 2028, at a CAGR of 14.31%, driven by robust demand from both residential and commercial sectors.

4. Solar-Powered Electric Vehicles on the Rise

The popularity of electric vehicles (EVs) continues to soar, and solar power's role in charging them is set to create a burgeoning market in 2024. Solar-powered EVs contribute to reduced greenhouse gas emissions and more sustainable transportation options. The increasing affordability of solar-powered EVs makes them increasingly accessible to consumers.

In 2022, the global electric vehicle market reached 10 million vehicles, and it is expected to grow to 15 million vehicles by 2024, driven by strong consumer and government demand.

5. The Rise of Perovskite Solar Cells: A Potential Solar Revolution

Perovskite solar cells are emerging as a groundbreaking new technology with the promise of heightened efficiency and reduced costs compared to traditional solar cells. These innovative cells are crafted from a material known as perovskite, a blend of lead, iodine, and methylammonium.

While still in the early stages of development, perovskite solar cells have already made waves in the lab, achieving record-breaking efficiencies. In 2021, researchers at the University of Oxford reported an astonishing efficiency of 29.52%—surpassing all other existing solar cell types at that time.

The potential of perovskite solar cells extends further as researchers explore combinations with other solar cell technologies. A particularly promising pairing involves perovskite solar cells and Heterojunction (HJT) solar cells. Experts are optimistic that perovskite-HJT solar cells could eventually exceed efficiencies of 30%, positioning them as the most efficient solar cell type available.

Beyond their efficiency, perovskite solar cells offer a range of advantages over traditional counterparts. They are lighter, more flexible, and less costly to manufacture.

One of the main challenges facing perovskite solar cells is their stability. Perovskite solar cells can degrade when they are exposed to sunlight and moisture. However, researchers are working on improving the stability of perovskite solar cells.

Despite these hurdles, the potential for perovskite solar cells to revolutionize the solar industry cannot be underestimated. They have the capacity to make solar power more affordable and accessible, ultimately paving the way for a cleaner and more sustainable energy future.

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