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| 1 minute read

Woodmac: three predictions for the global solar industry in 2024

As the solar industry matures, it's natural that it's growth curve will start to level out. Although specific market conditions are affecting growth trajectories in different regions. One major factor affecting solar growth in Europe and now to an extent in China is that grid infrastructure capacity and investments are not keeping up with the huge demand of new solar projects.

This Wood Mackenzie report also highlights the time lag for the market to respond to the US's IRA. New solar module manufacturing facilities take time to come online and as incentives to build projects are still unclear, the pipeline for contracted projects has decreased. Over time this is sure to reverse and the full benefits of the scheme will be realised.

With huge oversupply of Chinese solar modules, prices fell to record levels in 2023. With China's manufacturing capacity now at close to three times the global demand, we'll continue to see low utilising rates creating issues for many manufacturers. 

2024 will surely be another fascinating year for the solar industry with so many moving parts. As the industry matures, it continues to play a vital role in our path to net-zero. If you're looking to add senior talent to your solar team, please reach out to me, Laura Sottosanti or one of our team. 


In a new study Three predictions for global solar in 2024, Michelle Davis, head of global solar at Wood Mackenzie, named three predictions for the global solar industry in 2024, including the shift from a high-growth industry to a slower-growing yet mature industry, the materialisation of the Inflation Reduction Act (IRA), and solar manufacturing companies’ struggle to remain a going concern.


cleantech, climate tech, renewable energy, solar, grid