Mumbai: As midday will peak on the summer solstice today, 21 June 2024, 20 per cent of the world’s electricity will come from solar, up from 16 per cent last year, according to energy think-tank Ember.
Ember added that the US and India are expected to have a similar solar share in June 2024 at 6.9 per cent and 7.1 per cent, respectively, below the global average of 8.2 per cent. The share on average across 2023 was at 5.6 per cent in the US and 5.8 per cent in India.
According to the think-tank, in June, global solar generation typically has a seasonally higher share due to the longer summer days in the northern hemisphere, where it estimates that 89 per cent of the world’s solar panels are installed.
“The share of solar in total electricity generation will reach 8.2 per cent in June 2024, up from 6.7 per cent in June 2023. Across the whole of 2023, solar generated a record 5.5 per cent of global electricity,” it said.
It further added that China, which is the world’s largest solar market, accounted for 36 per cent of global solar generation in 2023.
“China’s share of solar in total electricity generation is expected to reach 9.6 per cent in June 2024, up from 7 per cent in June 2023. On average, for the year 2023, solar’s share in China’s electricity generation was 6.2 per cent,” said Ember.
“Battery costs have collapsed, meaning solar power is already being used in the evening, not just in the daytime. Solar power is the fastest growing source of electricity and will undoubtedly rise to become the biggest source of electricity, and ultimately of energy,” said Kostantsa Rangelova, electricity analyst at Ember.
In the EU, solar share across June is expected to be more than double the global average at 20 per cent, up from 17 per cent in June 2023. On average, for the entire year 2023, the EU’s solar share was 9.2 per cent. For Spain, which has one of the highest solar shares in the EU and the world, the share of solar in June 2024 is expected to be even higher at 30 per cent.
Ember’s analysis shows that there are now 34 economies that generated more than 10 per cent of their electricity from solar in 2023. Although China is by far the biggest installer of solar panels, its share in 2023 was well below this threshold, at 6.2 per cent.
However, 66 per cent of countries still generate less than 5 per cent of their electricity from solar, including many with insolation above the global average. Considering the falling costs and increase in technological efficiency, solar is set to see increased adoption in these countries in the future.
