36 markets to deploy more than 1GW of solar by 2029: Fitch

Facebook
Twitter
LinkedIn
Reddit
Email
Emerging markets such as Vietnam will

Rising demand for green projects in investor portfolios is “broadening the geographic base” of the solar market, with 36 nations set to install more than 1GW of solar by 2029.

That is according to the latest report from Fitch Solutions, which forecasts that countries such as Vietnam, Saudi Arabia and Zambia are all set to rapidly growing their operational solar capacities in the coming years. The consultancy estimates that 36 countries will have each added an additional 1GW of solar capacity by 2029, while 70 will add at least 700MW to the global landscape.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

A total of 49 markets are expected to at least double their capacity to generate solar power within the next decade, with markets such as Saudi Arabia, Zimbabwe and Zambia predicted to see the fastest growth. This, the report said, will come as a result of more favourable energy policies, falling solar component costs, better access to resources and rising interest from investors. A growing number of developers and financial institutions are competing for access to renewable energy projects, and as a result are “broadening the geographic base” for the solar market. Fitch claims that the number of markets with solar capacities over 1GW will rise from 38 in 2020 to 50 by the end of 2029.

More high-profile investments have been made in nascent solar markets over the past 18 months. In August 2019, The US Trade and Development Agency (USTDA) agreed to finance a feasibility study for a 150MW hybrid solar, wind and battery plant in northern Zambia. More recently, the Kingdom of Saudi Arabia’s Private Investment Fund (PIF) raised its stake in developer ACWA Power from 33.4% to 50%, with a view to growing the country’s interests in renewable energy.

Currently one of the most attractive markets for solar investment, the report said Vietnam is predicted to see a net capacity increase of close to 10GW over the course of the decade. The Vietnamese government offers a variety of financial incentives such as feed-in-tariffs (FiTs) and preferential tax and duty levies to encourage foreign investment in its renewables sector. The country’s Power Development Plan for 2021-2030 is due to be published in March, and it is expected to include a major shift to renewable energy sources in the years to come. It is hoped that renewable energy will make up a 15-20% share of Vietnam’s total energy market by 2030, growing to 25-30% by 2045, under targets set out by Vietnam’s Politburo last February.

Fitch Solutions’ report expects the world’s total solar capacity to more than double between now and the end of 2029, topping 1,4041 GW within a decade. Collectively China, the USA and India will be the “key drivers of this global expansion”, it said, accounting for 730GW of additions.

While emerging markets will play a more significant role in the global solar market over the next decade, most of the growth will come from China, which the report said could make up 40% of the entire sector’s capacity growth by 2029. A separate study published by Bloomberg NEF last week claimed that China’s recent pledge to become carbon neutral by 2060 could see the country reach 4.2TW of solar capacity in 30 years time, requiring US$6.4 trillion of investment. Fitch said China will be “by far the most important market to global solar growth”.

Though far behind China in scale, the USA is expected to drive substantial solar energy growth by 2029. The report said that Joe Biden’s inauguration as President next year will kickstart an expansion that could see the USA’s solar power output grow from an estimated 86.8GW in 2020 to 185.3GW by 2029.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

Premium
October 10, 2025
Gaëtan Masson of IEA PVPS warns of overcapacity, collapsing prices and slipping module quality in the new Trends in PV Applications report.
October 10, 2025
NTPC Renewable Energy Limited has signed an MoU with the Government of Gujarat to develop 15GW renewable energy projects in Gujarat.
October 10, 2025
Australia's renewable energy sector recorded its slowest month of the year for additions in September, with 5.8GW of new projects added to development pipelines, according to data from Rystad Energy.
October 9, 2025
The Australian government has announced the results of the fourth Capacity Investment Scheme (CIS) tender, with 6.6GW of renewables awarded long-term contracts.
October 9, 2025
Singapore-based Sembcorp Industries has agreed to acquire ReNew’s 300MW solar power unit in India for around US$246 million.
October 9, 2025
Avaada has inked an MoU with the Gujarat government to develop solar, wind, and BESS worth INR360 billion (US$4.05 billion). 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK