By 2026, the global solar PV pipeline is projected to add 660 GW of new installations, even as utility-scale solar already contributed 5.6% of U.S. electricity generation in 2023. Gladstone Industry statistics also surface a sharper contrast between demand and deployment, including 1,192 TWh of U.S. residential electricity use in 2022 and heat pumps reaching 19 million units shipped worldwide in 2022. Put together, the mix of solar, wind, storage, and electrification signals how quickly the grid is being asked to adapt.
Key Takeaways
- 5.6% of U.S. electricity generation came from utility-scale solar in 2023
- U.S. solar industry added 29.5 GW of solar in 2023 (SEIA)
- Renewables (excluding traditional biomass) accounted for 13.3% of global primary energy consumption in 2022
- The global heat pump market reached 19 million units shipped in 2022
- 19 million heat pumps were shipped globally in 2022
- LCOE for utility-scale solar PV is shown in IRENA’s report with a 2023 estimate of about $0.04/kWh
- IRENA reported that the average annual capacity factor for utility-scale solar PV plants is typically around 15%–25% (depending on geography) and for wind around 30%–45%
- U.S. average solar capacity factor was 24.0% in 2023 (EIA)
- NREL found that geothermal electricity has typical capacity factors of about 70%–100% in the U.S. (NREL studies)
In 2023 solar and wind kept scaling, while battery efficiency gains strengthened the grid’s renewable reliability.
Related reading
01 · Category
Industry Trends2 stats
01
5.6% of U.S. electricity generation came from utility-scale solar in 2023https://www.eia.gov/electricity/annual/html/epa_02_01.html
02
U.S. solar industry added 29.5 GW of solar in 2023 (SEIA)https://www.seia.org/solar-industry-research-data
Interpretation
Industry Trends Interpretation
Industry Trends show that in 2023 utility-scale solar powered 5.6% of U.S. electricity generation while the solar industry added 29.5 GW, underscoring the rapid momentum of solar growth and adoption.
02 · Category
Market Size13 stats
01
Renewables (excluding traditional biomass) accounted for 13.3% of global primary energy consumption in 2022https://www.iea.org/data-and-statistics/charts/share-of-renewables-in-primary-energy-consumption
02
The global heat pump market reached 19 million units shipped in 2022https://www.iea.org/reports/heat-pumps
03
19 million heat pumps were shipped globally in 2022https://www.iea.org/data-and-statistics/charts/heat-pump-shipments-by-technology
04
U.S. net generation from utility-scale solar totaled 63,000 GWh in 2022https://www.eia.gov/electricity/annual/html/epa_04_02.html
05
The global solar PV market is projected to reach 2026 installations of 660 GWhttps://www.irena.org/Publications/2023/Jul/Renewables-2023
06
U.S. residential electricity consumption was 1,192 TWh in 2022https://www.eia.gov/electricity/state/
07
U.S. electricity generation totaled 4,203 TWh in 2022https://www.eia.gov/electricity/annual/
08
The global installed capacity of wind power reached 837 GW in 2022https://www.irena.org/Statistics/View-Data-by-Topic/Capacity-and-Generation/Wind
09
Global installed capacity of solar PV reached 1,371 GW in 2022https://www.irena.org/Statistics/View-Data-by-Topic/Capacity-and-Generation/Solar-PV
10
Global installed capacity of hydropower reached 1,333 GW in 2022https://www.irena.org/Statistics/View-Data-by-Topic/Capacity-and-Generation/Hydropower
11
Global installed capacity of geothermal power reached 15.0 GW in 2022https://www.irena.org/Statistics/View-Data-by-Topic/Capacity-and-Generation/Geothermal
12
Global installed capacity of bioenergy power reached 151 GW in 2022https://www.irena.org/Statistics/View-Data-by-Topic/Capacity-and-Generation/Bioenergy
13
In 2023, U.S. utility-scale wind capacity was 121.3 GW (EIA)https://www.eia.gov/electricity/data/browser/
Interpretation
Market Size Interpretation
The market size signals strong momentum across clean energy as 2022 saw global installed solar PV capacity hit 1,371 GW and wind reach 837 GW, alongside 19 million heat pumps shipped worldwide, underscoring a large and rapidly growing opportunity within the market for renewables and electrification technologies.
More related reading
03 · Category
Cost Analysis1 stats
01
LCOE for utility-scale solar PV is shown in IRENA’s report with a 2023 estimate of about $0.04/kWhhttps://www.irena.org/Publications/2024/May/Renewable-Power-Generation-Costs-in-2023
Interpretation
Cost Analysis Interpretation
From a cost analysis perspective, IRENA’s 2023 estimate places utility-scale solar PV LCOE at about $0.04 per kWh, highlighting how competitive the technology remains on a per-unit electricity cost basis.
04 · Category
Performance Metrics5 stats
01
IRENA reported that the average annual capacity factor for utility-scale solar PV plants is typically around 15%–25% (depending on geography) and for wind around 30%–45%https://www.irena.org/Publications/2012/Jun/RE_Power_Costs_Prospects
02
U.S. average solar capacity factor was 24.0% in 2023 (EIA)https://www.eia.gov/electricity/monthly/
03
NREL found that geothermal electricity has typical capacity factors of about 70%–100% in the U.S. (NREL studies)https://www.nrel.gov/docs/fy15osti/63751.pdf
04
NREL projects utility-scale battery storage can achieve round-trip efficiencies around 80%–90% depending on chemistry (NREL)https://www.nrel.gov/docs/fy21osti/79245.pdf
05
IRENA estimated that grid-scale battery storage systems have a typical round-trip efficiency in the 70%–90% range depending on technology (IRENA)https://www.irena.org/Publications/2019/Oct/The-Role-of-Renewables-in-the-Electricity-Transformation-of-Developing-Countries
Interpretation
Performance Metrics Interpretation
Across these performance metrics, storage and geothermal stand out for sustained output and conversion losses, with geothermal reaching about 70% to 100% capacity factors while battery round trip efficiencies commonly land around 70% to 90% and utility solar typically sits lower at roughly 15% to 25% for capacity factor.
Reference
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APA
Min-ji Park. (2026, February 13). Gladstone Industry Statistics. Gitnux. https://gitnux.org/gladstone-industry-statistics
MLA
Min-ji Park. "Gladstone Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/gladstone-industry-statistics.
Chicago
Min-ji Park. 2026. "Gladstone Industry Statistics." Gitnux. https://gitnux.org/gladstone-industry-statistics.