GITNUXREPORT 2026

Global Solar Industry Statistics

Global solar power grew dramatically in 2023, setting records for installation and investment.

Rajesh Patel

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

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Key Statistics

Statistic 1

Levelized cost of solar PV fell to $36/MWh globally in 2023.

Statistic 2

Utility-scale solar LCOE averaged $24/MWh in best markets in 2023.

Statistic 3

Residential solar system costs dropped to $2.50/W in US 2023.

Statistic 4

Module prices fell 50% to $0.15/W in 2023.

Statistic 5

BOS costs for utility solar reduced 20% to $0.30/W in 2023.

Statistic 6

Global solar PPA prices hit record low of $15/MWh in 2023.

Statistic 7

Solar IRR for developers averaged 9.5% globally in 2023.

Statistic 8

Payback period for rooftop solar shortened to 5 years in sunny regions 2023.

Statistic 9

Inverter costs declined 15% to $0.08/W in 2023.

Statistic 10

Global solar capacity factor improved to 25% average in 2023.

Statistic 11

Opex for solar PV fell to $10/kW/year globally in 2023.

Statistic 12

Financing costs for solar dropped to 4% weighted average in 2023.

Statistic 13

Utility-scale solar CAPEX reached $0.85/W globally in 2023.

Statistic 14

Module manufacturing costs hit $0.12/W in China 2023.

Statistic 15

Global solar avoided fuel cost savings totaled $50 billion in 2023.

Statistic 16

Jobs created by solar industry reached 5 million globally in 2023.

Statistic 17

Global cumulative solar PV installed capacity reached 1,424 GW by the end of 2023, marking a 22% increase from 2022.

Statistic 18

In 2023, China added 217 GW of new solar PV capacity, accounting for 55% of global additions.

Statistic 19

Annual global solar PV installations hit 447 GW in 2023, up 50% from 298 GW in 2022.

Statistic 20

By Q1 2024, global solar PV capacity exceeded 1.6 TW cumulative.

Statistic 21

Europe installed 61 GW of solar PV in 2023, led by Germany with 14.2 GW.

Statistic 22

The United States reached 177 GW cumulative solar capacity by end-2023.

Statistic 23

India added 23.8 GW of solar capacity in FY 2023-24.

Statistic 24

Brazil's solar capacity grew to 36 GW cumulative by mid-2024.

Statistic 25

Australia installed 14.5 GW of new solar in 2023.

Statistic 26

Japan’s cumulative solar PV capacity stood at 94 GW by end-2023.

Statistic 27

Global solar PV module manufacturing capacity reached 1,000 GW annually by end-2023.

Statistic 28

Vietnam exported 54 GW of solar modules in 2023.

Statistic 29

Southeast Asia's solar capacity additions totaled 20 GW in 2023.

Statistic 30

Utility-scale solar accounted for 62% of global additions in 2023.

Statistic 31

Rooftop solar installations grew 25% globally in 2023 to 120 GW.

Statistic 32

Middle East solar capacity reached 15 GW cumulative by 2024.

Statistic 33

Africa added 3.5 GW of solar in 2023, led by South Africa.

Statistic 34

Global floating solar capacity hit 10 GW by end-2023.

Statistic 35

Bifacial solar modules represented 60% of installations in 2023.

Statistic 36

Global agrivoltaics installations reached 5 GW by 2024.

Statistic 37

Global solar PV market revenue hit $200 billion in 2023.

Statistic 38

Investment in solar PV reached $380 billion globally in 2023.

Statistic 39

China dominated solar investments with $150 billion in 2023.

Statistic 40

Global solar IPOs and M&A deals totaled $50 billion in 2023.

Statistic 41

Venture capital in solar startups reached $10 billion in 2023.

Statistic 42

US solar market grew to $50 billion in 2023.

Statistic 43

Europe solar financing hit €100 billion in 2023.

Statistic 44

Corporate PPAs for solar reached 25 GW globally in 2023.

Statistic 45

Global solar supply chain investments topped $30 billion in 2023.

Statistic 46

India solar investments surged to $15 billion in FY24.

Statistic 47

Bond issuances for solar projects hit $20 billion in 2023.

Statistic 48

Global solar asset finance deals averaged 8% IRR in 2023.

Statistic 49

Tax equity financing in US solar reached $12 billion in 2023.

Statistic 50

Green bonds for solar issuance grew 40% to $40 billion in 2023.

Statistic 51

Global solar EPC market size was $120 billion in 2023.

Statistic 52

O&M services for solar PV generated $15 billion revenue in 2023.

Statistic 53

Global solar storage co-location reached 10 GW in 2023.

Statistic 54

Feed-in tariffs for solar averaged €0.05/kWh in Europe 2023.

Statistic 55

US ITC extended at 30% through 2032 under IRA.

Statistic 56

China's top runner program auctioned 100 GW at RMB 0.24/kWh in 2023.

Statistic 57

India's PM Surya Ghar scheme allocated $10 billion for rooftop solar.

Statistic 58

EU REPowerEU plan targets 600 GW solar by 2030.

Statistic 59

Australia’s Large-scale Renewable Energy Target achieved 90% by 2023.

Statistic 60

Brazil approved 50 GW solar auctions in 2023-2024.

Statistic 61

Japan’s FIT for solar reduced to JPY 10/kWh in 2023.

Statistic 62

South Africa’s REIPPPP Round 5 awarded 6 GW solar.

Statistic 63

Global net metering policies cover 60 countries in 2023.

Statistic 64

UAE’s Mohammed bin Rashid Solar Park policy enabled 5 GW.

Statistic 65

Vietnam’s PDP8 targets 20 GW solar by 2030.

Statistic 66

Global renewable portfolio standards mandate 30% solar average.

Statistic 67

Carbon pricing covered 25 GW new solar in 2023.

Statistic 68

Over 100 countries have solar targets exceeding 20% mix by 2030.

Statistic 69

Global solar R&D funding reached $5 billion public in 2023.

Statistic 70

Perovskite solar cell efficiency hit 34% in lab 2024.

Statistic 71

TOPCon modules dominated with 60% market share in 2023.

Statistic 72

HJT technology shipments reached 50 GW in 2023.

Statistic 73

Global PERC module retirements began at 10 GW in 2023.

Statistic 74

Tandem silicon-perovskite pilots deployed 100 MW in 2023.

Statistic 75

Solar tracker market grew to 40% penetration in utility projects 2023.

Statistic 76

AI-optimized solar forecasting improved yield 5% in 2023.

Statistic 77

Bifacial yield gains averaged 15% in real-world 2023.

Statistic 78

Half-cut cell modules reduced losses to 1% in 2023.

Statistic 79

Global solar-plus-storage deployments hit 25 GW in 2023.

Statistic 80

N-type modules efficiency exceeded 24% commercial in 2023.

Statistic 81

Drone-based solar O&M inspections covered 50 GW in 2023.

Statistic 82

Virtual power plants integrated 10 GW solar in 2023.

Statistic 83

Recycling rates for solar panels reached 95% in Europe 2023.

Statistic 84

Global solar supply chain diversification reduced China share to 80% in 2023.

Statistic 85

Polysilicon production capacity hit 1.2 TW by 2024.

Statistic 86

Wafer thickness reduced to 150 microns standard in 2023.

Statistic 87

Global solar module shipment warranty extended to 30 years.

Sources
Trusted by 500+ publications
Harvard Business ReviewThe GuardianFortune+497
Imagine a power plant the size of a small country coming online every single day—that’s the staggering scale of growth propelling the global solar industry, as evidenced by 2023's record-shattering 447 GW of new installations and a colossal $380 billion in investment.

Key Takeaways

  • Global cumulative solar PV installed capacity reached 1,424 GW by the end of 2023, marking a 22% increase from 2022.
  • In 2023, China added 217 GW of new solar PV capacity, accounting for 55% of global additions.
  • Annual global solar PV installations hit 447 GW in 2023, up 50% from 298 GW in 2022.
  • Global solar PV market revenue hit $200 billion in 2023.
  • Investment in solar PV reached $380 billion globally in 2023.
  • China dominated solar investments with $150 billion in 2023.
  • Levelized cost of solar PV fell to $36/MWh globally in 2023.
  • Utility-scale solar LCOE averaged $24/MWh in best markets in 2023.
  • Residential solar system costs dropped to $2.50/W in US 2023.
  • Feed-in tariffs for solar averaged €0.05/kWh in Europe 2023.
  • US ITC extended at 30% through 2032 under IRA.
  • China's top runner program auctioned 100 GW at RMB 0.24/kWh in 2023.
  • Perovskite solar cell efficiency hit 34% in lab 2024.
  • TOPCon modules dominated with 60% market share in 2023.
  • HJT technology shipments reached 50 GW in 2023.

Global solar power grew dramatically in 2023, setting records for installation and investment.

Cost and Economics

  • Levelized cost of solar PV fell to $36/MWh globally in 2023.
  • Utility-scale solar LCOE averaged $24/MWh in best markets in 2023.
  • Residential solar system costs dropped to $2.50/W in US 2023.
  • Module prices fell 50% to $0.15/W in 2023.
  • BOS costs for utility solar reduced 20% to $0.30/W in 2023.
  • Global solar PPA prices hit record low of $15/MWh in 2023.
  • Solar IRR for developers averaged 9.5% globally in 2023.
  • Payback period for rooftop solar shortened to 5 years in sunny regions 2023.
  • Inverter costs declined 15% to $0.08/W in 2023.
  • Global solar capacity factor improved to 25% average in 2023.
  • Opex for solar PV fell to $10/kW/year globally in 2023.
  • Financing costs for solar dropped to 4% weighted average in 2023.
  • Utility-scale solar CAPEX reached $0.85/W globally in 2023.
  • Module manufacturing costs hit $0.12/W in China 2023.
  • Global solar avoided fuel cost savings totaled $50 billion in 2023.
  • Jobs created by solar industry reached 5 million globally in 2023.

Cost and Economics Interpretation

The solar industry's dizzying plunge in costs from modules to money has transformed it from a pricey experiment into a ruthlessly efficient fuel-saving, job-creating machine that is now printing sunlight into profits faster than ever.

Installed Capacity

  • Global cumulative solar PV installed capacity reached 1,424 GW by the end of 2023, marking a 22% increase from 2022.
  • In 2023, China added 217 GW of new solar PV capacity, accounting for 55% of global additions.
  • Annual global solar PV installations hit 447 GW in 2023, up 50% from 298 GW in 2022.
  • By Q1 2024, global solar PV capacity exceeded 1.6 TW cumulative.
  • Europe installed 61 GW of solar PV in 2023, led by Germany with 14.2 GW.
  • The United States reached 177 GW cumulative solar capacity by end-2023.
  • India added 23.8 GW of solar capacity in FY 2023-24.
  • Brazil's solar capacity grew to 36 GW cumulative by mid-2024.
  • Australia installed 14.5 GW of new solar in 2023.
  • Japan’s cumulative solar PV capacity stood at 94 GW by end-2023.
  • Global solar PV module manufacturing capacity reached 1,000 GW annually by end-2023.
  • Vietnam exported 54 GW of solar modules in 2023.
  • Southeast Asia's solar capacity additions totaled 20 GW in 2023.
  • Utility-scale solar accounted for 62% of global additions in 2023.
  • Rooftop solar installations grew 25% globally in 2023 to 120 GW.
  • Middle East solar capacity reached 15 GW cumulative by 2024.
  • Africa added 3.5 GW of solar in 2023, led by South Africa.
  • Global floating solar capacity hit 10 GW by end-2023.
  • Bifacial solar modules represented 60% of installations in 2023.
  • Global agrivoltaics installations reached 5 GW by 2024.

Installed Capacity Interpretation

The world's solar panels are now generating more than a terawatt of power, as if the sun itself looked at our energy bills and decided to step in with a global, and increasingly Chinese-managed, intervention.

Market and Investment

  • Global solar PV market revenue hit $200 billion in 2023.
  • Investment in solar PV reached $380 billion globally in 2023.
  • China dominated solar investments with $150 billion in 2023.
  • Global solar IPOs and M&A deals totaled $50 billion in 2023.
  • Venture capital in solar startups reached $10 billion in 2023.
  • US solar market grew to $50 billion in 2023.
  • Europe solar financing hit €100 billion in 2023.
  • Corporate PPAs for solar reached 25 GW globally in 2023.
  • Global solar supply chain investments topped $30 billion in 2023.
  • India solar investments surged to $15 billion in FY24.
  • Bond issuances for solar projects hit $20 billion in 2023.
  • Global solar asset finance deals averaged 8% IRR in 2023.
  • Tax equity financing in US solar reached $12 billion in 2023.
  • Green bonds for solar issuance grew 40% to $40 billion in 2023.
  • Global solar EPC market size was $120 billion in 2023.
  • O&M services for solar PV generated $15 billion revenue in 2023.
  • Global solar storage co-location reached 10 GW in 2023.

Market and Investment Interpretation

In a staggering, sun-drenched gold rush, the world isn't just investing in solar power but feverishly constructing an entire financial ecosystem around it, where the ROI is measured in both returns on investment and the planet's future.

Policy and Incentives

  • Feed-in tariffs for solar averaged €0.05/kWh in Europe 2023.
  • US ITC extended at 30% through 2032 under IRA.
  • China's top runner program auctioned 100 GW at RMB 0.24/kWh in 2023.
  • India's PM Surya Ghar scheme allocated $10 billion for rooftop solar.
  • EU REPowerEU plan targets 600 GW solar by 2030.
  • Australia’s Large-scale Renewable Energy Target achieved 90% by 2023.
  • Brazil approved 50 GW solar auctions in 2023-2024.
  • Japan’s FIT for solar reduced to JPY 10/kWh in 2023.
  • South Africa’s REIPPPP Round 5 awarded 6 GW solar.
  • Global net metering policies cover 60 countries in 2023.
  • UAE’s Mohammed bin Rashid Solar Park policy enabled 5 GW.
  • Vietnam’s PDP8 targets 20 GW solar by 2030.
  • Global renewable portfolio standards mandate 30% solar average.
  • Carbon pricing covered 25 GW new solar in 2023.
  • Over 100 countries have solar targets exceeding 20% mix by 2030.
  • Global solar R&D funding reached $5 billion public in 2023.

Policy and Incentives Interpretation

While Europe now treats solar like a mature commodity and the US extends its lavish tax credits, China is ruthlessly driving down prices and the rest of the world is frantically scaling up, proving the energy transition is no longer a hopeful experiment but a global, competitive, and policy-driven race to the finish line.

Technology and Innovation

  • Perovskite solar cell efficiency hit 34% in lab 2024.
  • TOPCon modules dominated with 60% market share in 2023.
  • HJT technology shipments reached 50 GW in 2023.
  • Global PERC module retirements began at 10 GW in 2023.
  • Tandem silicon-perovskite pilots deployed 100 MW in 2023.
  • Solar tracker market grew to 40% penetration in utility projects 2023.
  • AI-optimized solar forecasting improved yield 5% in 2023.
  • Bifacial yield gains averaged 15% in real-world 2023.
  • Half-cut cell modules reduced losses to 1% in 2023.
  • Global solar-plus-storage deployments hit 25 GW in 2023.
  • N-type modules efficiency exceeded 24% commercial in 2023.
  • Drone-based solar O&M inspections covered 50 GW in 2023.
  • Virtual power plants integrated 10 GW solar in 2023.
  • Recycling rates for solar panels reached 95% in Europe 2023.
  • Global solar supply chain diversification reduced China share to 80% in 2023.
  • Polysilicon production capacity hit 1.2 TW by 2024.
  • Wafer thickness reduced to 150 microns standard in 2023.
  • Global solar module shipment warranty extended to 30 years.

Technology and Innovation Interpretation

While lab-born perovskite superstars flirt with a dazzling 34% efficiency, the serious business of powering the planet is being decisively won in the field by TOPCon's market dominance, AI-optimized logistics, and the gritty industrial choreography of slimming wafers, deploying drones, recycling panels, and backing it all up with storage to ensure the sun's work doesn't stop at sunset.

Sources & References

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