By the end of 2023, the world had installed about 1.2 TW of cumulative solar PV capacity, and the rest of the story behind 456 GW of new annual growth and soaring generation shares is just as striking.
Key Takeaways
- 1.2 TW of global solar PV capacity installed by end of 2023 (cumulative total).
- 1,000+ GW of global solar PV capacity surpassed around 2023 (cumulative, utility-scale + distributed).
- ~456 GW of solar PV capacity installed in 2023 globally (net additions).
- 2023 global solar PV module production was about 550–600 GW equivalent (panel manufacturing scale, IEA/IEA-PV consensus).
- 2.8% of global electricity generation was solar PV in 2020; by 2023 it reached 5.3% (Ember trend).
- Solar PV deployment continued to grow year-over-year: 2023 global net additions exceeded 2022 (Ember).
- NREL’s Best Research-Cell Efficiency chart shows record silicon cell efficiencies of 26%+ for single-junction (context on technology cost-through-learning linkage).
- NREL lists >27% efficiency for some advanced multi-junction configurations (benchmark).
- IRENA reports that renewables (including solar PV) have become among the lowest-cost generation sources; utility-scale solar competes with new fossil generation in many markets (reporting cost competitiveness metrics).
- NREL solar degradation rates for crystalline silicon modules commonly fall around ~0.3%/year to ~0.8%/year depending on product class (LBNL/NREL degradation studies).
- P50 degradation assumption in some bankability models corresponds to about 0.5%/year (industry modeling benchmark in NREL/LBNL papers).
- NREL’s PV quality and performance benchmarks include module temperature coefficients typically around -0.3%/°C (common c-Si PV parameter).
In 2023 solar surged to 456 GW of new capacity and 5.3% of global electricity generation.
Market Size
11.2 TW of global solar PV capacity installed by end of 2023 (cumulative total).[1]
Verified21,000+ GW of global solar PV capacity surpassed around 2023 (cumulative, utility-scale + distributed).[1]
Verified3~456 GW of solar PV capacity installed in 2023 globally (net additions).[2]
Verified4Solar accounted for 5.3% of global electricity generation in 2023.[2]
Directional5Solar contributed 8% of global electricity generation growth in 2023 (largest contributor among new sources).[2]
Single source6Solar PV generation reached 2,200 TWh in 2023 globally.[2]
Verified7271 GW of solar PV net capacity additions in China in 2023.[2]
Verified890 GW of solar PV net capacity additions in the United States in 2023.[2]
Verified931 GW of solar PV net capacity additions in India in 2023.[2]
Directional1021 GW of solar PV net capacity additions in Japan in 2023.[2]
Single source1124 GW of solar PV net capacity additions in Germany in 2023.[2]
Verified12Global cumulative solar PV installed capacity reached about 1,338 GW by 2022 end (latest IEA totals).[3]
Verified13IEA reports global solar PV additions averaged roughly 150 GW per year for 2015–2017 and rose sharply afterward; 2022 additions were 230 GW (IEA benchmark figures).[4]
Verified14Solar PV represented 63% of all renewable energy capacity additions globally in 2023 (increased capacity share).[5]
Directional15Renewables added 510 GW in 2023 globally; solar PV was 152 GW of these additions (approx.).[6]
Single source16IRENA’s renewable capacity statistics show solar PV as the largest renewable power technology by new capacity added in multiple recent years.[6]
Verified17In 2023, the EU installed about 41.9 GW of solar PV (annual deployment figure).[2]
Verified18EU solar PV generation reached 190 TWh in 2023.[2]
Verified19Solar is the fastest-growing power generation source globally with 2023 net additions of ~456 GW worldwide.[2]
Directional20Cumulative global solar PV capacity was about 1.4 TW by 2023 (rounded from Ember dataset).[1]
Single source21Japan installed 21 GW solar PV capacity in 2023 (net additions, Ember).[2]
Verified22South Korea installed 6 GW solar PV in 2023 (net additions, Ember).[2]
Verified23Brazil installed 2 GW solar PV in 2023 (net additions, Ember).[2]
Verified24Germany installed about 24 GW of solar PV in 2023 (net additions, Ember).[2]
Directional25United Kingdom solar PV capacity additions were about 2.9 GW in 2023 (Ember).[2]
Single source26Australia solar PV net additions were about 6.2 GW in 2023 (Ember).[2]
VerifiedMarket Size Interpretation
Solar power is rapidly scaling worldwide, with about 456 GW of new solar PV added in 2023 to bring cumulative capacity to roughly 1.2 TW by end of 2023 and make solar account for 5.3% of global electricity generation and 8% of generation growth that year.
Industry Trends
12023 global solar PV module production was about 550–600 GW equivalent (panel manufacturing scale, IEA/IEA-PV consensus).[7]
Verified22.8% of global electricity generation was solar PV in 2020; by 2023 it reached 5.3% (Ember trend).[2]
Verified3Solar PV deployment continued to grow year-over-year: 2023 global net additions exceeded 2022 (Ember).[2]
Verified4Bifacial module share increased to roughly 40%+ of new installations in recent years (industry tracking, BloombergNEF reported).[8]
Directional5IEA forecasts global solar PV capacity to reach 6,400 GW by 2030 in its Net Zero Roadmap scenario (policy-aligned).[9]
Single source6IEA forecasts global solar PV capacity to reach 14,000 GW by 2050 in the Net Zero scenario (policy-aligned).[9]
Verified7IEA’s Stated Policies Scenario projects solar PV capacity of ~3,800 GW by 2030 (forecast).[7]
Verified8IEA’s Stated Policies Scenario projects solar PV capacity of ~8,800 GW by 2050 (forecast).[7]
Verified9IRENA projects solar PV to account for 29% of all renewable power generation by 2030 (Accelerating renewables target).[10]
Directional10IRENA’s World Energy Transitions Outlook reports solar PV and wind will dominate new power capacity, with solar PV leading in many regions.[11]
Single source11IEA reports global solar PV capacity grew from about 76 GW in 2010 to over 1,000 GW by 2023 (cumulative scale-up).[7]
Verified12China produced the majority share of PV modules globally; in recent years, it represented >70% of production capacity (industry data compiled by IEA).[7]
Verified13Global PV supply chain concentration remains high; IEA identifies significant market power along crystalline silicon manufacturing steps.[7]
Verified141.0 GW of new solar PV capacity was installed in Jordan in 2023 (nation-scale example; IEA/Ember country totals vary by definition).[1]
DirectionalIndustry Trends Interpretation
Solar PV is accelerating rapidly, with its share of global electricity rising from 2.8% in 2020 to 5.3% in 2023, while IEA expects capacity to climb from about 1,000 GW in 2023 to roughly 6,400 GW by 2030 under its Net Zero pathway.
Cost Analysis
1NREL’s Best Research-Cell Efficiency chart shows record silicon cell efficiencies of 26%+ for single-junction (context on technology cost-through-learning linkage).[12]
Verified2NREL lists >27% efficiency for some advanced multi-junction configurations (benchmark).[12]
Verified3IRENA reports that renewables (including solar PV) have become among the lowest-cost generation sources; utility-scale solar competes with new fossil generation in many markets (reporting cost competitiveness metrics).[13]
Verified4IRENA documents global average solar PV auction/PPAs with declining costs reaching well below $0.05/kWh in some markets (Renewable power generation costs in 2022).[13]
Directional5IRENA shows solar PV global weighted average investment cost around $1,000/kW for 2022 (capex indicator in cost report).[13]
Single source6IRENA’s 2022 cost report indicates utility-scale solar PV LCOE typically in the range of ~$0.03–$0.06/kWh by technology maturity (sample range).[13]
Verified7IRENA reports solar PV module costs fell significantly over 2010–2020, with major declines since 2017 (technology learning curve).[14]
Verified8IRENA reports global average solar PV investment cost decreased from roughly $5,000/kW (2010 era) to around $1,000/kW (2020 era) (capex learning).[14]
Verified9PV module price index declined from mid-2011 highs; PV insights show substantial year-over-year declines into 2020–2021 (benchmark).[15]
DirectionalCost Analysis Interpretation
Across 2010 to 2022, solar PV’s costs have fallen dramatically, with average investment costs dropping from about $5,000 per kW to around $1,000 per kW and utility-scale LCOE landing roughly in the $0.03 to $0.06 per kWh range, while record silicon single-junction efficiencies now exceed 26%.
Performance Metrics
1NREL solar degradation rates for crystalline silicon modules commonly fall around ~0.3%/year to ~0.8%/year depending on product class (LBNL/NREL degradation studies).[16]
Verified2P50 degradation assumption in some bankability models corresponds to about 0.5%/year (industry modeling benchmark in NREL/LBNL papers).[16]
Verified3NREL’s PV quality and performance benchmarks include module temperature coefficients typically around -0.3%/°C (common c-Si PV parameter).[17]
Verified4IEC 61724 defines performance ratio (PR) used to assess PV system performance; PR values near 0.75–0.90 are typical for well-performing systems (defined and referenced in standards/peer literature).[18]
Directional5Losses from soiling can reduce PV energy yield by a measurable % depending on region; peer-reviewed studies report 5–30% impacts in some dust-prone areas (systematic findings).[19]
Single source6In wind studies, PV capacity factor improvements from tracking can be substantial; single-axis tracking can increase annual energy by ~10–25% over fixed-tilt (peer-reviewed).[20]
Verified7DIP (direct irradiance) improvements yield in concentrator PV can exceed fixed PV in high DNI regions; studies report 10%+ annual yield improvements under optimized designs.[21]
VerifiedPerformance Metrics Interpretation
Across the solar value chain, degradation and performance benchmarks point to material long-term impacts, with crystalline silicon modules commonly declining around 0.3% to 0.8% per year and a P50 model assumption near 0.5% per year, while real-world gains from better conditions such as soiling control and tracking can offset losses through sizable yield improvements like 10% to 25% from single-axis tracking and 5% to 30% in dust-prone regions.
References
- 1ember-climate.org/data/data-explorer/
- 2ember-climate.org/app/uploads/2024/05/Global-Electricity-Review-2024.pdf
- 3iea.org/data-and-statistics/data-products/tracking-clean-energy-progress
- 4iea.org/reports/solar-pv/global-market-outlook
- 7iea.org/reports/solar-pv
- 9iea.org/reports/net-zero-by-2050/solar-pv
- 15iea.org/reports/solar-pv/module-prices
- 5irena.org/publications/2024/Jul/Renewable-energy-statistics-2024
- 6irena.org/publications/2024/Jan/Renewable-Capacity-Statistics-2024
- 10irena.org/publications/2023/Jun/Renewables-Today
- 11irena.org/publications/2024/Feb/World-Energy-Transitions-Outlook
- 13irena.org/publications/2023/Feb/renewable-power-generation-costs-in-2022
- 14irena.org/publications/2020/Jan/Renewable-Costs-in-2020
- 8about.bnef.com/blog/bifacial-modules-share-reaches-record-high/
- 12nrel.gov/pv/cell-efficiency.html
- 17nrel.gov/docs/fy12osti/55464.pdf
- 16emp.lbl.gov/publications/solar-photovoltaic-module-degradation-rate
- 18webstore.iec.ch/publication/2742
- 19sciencedirect.com/science/article/pii/S1364032116300848
- 20sciencedirect.com/science/article/pii/S0038092X17300535
- 21sciencedirect.com/science/article/pii/S0927024811006947