The Latest Global Solar Industry Statistics Explained
As of 2020, the global solar energy market size was valued at USD 52.5 billion.
The statistic “As of 2020, the global solar energy market size was valued at USD 52.5 billion” indicates the total monetary value of the global market for solar energy products and services in the year 2020. This figure represents the culmination of all revenue generated by companies involved in the solar energy industry, including the production, installation, and maintenance of solar panels, as well as related technologies and services. The value of USD 52.5 billion reflects the increasing adoption of solar energy as a sustainable alternative to traditional energy sources, as well as government initiatives and policies supporting the growth of the renewable energy sector globally. This statistic highlights the economic significance and potential for further expansion of the solar energy market on a global scale.
The global solar energy market is projected to reach USD 223.3 billion by 2026.
The statistic indicates that the global solar energy market is anticipated to grow significantly and reach a value of USD 223.3 billion by the year 2026. This projection suggests a growing interest and investment in solar energy technologies worldwide, driven by factors such as increasing environmental concerns, government initiatives supporting renewable energy sources, and the declining costs of solar energy systems. The growth of the solar energy market highlights a shift towards more sustainable and cleaner energy sources to meet the global energy demand while reducing greenhouse gas emissions and combating climate change.
The International Energy Agency expects solar energy to play the biggest role in supplying the world’s additional electricity needs over the next decades, more than wind, hydro or nuclear power.
The statistic indicates that according to the International Energy Agency, solar energy is projected to have the greatest impact in meeting the growing global electricity demands in the coming years, surpassing other renewable energy sources like wind, hydro, and nuclear power. This means that solar energy technologies are anticipated to be the primary driver in expanding electricity generation capacity worldwide, highlighting the growing significance and potential of solar power in the transition towards more sustainable and environmentally friendly energy sources. The forecast suggests that solar energy will be a key player in the future energy landscape, contributing significantly to meeting increasing electricity needs while reducing reliance on fossil fuels and mitigating climate change impacts.
In 2019, 115 GW of solar PV were installed worldwide.
The statistic “In 2019, 115 GW of solar PV were installed worldwide” indicates the total global capacity of solar photovoltaic (PV) installations added in the year 2019. This figure represents the combined amount of electricity that could be generated by all the newly installed solar PV systems around the world during that year. The installation of 115 GW of solar PV reflects a significant growth in the adoption of solar energy as a renewable energy source and demonstrates an increasing global emphasis on transitioning towards cleaner and more sustainable energy sources to combat climate change and reduce reliance on fossil fuels.
The cost of solar PV power has reduced by 81% since 2010, making it more affordable.
This statistic indicates that the cost of solar photovoltaic (PV) power has significantly decreased by 81% since 2010, highlighting a substantial drop in the expenses associated with adopting solar energy technology. The sharp reduction in costs suggests that the upfront investment required for installing solar panels and generating electricity from sunlight has become increasingly more affordable for individuals, businesses, and governments alike. This cost reduction is likely attributed to advancements in technology, economies of scale in production, and supportive government policies incentivizing the adoption of renewable energy sources. As a result, the declining cost of solar PV power has made it a more attractive and feasible option for transitioning towards sustainable and clean energy solutions, potentially paving the way for a significant increase in solar energy adoption in the future.
By 2050, solar power could provide more than a quarter of the world’s electricity.
The statistic suggests that by the year 2050, solar power has the potential to play a significant role in meeting global electricity needs, with the possibility of providing over 25% of the world’s total electricity generation. This forecast indicates a substantial shift towards renewable energy sources, reflecting growing interest and investment in solar technology. Achieving this milestone would have significant implications for reducing carbon emissions and combating climate change, as solar power is a clean and sustainable energy alternative to traditional fossil fuels. The projection underscores the increasing importance of transitioning to renewable energy sources to meet growing energy demands while mitigating environmental impacts.
In 2020, the solar power industry employed about 3.8 million people globally.
The statistic states that in 2020, the solar power industry employed approximately 3.8 million individuals around the world. This indicates a significant workforce involved in the production and utilization of solar energy, highlighting the industry’s growing importance in the global economy. The large number of people employed in the solar power sector reflects the increasing interest and investment in renewable energy sources as a means to combat climate change and reduce reliance on fossil fuels. The statistic further underscores the potential for job creation within the renewable energy sector, supporting economic growth while contributing to a more sustainable and environmentally friendly future.
Solar power makes up around 2.3% of global power generation.
This statistic signifies that solar power contributes approximately 2.3% to the overall electricity generation globally. This proportion reflects the relatively small share of solar power compared to other sources of electricity such as fossil fuels, nuclear, and wind power. The growth of solar power generation has been notable in recent years due to advancements in technology, decreasing costs, and increasing awareness of the importance of renewable energy sources to combat climate change. While the percentage may seem relatively low at present, the trend towards greater adoption of solar power indicates a promising future for the expansion of this clean and sustainable energy source in the global energy mix.
It’s estimated that solar power could avoid up to 6 billion tonnes of CO2 emissions annually by 2050.
This statistic projects the potential impact of utilizing solar power technology as a sustainable alternative to traditional energy sources on reducing carbon dioxide (CO2) emissions by the year 2050. The estimate suggests that if solar power is widely adopted and integrated into global energy infrastructure, it could prevent the release of up to 6 billion tonnes of CO2 into the atmosphere each year. This reduction in CO2 emissions is significant in the fight against climate change as CO2 is a greenhouse gas that contributes to global warming and its associated negative impacts on the environment and public health. The statistic underscores the importance and potential of solar power in mitigating the effects of climate change and transitioning towards a more sustainable energy future.
Silicon solar cells have an efficiency of about 14-19%, while thin-film solar cells have an efficiency of 10-12%.
This statistic compares the efficiency of silicon solar cells, which typically operate at around 14-19%, to that of thin-film solar cells, which generally have an efficiency of 10-12%. Efficiency in this context refers to the ability of the solar cells to convert sunlight into electricity. Silicon solar cells are more commonly used in the solar industry due to their higher efficiency range compared to thin-film solar cells. Despite their lower efficiency, thin-film solar cells offer advantages such as flexibility and lower production costs, making them suitable for certain applications or situations where space is a constraint. Overall, this statistic highlights the trade-offs between efficiency and other factors when choosing between different types of solar cells for specific applications.
Global investments in solar energy amounted to USD 148.6 billion in 2019.
The statistic ‘Global investments in solar energy amounted to USD 148.6 billion in 2019’ highlights the significant financial commitment towards the development and expansion of solar energy infrastructure on a global scale during that particular year. This figure reflects the growing interest and investments in renewable energy sources, particularly solar power, as a means to combat climate change, reduce carbon emissions, and transition to a more sustainable energy future. The substantial investment in solar energy signifies the increasing recognition of solar power as a key solution in addressing energy security, environmental concerns, and fostering economic growth in various countries worldwide.
Solar PV accounted for 40% of all renewable energy capacity additions in 2019.
In 2019, solar photovoltaic technology saw a significant growth, accounting for 40% of all new renewable energy capacity added during that year. This statistic indicates that solar PV was a key driver of the overall expansion of renewable energy sources in 2019. The increasing adoption of solar PV could be attributed to factors such as declining costs of solar technology, favorable government policies, and growing awareness of the benefits of renewable energy sources in mitigating climate change and reducing greenhouse gas emissions. The prominence of solar PV in the renewable energy sector highlights its importance in the transition towards a more sustainable and cleaner energy future.
The world added a record 138.5 GW of solar capacity in 2020, a 22% increase from the previous year.
The statistic indicates that in 2020, the world experienced a significant growth in solar capacity with an addition of 138.5 gigawatts (GW), marking a 22% increase compared to the previous year. This growth signifies a notable acceleration in the adoption of solar energy as a clean and renewable source of power globally. The increase in solar capacity is a positive trend that aligns with efforts to shift towards sustainable energy solutions and reduce reliance on fossil fuels. The record addition of solar capacity implies a strong and growing commitment to combating climate change and promoting environmental sustainability on a global scale.
The global solar PV module market was valued at USD 32.17 Billion in 2019, and it is projected to reach USD 37.52 Billion by 2027.
The statistic provided indicates the market value of the global solar PV module industry in 2019 was USD 32.17 billion and is projected to increase to USD 37.52 billion by 2027. This suggests a positive growth trend in the market over the forecast period. The increase in market value could be driven by factors such as rising awareness and adoption of solar energy solutions, government incentives and policies promoting renewable energy sources, advancements in technology leading to improved efficiency and cost-effectiveness of solar PV modules. The projected growth in the market value highlights the potential for further expansion and investment opportunities within the solar energy sector.
By 2026, the global solar tracker market is estimated to reach nearly USD 9 billion.
The statistic states that by the year 2026, the global market for solar trackers is projected to grow significantly, reaching an estimated value of close to USD 9 billion. This suggests a growing demand for solar tracking technology, which is used to optimize the efficiency of solar panel systems by orienting them towards the sun throughout the day. The rising adoption of solar energy, driven by factors such as environmental concerns, declining costs of solar technologies, and government incentives, is likely to fuel the expansion of the solar tracker market in the coming years. This statistic underscores the increasing importance of solar energy as a renewable and sustainable source of power in the global energy landscape.
Due to solar energy, CO2 emissions decreased by 721 million metric tons in 2018.
The statistic states that in the year 2018, the reduction of carbon dioxide (CO2) emissions by 721 million metric tons was attributed to the utilization of solar energy. This indicates that the adoption and increased use of solar energy technologies effectively contributed to a significant decrease in the release of CO2, a major greenhouse gas responsible for global warming and climate change. The substantial reduction in CO2 emissions highlights the positive impact of transitioning to renewable energy sources like solar power in combating climate change and achieving environmental sustainability goals.
The world’s solar capacity could reach 8,519 GW by the end of 2050.
This statistic indicates the potential growth of solar energy capacity globally by the year 2050, with an estimated total capacity of 8,519 gigawatts (GW). This forecast suggests a substantial increase in solar energy infrastructure around the world over the coming decades as countries pivot towards cleaner and more sustainable energy sources. The growth in solar capacity aligns with the increasing global awareness and commitment to combat climate change by reducing greenhouse gas emissions and transitioning away from fossil fuels. Achieving this level of solar capacity would signify a significant milestone in the global transition towards renewable energy and a cleaner, more sustainable future.
Conclusion
The global solar industry continues to show impressive growth, with increasing investment, technological advancements, and a shift towards renewable energy sources. These statistics highlight the expanding opportunity and potential for solar energy to play a significant role in the world’s energy mix, paving the way for a more sustainable and environmentally friendly future.
References
0. – https://www.www.iea.org
1. – https://www.www.irena.org
2. – https://www.www.nrel.gov
3. – https://www.www.ren21.net
4. – https://www.www.energy.gov
5. – https://www.www.ipcc.ch
6. – https://www.www.marketsandmarkets.com
7. – https://www.www.alliedmarketresearch.com
8. – https://www.www.grandviewresearch.com
9. – https://www.www.bloomberg.com
10. – https://www.www.fortunebusinessinsights.com
