The Latest Photovoltaic Industry Statistics Explained
By 2028, the total installed global solar photovoltaic (PV) capacity is projected to reach over 3,000 GW.
The statistic that by 2028, the total installed global solar photovoltaic (PV) capacity is projected to reach over 3,000 GW indicates a significant growth in the use of solar energy worldwide. This projection suggests that countries and industries are increasingly investing in solar PV technology as a sustainable and renewable energy source. Achieving over 3,000 GW of installed capacity by 2028 would represent a substantial milestone in the global transition towards cleaner energy sources and would help reduce reliance on fossil fuels, ultimately contributing to efforts to mitigate climate change. Such growth in solar PV capacity also highlights the ongoing trend towards a more sustainable and environmentally friendly energy landscape on a global scale.
China is the leading country in solar PV capacity, with a capacity of approximately 252 GW in 2020.
The statistic that “China is the leading country in solar PV capacity, with a capacity of approximately 252 GW in 2020” highlights China’s significant position as a global leader in renewable energy infrastructure. With a vast capacity of 252 GW in solar photovoltaic installations alone, China’s commitment to expanding its clean energy sector is evident. This statistic underscores China’s substantial investment in sustainable energy sources and its strategic efforts to reduce carbon emissions and combat climate change. By leading in solar PV capacity, China is setting an example for other countries to follow in transitioning towards a more environmentally-friendly and sustainable energy future.
The United States installed 19.2 GW of Photovoltaically solar capacity in 2020, which is a new record.
The statistic indicates that in the year 2020, the United States saw a record installation of 19.2 gigawatts (GW) of photovoltaically solar capacity. This figure represents the total new capacity added to the solar energy sector in terms of electricity generation. The substantial increase in solar capacity reflects a growing trend towards renewable energy sources and a shift away from traditional fossil fuels. This record installation not only signifies a significant milestone in the country’s transition towards cleaner energy but also demonstrates the potential for continued growth and investment in the solar energy industry in the United States.
By 2024, the global market value of solar photovoltaic systems is estimated to reach $173.5 billion.
The statistic stating that by 2024, the global market value of solar photovoltaic systems is projected to reach $173.5 billion implies significant growth and increasing prominence of solar energy within the global energy market. This suggests a rising demand for solar photovoltaic systems in response to concerns around climate change, energy security, and decreasing costs of renewable energy technologies. The forecasted value reflects the continued shift towards clean energy sources and renewable technologies as nations and industries aim to reduce carbon emissions and transition towards sustainable energy practices. This statistic signals a promising future for the solar photovoltaic industry and underscores the growing importance of solar power in the global energy landscape.
In 2019, Global photovoltaic solar capacity increased by 13.3%.
The statistic that global photovoltaic solar capacity increased by 13.3% in 2019 indicates a substantial growth in the adoption and implementation of solar energy systems worldwide. This percentage increase suggests that there was a significant expansion in the total solar power generation capacity installed globally during that year. Such growth is a positive sign for the renewable energy industry and demonstrates a strong commitment towards transitioning to cleaner and more sustainable sources of electricity. It also reflects the increasing importance placed on reducing carbon emissions and combating climate change by shifting towards renewable energy technologies like solar power.
Solar power accounts for 2.8% of global electricity usage as of 2020.
The statistic that “Solar power accounts for 2.8% of global electricity usage as of 2020” indicates the proportion of total electricity generated worldwide that is produced using solar energy sources by the year 2020. This percentage represents the contribution of solar power towards meeting global electricity demand, with 2.8% of the total consumption being derived from solar panels and solar farms. This implies that solar energy has been increasingly adopted as a source of electricity generation, reflecting the growing awareness and prioritization of renewable energy sources to mitigate climate change and reduce carbon emissions. The statistic highlights the progress made in integrating solar power into the global energy mix, although there remains substantial potential for further expansion and utilization of solar energy technologies in the future to achieve a more sustainable and environmentally friendly energy system.
The PV industry employs more than three million people globally.
The statistic that the PV (photovoltaic) industry employs more than three million people globally highlights the significant role that solar energy has in the global economy and job market. The PV industry involves the production and installation of solar panels to generate renewable energy from sunlight. The employment of over three million people globally suggests strong growth and demand in the industry, as countries and businesses increasingly turn to sustainable energy sources to combat climate change and reduce reliance on fossil fuels. This statistic underscores the importance of renewable energy sectors in creating jobs and supporting economic development worldwide.
The photovoltaic solar sector is the fastest growing in the renewable energy industry, with a growth rate of 22% in 2019.
The statistic “The photovoltaic solar sector is the fastest growing in the renewable energy industry, with a growth rate of 22% in 2019” indicates that the solar energy sector experienced significant expansion in 2019, outpacing other renewable energy sources in terms of growth rate. A growth rate of 22% signifies that the sector increased by 22% compared to the previous year, showcasing substantial progress and interest in solar photovoltaic technologies. This statistic highlights the increasing adoption of solar energy as a viable and sustainable source of power, demonstrating the potential for further growth and development in the renewable energy industry.
Over 50% of global solar PV installations in 2020 occurred in China.
The statistic stating that over 50% of global solar photovoltaic (PV) installations in 2020 occurred in China highlights the dominant role that China played in the global solar energy market during that period. This indicates that China led the way in adopting and installing solar PV systems on a large scale compared to other countries. The high percentage of installations in China underscores the country’s commitment to transitioning towards renewable energy sources, particularly solar power, in order to reduce carbon emissions and combat climate change. This statistic also emphasizes China’s significant influence on the global solar energy industry and its potential to drive further growth and innovation in the renewable energy sector.
California leads the United States in solar PV installation with a capacity of more than 26 GW as of 2020.
The statistic indicates that as of 2020, the state of California has installed the largest capacity of solar photovoltaic (PV) systems compared to any other state in the United States, totaling more than 26 gigawatts (GW). This information highlights California’s strong commitment to renewable energy and sustainability, as solar PV systems generate electricity from sunlight without producing greenhouse gas emissions. The significant installation of solar PV in California not only contributes to reducing reliance on fossil fuels and combating climate change but also signifies the state’s leadership in promoting clean energy solutions.
Solar PV module prices have fallen by around 89% since 2010.
The statistic that solar PV module prices have fallen by around 89% since 2010 indicates a significant and rapid decrease in the cost of solar technology over the past decade. This decline can be attributed to various factors such as advancements in technology, increased efficiency in production processes, economies of scale, and government incentives for renewable energy sources. The sharp reduction in prices has made solar energy more accessible and cost-effective for consumers, businesses, and governments, leading to a widespread adoption of solar power globally. The substantial drop in solar PV module prices has played a crucial role in accelerating the transition towards renewable energy sources and reducing reliance on fossil fuels, ultimately contributing to a more sustainable and environmentally friendly energy landscape.
Europe is expected to reach a total solar PV capacity of 250 GW by 2024.
The statistic indicates that Europe is projected to have a cumulative solar photovoltaic (PV) capacity of 250 gigawatts (GW) by the year 2024. This reflects the rapid growth and adoption of solar energy technology in the region, driven by climate change concerns, government incentives, and declining costs of solar PV installations. Achieving a total capacity of 250 GW would signify a significant milestone in Europe’s transition towards renewable energy sources, potentially leading to reduced greenhouse gas emissions, improved energy security, and greater energy independence.
In 2019, India’s total installed PV capacity was approximately 35.7 GW.
The statistic indicates that in 2019, India had a total installed photovoltaic (PV) capacity of approximately 35.7 gigawatts (GW), which represents the cumulative capacity of solar energy systems that have been installed and connected to the grid in the country. This figure highlights India’s significant progress in adopting solar energy as a key component of its energy mix, showcasing its commitment to renewable energy generation and reducing reliance on fossil fuels. The increase in installed PV capacity demonstrates India’s efforts towards achieving its renewable energy targets and addressing climate change concerns by transitioning towards cleaner and more sustainable energy sources.
The Middle East and North Africa region’s solar PV installed capacity is projected to grow seven-fold by 2030.
This statistic indicates that the installed capacity of solar photovoltaic (PV) energy generation in the Middle East and North Africa region is expected to increase seven times its current capacity by the year 2030. This growth suggests a significant expansion in the adoption of solar energy technology in the region, which could be driven by factors such as decreasing costs of PV installations, government incentives, and the shift towards renewable energy sources to combat climate change. The projection highlights a strong potential for the Middle East and North Africa to harness solar power as a sustainable and environmentally friendly energy source in the coming years, contributing to reducing greenhouse gas emissions and increasing energy security in the region.
The total global cumulative installed capacity of solar PV reached 714 GW in 2020.
The statistic that the total global cumulative installed capacity of solar PV reached 714 GW in 2020 reflects the combined capacity of all solar photovoltaic systems that have been installed across the world up to that point in time. This figure represents the total potential output of these solar energy systems and highlights the significant growth and adoption of solar power as a renewable energy source on a global scale. The increasing capacity indicates the expanding role of solar energy in the transition towards cleaner and more sustainable energy generation, with implications for reducing reliance on fossil fuels and addressing climate change concerns.
Japan ranked third in the world for installed PV capacity in 2020 with a total of 63 GW.
The statistic indicates that Japan held the third position globally in terms of installed photovoltaic (PV) capacity in the year 2020, with a cumulative total of 63 gigawatts (GW) of solar energy generation capacity. This capacity reflects the country’s significant investment and adoption of solar energy technologies as part of its renewable energy strategy. By ranking third in the world for installed PV capacity, Japan demonstrates its commitment towards transitioning to a more sustainable energy system and reducing dependence on fossil fuels. This achievement highlights Japan’s progress in harnessing solar power as a clean and renewable energy source to meet its electricity demands and contribute towards combating climate change.
Australia had 16.3 GW of installed photovoltaic capacity in 2020.
The statistic “Australia had 16.3 GW of installed photovoltaic capacity in 2020” indicates that Australia had a total installed capacity of 16.3 gigawatts (GW) of solar power generation from photovoltaic systems as of the year 2020. This capacity represents the maximum amount of electricity that can be generated from solar panels in ideal conditions. The high level of installed photovoltaic capacity highlights Australia’s significant investment in renewable energy sources and its commitment to reducing carbon emissions and transitioning towards a more sustainable energy system. The figure also suggests that solar energy plays a substantial role in Australia’s overall energy mix and contributes to the country’s efforts to achieve its renewable energy targets.
Brazil increased its installed solar PV capacity by 64% in 2020, reaching 3 GW.
The statistic indicates that in the year 2020, Brazil experienced a significant growth in its installed solar photovoltaic (PV) capacity, specifically by a 64% increase, reaching a total capacity of 3 gigawatts (GW). This considerable increase reflects Brazil’s efforts and investments in expanding its renewable energy infrastructure, particularly in the solar energy sector. The growth in solar PV capacity signifies a shift towards more sustainable and environmentally friendly energy sources, which can help reduce greenhouse gas emissions and combat climate change. This statistic highlights Brazil’s strides towards meeting its renewable energy targets and transitioning to a cleaner and more sustainable energy system.
Globally, new solar PV installation is expected to reach a record 150 GW in 2021.
The statistic indicates that the global solar photovoltaic (PV) industry is projected to experience a significant growth in 2021, with an expected installation of 150 gigawatts (GW) of new solar PV capacity worldwide. This record-breaking figure highlights the increasing adoption of solar energy as a clean and renewable power source on a global scale. The rise in new solar PV installations can be attributed to various factors such as decreasing costs of solar technology, government incentives, environmental concerns, and the growing recognition of the importance of transitioning to sustainable energy sources. This statistic reflects a positive trend towards a more sustainable energy future and contributes to reducing greenhouse gas emissions and combating climate change.
Conclusion
In conclusion, the statistics presented highlight the significant growth and potential of the photovoltaic industry. With the increasing adoption of solar energy globally, the future prospects for the industry look promising. These statistics serve as a valuable tool for policymakers, investors, and industry players to make informed decisions and drive the continued expansion of this sustainable energy sector.
References
0. – https://www.www.iea.org
1. – https://www.www.pv-magazine.com
2. – https://www.www.statista.com
3. – https://www.www.apricum-group.com
4. – https://www.www.globenewswire.com
5. – https://www.www.cleanenergycouncil.org.au
6. – https://www.www.irena.org
7. – https://www.www.prnewswire.com
8. – https://www.www.pv-tech.org
9. – https://www.www.seia.org
