As the sun rises on an unprecedented global energy transformation, driven by costs that have plummeted by 89% since 2010 and a staggering 1,424 gigawatts of solar panels now powering our world, the statistics from 2023 reveal an industry accelerating at light speed.
Key Takeaways
- Global cumulative solar PV capacity reached 1,424 GW by the end of 2023
- In 2023, solar PV accounted for 75% of all newly added renewable capacity worldwide at 447 GW
- China installed 217 GW of new solar capacity in 2023, representing 48% of global additions
- Average solar module price fell to $0.11/W in 2023
- Utility-scale solar LCOE dropped 89% since 2010 to $36/MWh globally in 2023
- Residential solar system costs in US averaged $2.56/W in 2023, down 5% YoY
- Global solar global market value reached $237 billion in 2023
- Solar to account for 50% of global electricity growth to 2030
- US solar market expected to grow 25% annually to 2030
- US solar jobs grew 6% to 280,000 in 2023
- Global solar PV manufacturing employment hit 4.5 million in 2023
- US solar installation jobs numbered 150,000 in 2023
- US ITC claimed by 250,000 households annually
- EU REPowerEU targets 600 GW solar by 2030
- China's 14th FYP mandates 1,200 GW renewables by 2025
Solar power dominated new renewable energy growth worldwide in 2023.
Capacity and Installations
- Global cumulative solar PV capacity reached 1,424 GW by the end of 2023
- In 2023, solar PV accounted for 75% of all newly added renewable capacity worldwide at 447 GW
- China installed 217 GW of new solar capacity in 2023, representing 48% of global additions
- The US added 32.4 GW of new solar capacity in 2023, a 51% increase from 2022
- India commissioned 12.2 GW of solar capacity in 2023
- Europe added 59 GW of solar PV in 2023, led by Germany with 14.3 GW
- Australia's solar capacity grew by 4.5 GW in 2023, reaching 33 GW total
- Brazil installed 11.2 GW of distributed solar in 2023
- Japan added 6.9 GW of solar in FY2023
- Utility-scale solar dominated US installations in 2023 with 24.5 GW
- Residential solar installations in the US reached 5.3 GW in 2023
- California led US states with 10.5 GW added in 2023
- Global solar PV module manufacturing capacity hit 1,000 GW annually by end-2023
- Vietnam's solar capacity exceeded 18 GW by 2023
- South Africa added 2.9 GW solar in 2023
- Global rooftop solar capacity surpassed 500 GW in 2023
- Texas installed 7.2 GW solar in 2023, second to California
- Floating solar capacity worldwide reached 15 GW by end-2023
- Europe's solar capacity totalled 263 GW by end-2023
- Global solar additions expected to reach 655 GW in 2024
- US solar capacity totalled 177 GW by end-2023
- China's solar capacity hit 609 GW by end-2023
- Global bifacial solar modules accounted for 65% of shipments in 2023
- Morocco added 1.2 GW solar in 2023
- Global solar trackers installed capacity reached 100 GW by 2023
- Florida added 2.8 GW solar in 2023
- Global perovskite tandem solar cell efficiency record hit 33.9% in lab
- UAE's solar capacity reached 5 GW by end-2023
- Community solar in US grew to 7 GW by 2023
- Global solar PV capacity expected to triple to 4.7 TW by 2030
Capacity and Installations Interpretation
The solar industry’s staggering expansion is no longer just a bright spot but a blinding reality, with global capacity soaring to 1.4 terawatts and China nearly installing half of last year’s record additions, proving that the future’s foundation is being built on panels and political will, whether the old guard likes it or not.
Cost Reductions
- Average solar module price fell to $0.11/W in 2023
- Utility-scale solar LCOE dropped 89% since 2010 to $36/MWh globally in 2023
- Residential solar system costs in US averaged $2.56/W in 2023, down 5% YoY
- Global polysilicon prices declined 85% in 2023 to $8/kg
- Balance of system costs for solar fell 3% globally in 2023
- US utility-scale solar PPAs averaged $24/MWh in 2023
- Solar inverter costs dropped to $0.08/W in 2023
- Global solar EPC costs averaged $0.85/W for utility-scale in 2023
- Module prices in Europe hit €0.10/W in late 2023
- US residential solar incentives reduced effective cost by 30% in 2023
- Crystalline silicon module efficiency reached 23.3% average in 2023
- Global solar BOS costs declined 15% from 2022 to 2023
- Utility-scale solar O&M costs averaged $10/kW-year in US 2023
- Solar tracker costs fell to $0.12/W globally in 2023
- India solar module prices dropped to ₹15/W in 2023
- Global n-type TOPCon module prices at $0.105/W end-2023
- US commercial solar costs $1.92/W DC in 2023
- Solar battery storage LCOE fell 20% to $150/MWh in 2023
- PERC module prices crashed 50% YoY to $0.12/W in 2023
- Global solar financing costs averaged 4.5% in 2023
- Utility-scale solar capacity factor improved to 25.1% in US 2023
- Bifacial module premium dropped to 5% over mono PERC in 2023
- Global wafer prices fell 70% to $0.09/W in 2023
- US ITC extended to 30% through 2032 reduced costs further
- Solar glass costs declined 10% to $3.5/m² in 2023
- Global solar LCOE now 85% below fossil fuels unsubsidized
- Residential solar payback period averaged 6.3 years in US 2023
Cost Reductions Interpretation
While the sun may still be free, the price of catching it has finally dropped to the point where it feels like we're practically stealing sunlight, making fossil fuels look like overpriced candles at a blackout.
Employment and Manufacturing
- US solar jobs grew 6% to 280,000 in 2023
- Global solar PV manufacturing employment hit 4.5 million in 2023
- US solar installation jobs numbered 150,000 in 2023
- China employs 3.8 million in solar manufacturing alone
- India solar jobs reached 300,000 by 2023
- California's solar workforce at 110,000 jobs in 2023
- Global solar O&M jobs grew 15% to 500,000 in 2023
- US manufacturing jobs in solar doubled to 40,000 since IRA
- Vietnam solar manufacturing employs 100,000 workers
- Europe solar jobs total 800,000 in 2023
- Texas solar jobs up 20% to 25,000 in 2023
- Global solar supply chain jobs at 6 million including indirect
- Australia solar employment reached 30,000 in 2023
- US women in solar workforce 45% in 2023
- Brazil solar jobs hit 100,000 in 2023
- Solar R&D jobs globally at 50,000 professionals
- Southeast Asia solar manufacturing jobs to 500,000 by 2025
- US apprenticeships in solar grew 25% to 10,000 in 2023
- Global BIPV manufacturing employs 20,000
- Morocco solar projects created 10,000 local jobs
- US solar veterans employed 15% of workforce
- India module manufacturing jobs up 50% to 50,000
- Global solar EPC firms employ 2 million
- Florida solar jobs 20,000 in 2023
- Solar recycling jobs emerging at 5,000 globally
- US Latino workers 30% of solar installers
- Global solar training programs reached 1 million workers
- UAE solar projects employed 20,000 locals
- Solar to create 20 million jobs globally by 2030
Employment and Manufacturing Interpretation
While the U.S. is strategically rebuilding its solar manufacturing muscle, the global race for energy dominance is being decisively won on factory floors in China and across Asia, where the sheer scale of employment reveals that the panels powering our future are being forged there.
Market Growth and Projections
- Global solar global market value reached $237 billion in 2023
- Solar to account for 50% of global electricity growth to 2030
- US solar market expected to grow 25% annually to 2030
- Global solar capacity to reach 4,500 GW by 2030 per IEA
- China's solar market projected at 300 GW annual additions by 2025
- Europe solar market to install 50 GW/year through 2030
- India solar capacity forecast to hit 300 GW by 2030
- Global solar investments to exceed $500 billion annually by 2025
- US residential solar market to grow to 20 GW/year by 2030
- Utility-scale solar to dominate 80% of US additions to 2030
- Global distributed solar to reach 1 TW by 2030
- Brazil solar market projected 25 GW/year post-2025
- Australia to triple solar capacity to 100 GW by 2030
- Southeast Asia solar growth at 30% CAGR to 2030
- Global solar module demand to hit 700 GW in 2024
- US community solar to grow to 20 GW by 2026
- Middle East solar capacity to 100 GW by 2030
- Global CSP market to reach 10 GW by 2030
- Vietnam solar exports to drive market to 50 GW by 2030
- Global solar + storage hybrid projects to 500 GW by 2030
- EU solar self-consumption market up 40% in 2024 projection
- Global floating solar to 40 GW by 2028
- US solar exports reached $5 billion in 2023
- Africa solar off-grid market to $10 billion by 2030
- Global agrivoltaics market growth to 15 GW/year by 2030
- Solar to supply 25% of global electricity by 2050
Market Growth and Projections Interpretation
The sun is no longer just rising but actively colonizing our energy grid, with a staggering global market value of $237 billion in 2023, and its relentless expansion across every continent—from the massive scale in China and the United States to innovative hybrids and floating farms—forecasts nothing less than our planet's dominant, and perhaps most sensible, power source by mid-century.
Policy and Incentives
- US ITC claimed by 250,000 households annually
- EU REPowerEU targets 600 GW solar by 2030
- China's 14th FYP mandates 1,200 GW renewables by 2025
- US IRA allocated $370 billion for clean energy including solar
- India's PM Surya Ghar scheme for 1 crore rooftop solar
- Australia's LGC scheme drove 33 GW solar deployment
- Germany's EEG feed-in tariff supported 70 GW solar
- Brazil's ProGD auctions awarded 20 GW solar
- Japan's FIT revised to 10 yen/kWh for solar
- South Africa's REIPPPP Round 5 adds 6 GW renewables
- Vietnam PDP8 targets 47 GW solar by 2030
- EU Net-Zero Industry Act boosts solar manufacturing
- US PTC for solar extended under IRA
- Morocco's 52% renewables target by 2030 includes 20 GW solar
- UAE Energy Strategy 2050: 50% clean energy
- California's SGIP incentives 1 GW storage with solar
- Global 7,000 GW renewables pledge by 2030 at COP28
- Texas RPS requires 10% renewables, boosting solar
- India's 500 GW non-fossil by 2030 policy
- EU Solar Strategy aims 40% PV self-sufficiency
- New York VDER program rewarded 6 GW solar + storage
- Global net metering policies cover 1 billion people
- Chile's Law 20.698 mandates 20% renewables by 2025
- Saudi Vision 2030: 50 GW renewables by 2030
- Florida net metering supports 10 GW rooftop solar
- IRENA Tripartite Summit calls for solar policy alignment
- US DOE Loan Programs funded $10B solar projects
Policy and Incentives Interpretation
The world has issued a collective and astonishingly well-funded "hold my beer" to the sun, transforming a niche technology into the planet's default power plant through a relentless barrage of tax credits, mandates, and audacious national targets.
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