GITNUX MARKETDATA REPORT 2024

Must-Know Solar Industry Statistics [Latest Report]

In this post, we will explore a comprehensive set of statistics related to the solar industry, shedding light on key figures that illuminate the rapid growth and impact of solar energy on a global scale. From market valuations and energy generation percentages to employment figures and environmental benefits, these statistics highlight the steady rise of solar power as a major player in the shift towards sustainable energy solutions.

Statistic 1

"The global solar energy market was valued at $52.5 billion in 2018 and is projected to reach $223.3 billion by 2026."

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Statistic 2

"In 2019, solar power generated an estimated 2.7% of the world’s electricity."

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Statistic 3

"As per 2020, China leads the world in solar energy production, with over 250 GW of capacity."

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Statistic 4

"Solar PVs installed for electricity generation reached 708 GW worldwide at the end of 2019."

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Statistic 5

"In the United States, 43% of all new electric capacity added in 2020 came from solar."

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Statistic 6

"India plans to reach 100 GW of solar capacity by 2022."

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Statistic 7

"The solar industry employs more than 230,000 people in the United States."

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Statistic 8

"In 2020, Solar PV module prices have fallen by around 89% since the end of 2010."

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Statistic 9

"Solar power usage saved 73 billion tonnes of CO2 emissions in 2018."

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Statistic 10

"The average installation cost for residential solar panels in the United States is about $2.81 per watt."

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Statistic 11

"Germany is Europe’s biggest market for photovoltaics and produced around 9% of the national power consumption in 2020."

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Statistic 12

"12 US states have installed over 1 gigawatt (GW) of solar capacity as of 2020."

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Statistic 13

"Australia has a solar penetration rate of 29.7%, the highest in the world."

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Statistic 14

"Global floating solar capacity surpassed 1 GW in 2018."

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Statistic 15

"In 2020, the residential solar market in the U.S. installed over 3 GWdc of solar, a 11% increase from 2019."

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The statistics presented reveal a thriving global solar industry with impressive growth projections, increasing adoption rates, and significant contributions to reducing carbon emissions. China and the United States stand out as key players in solar energy production and capacity expansion, while countries like India and Australia are making notable strides in solar adoption. The plummeting costs of solar technology, coupled with the environmental benefits of solar power, highlight the industry’s promising future as a leading renewable energy source globally.

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