GITNUXREPORT 2025

Solar Industry Statistics

Solar industry skyrockets with 1.2TW capacity, costs down, and global growth surges.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

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Statistic 1

The cost of solar photovoltaic (PV) modules has decreased by over 90% since 2010

Statistic 2

The levelized cost of electricity (LCOE) for solar PV has fallen below $0.04 per kWh in many regions

Statistic 3

Solar power prices in Latin America and the Caribbean are among the lowest in the world, at approximately $0.03 per kWh

Statistic 4

The cost of solar power systems has fallen by more than 70% since 2010, making solar more accessible to residential consumers

Statistic 5

The cost of solar PV modules varies significantly by region, with prices in South Asia being about 20% lower than in Europe as of 2023

Statistic 6

The levelized cost of storage (LCOS) for battery storage projects paired with solar will decrease by approximately 40% over the next five years, making storage more economical

Statistic 7

The median price of residential solar installations in the U.S. declined by 50% between 2010 and 2022, making solar more affordable for consumers

Statistic 8

The average price of solar PV systems in residential settings has decreased by 55% since 2010, driven by technological improvements and economies of scale

Statistic 9

The cost of installing solar panels on existing rooftops has declined by over 50% since 2010, promoting widespread rooftop solar adoption

Statistic 10

China’s solar exports increased by 25% in 2022 compared to 2021, highlighting its dominance in manufacturing

Statistic 11

The global cumulative installed capacity of solar PV systems has created more than 3 million tons of silicon waste since 2010, raising environmental concerns

Statistic 12

Solar manufacturing countries like China, Vietnam, and Malaysia benefit from aggressive trade policies, contributing to over 70% of global production

Statistic 13

Global solar PV capacity reached 1.2 terawatts in 2022

Statistic 14

The solar industry added 200 gigawatts of new capacity globally in 2022

Statistic 15

China installed over 80 gigawatts of solar power in 2022, making it the largest solar market worldwide

Statistic 16

The United States added 18.5 gigawatts of solar capacity in 2022, a new record

Statistic 17

Solar energy accounted for approximately 3.8% of the total electricity generated in the U.S. in 2022

Statistic 18

India installed over 14 gigawatts of solar capacity in 2022, making it the third-largest solar market

Statistic 19

Germany generated about 10% of its electricity from solar power in 2022

Statistic 20

The global cumulative installed solar capacity is projected to reach 2.5 terawatts by 2027

Statistic 21

The solar industry created over 250,000 jobs worldwide in 2022

Statistic 22

Australia added approximately 4.2 gigawatts of solar capacity in 2022, bringing its total to over 20 gigawatts

Statistic 23

In 2022, the global solar markets saw a 40% increase in installed capacity compared to the previous year

Statistic 24

The International Solar Alliance aims to deploy 1,000 GW of solar energy capacity by 2030

Statistic 25

The global installed solar capacity per capita was approximately 0.4 kW in 2022

Statistic 26

The top three countries for solar capacity in 2022 were China, the United States, and India, combined accounting for over 70% of global capacity

Statistic 27

Solar parks with capacities over 1 GW are becoming increasingly common, with over 50 operating worldwide as of 2023

Statistic 28

The average lifespan of solar panels is about 25-30 years, with efficiency gradually decreasing over time

Statistic 29

Bifacial solar panels, which can capture sunlight from both sides, are projected to account for over 30% of total global solar panel shipments in 2023

Statistic 30

Over 4,000 MW of solar capacity was added in Africa in 2022, with Nigeria leading the continent’s growth

Statistic 31

The global installed capacity of floating solar panels exceeds 3 GW as of 2023, with significant growth expected

Statistic 32

Policy incentives and subsidies in countries like China, India, and the US have significantly boosted solar installations, accounting for over 60% of new capacity additions in 2022

Statistic 33

The global solar inverter market size was valued at over $12 billion in 2022 and is expected to grow at a CAGR of around 7% through 2030

Statistic 34

The use of solar energy for industrial applications is growing, with solar-powered industrial parks now in operation in several countries including the UAE and India

Statistic 35

New solar project pipeline surpasses 2,000 GW globally, indicating strong future growth

Statistic 36

The adoption of solar-plus-storage projects is accelerating, with over 10 GW of such integrated systems added globally in 2022

Statistic 37

The growth of solar farms has led to increased land use, with the average land requirement for utility-scale solar being around 7-10 acres per MW

Statistic 38

The global solar industry attracted over $150 billion in investments in 2022, the highest on record

Statistic 39

The global market for solar-powered charger devices is projected to grow at a CAGR of 12% through 2028, driven by mobile device consumption

Statistic 40

The adoption of decentralized solar systems in rural communities has increased, with over 80 million people gaining access to electricity via solar in Africa alone by 2022

Statistic 41

The global energy storage market, heavily linked with solar, is expected to reach a valuation of $45 billion by 2030

Statistic 42

The largest solar power plant in the world, the Bhadla Solar Park in India, has a capacity of over 2,245 MW

Statistic 43

The adoption of bifacial modules is projected to grow at a compound annual growth rate (CAGR) of 15% over the next five years, capturing more market share

Statistic 44

Solar PV capacity installations in Japan increased by 5 GW in 2022, reaching a total of over 70 GW

Statistic 45

The European Union aims to install at least 320 GW of solar capacity by 2025 as part of its climate objectives

Statistic 46

The trend towards agrivoltaics—combining agriculture with solar PV installations—is growing, with over 100 projects worldwide exploring this integration

Statistic 47

Solar-powered desalination plants are increasingly used in water-scarce regions, with over 200 operational projects worldwide as of 2023

Statistic 48

The global solar heating market is expected to grow at a CAGR of 7% through 2030, supporting distributed heating applications

Statistic 49

The share of solar power in global electricity generation is forecasted to reach nearly 10% by 2030, reflecting rapid growth

Statistic 50

Approximately 50 GW of incremental solar capacity is under construction or planned worldwide as of 2023, indicating sustained growth

Statistic 51

The adoption of solar in the transportation sector, such as solar-powered EV charging stations, is expanding, with over 1,500 installed globally in 2022

Statistic 52

The global manufacturing capacity for solar wafers exceeds 300 GW per year, supporting the growing demand

Statistic 53

The renewable energy sector, including solar, is projected to see investments exceeding $500 billion annually by 2025, fueling further growth

Statistic 54

The global solar industry is expected to reach a valuation of $223 billion by 2026

Statistic 55

Solar exports from China accounted for over 90% of the global solar panel exports in 2022

Statistic 56

Solar energy can reduce carbon dioxide emissions by approximately 1.2 gigatons annually worldwide by 2030

Statistic 57

The global market share of solar energy in the renewable energy sector is expected to reach 45% by 2030

Statistic 58

Solar energy can generate enough electricity in a typical residential rooftop system to cover 70-100% of household energy needs, depending on location and system size

Statistic 59

The market for solar-powered off-grid systems in remote regions is growing rapidly, with an estimated 10 million people gaining access to electricity via solar in Africa by 2022

Statistic 60

The average efficiency of commercial solar panels has increased from around 15% in 2010 to over 20% in 2023

Statistic 61

Solar energy technologies are increasingly integrated with smart grids, with over 60% of new utility-scale solar projects incorporating smart grid features in 2023

Statistic 62

Modern solar panels utilize cadmium telluride (CdTe) and perovskite materials, promising higher efficiencies and lower costs in the future

Statistic 63

The deployment of solar integrated with urban infrastructure, such as solar roads and building facades, is increasing, with over 200 projects worldwide as of 2023

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Key Highlights

Global solar PV capacity reached 1.2 terawatts in 2022
The solar industry added 200 gigawatts of new capacity globally in 2022
China installed over 80 gigawatts of solar power in 2022, making it the largest solar market worldwide
The cost of solar photovoltaic (PV) modules has decreased by over 90% since 2010
The levelized cost of electricity (LCOE) for solar PV has fallen below $0.04 per kWh in many regions
The United States added 18.5 gigawatts of solar capacity in 2022, a new record
Solar energy accounted for approximately 3.8% of the total electricity generated in the U.S. in 2022
The global solar industry is expected to reach a valuation of $223 billion by 2026
India installed over 14 gigawatts of solar capacity in 2022, making it the third-largest solar market
The average efficiency of commercial solar panels has increased from around 15% in 2010 to over 20% in 2023
Solar exports from China accounted for over 90% of the global solar panel exports in 2022
Germany generated about 10% of its electricity from solar power in 2022
The global cumulative installed solar capacity is projected to reach 2.5 terawatts by 2027

With global solar capacity surpassing 1.2 terawatts in 2022 and record-breaking installations across the U.S., China, and India, the solar industry is booming—driven by technological advances, plummeting costs, and ambitious international goals that are making solar one of the fastest-growing and most influential sectors in renewable energy.

Cost Trends and Economic Metrics

The cost of solar photovoltaic (PV) modules has decreased by over 90% since 2010
The levelized cost of electricity (LCOE) for solar PV has fallen below $0.04 per kWh in many regions
Solar power prices in Latin America and the Caribbean are among the lowest in the world, at approximately $0.03 per kWh
The cost of solar power systems has fallen by more than 70% since 2010, making solar more accessible to residential consumers
The cost of solar PV modules varies significantly by region, with prices in South Asia being about 20% lower than in Europe as of 2023
The levelized cost of storage (LCOS) for battery storage projects paired with solar will decrease by approximately 40% over the next five years, making storage more economical
The median price of residential solar installations in the U.S. declined by 50% between 2010 and 2022, making solar more affordable for consumers
The average price of solar PV systems in residential settings has decreased by 55% since 2010, driven by technological improvements and economies of scale
The cost of installing solar panels on existing rooftops has declined by over 50% since 2010, promoting widespread rooftop solar adoption

Cost Trends and Economic Metrics Interpretation

Since 2010, the solar industry has undergone a veritable cost revolution—plummeting expenses by over 90%, transforming the sun into an increasingly affordable power source from Latin America to South Asia, with storage costs also poised to drop by 40%, finally giving sustainability an economic edge as clear as the daylight it harnesses.

Manufacturing and Supply Chain Developments

China’s solar exports increased by 25% in 2022 compared to 2021, highlighting its dominance in manufacturing
The global cumulative installed capacity of solar PV systems has created more than 3 million tons of silicon waste since 2010, raising environmental concerns
Solar manufacturing countries like China, Vietnam, and Malaysia benefit from aggressive trade policies, contributing to over 70% of global production

Manufacturing and Supply Chain Developments Interpretation

While China's 25% surge in solar exports underscores its manufacturing dominance, the meteoric rise in silicon waste and the reliance of major producers like China, Vietnam, and Malaysia on aggressive trade policies remind us that even the brightest solar future must grapple with the shadows of environmental and geopolitical challenges.

Market Growth and Capacity Expansion

Global solar PV capacity reached 1.2 terawatts in 2022
The solar industry added 200 gigawatts of new capacity globally in 2022
China installed over 80 gigawatts of solar power in 2022, making it the largest solar market worldwide
The United States added 18.5 gigawatts of solar capacity in 2022, a new record
Solar energy accounted for approximately 3.8% of the total electricity generated in the U.S. in 2022
India installed over 14 gigawatts of solar capacity in 2022, making it the third-largest solar market
Germany generated about 10% of its electricity from solar power in 2022
The global cumulative installed solar capacity is projected to reach 2.5 terawatts by 2027
The solar industry created over 250,000 jobs worldwide in 2022
Australia added approximately 4.2 gigawatts of solar capacity in 2022, bringing its total to over 20 gigawatts
In 2022, the global solar markets saw a 40% increase in installed capacity compared to the previous year
The International Solar Alliance aims to deploy 1,000 GW of solar energy capacity by 2030
The global installed solar capacity per capita was approximately 0.4 kW in 2022
The top three countries for solar capacity in 2022 were China, the United States, and India, combined accounting for over 70% of global capacity
Solar parks with capacities over 1 GW are becoming increasingly common, with over 50 operating worldwide as of 2023
The average lifespan of solar panels is about 25-30 years, with efficiency gradually decreasing over time
Bifacial solar panels, which can capture sunlight from both sides, are projected to account for over 30% of total global solar panel shipments in 2023
Over 4,000 MW of solar capacity was added in Africa in 2022, with Nigeria leading the continent’s growth
The global installed capacity of floating solar panels exceeds 3 GW as of 2023, with significant growth expected
Policy incentives and subsidies in countries like China, India, and the US have significantly boosted solar installations, accounting for over 60% of new capacity additions in 2022
The global solar inverter market size was valued at over $12 billion in 2022 and is expected to grow at a CAGR of around 7% through 2030
The use of solar energy for industrial applications is growing, with solar-powered industrial parks now in operation in several countries including the UAE and India
New solar project pipeline surpasses 2,000 GW globally, indicating strong future growth
The adoption of solar-plus-storage projects is accelerating, with over 10 GW of such integrated systems added globally in 2022
The growth of solar farms has led to increased land use, with the average land requirement for utility-scale solar being around 7-10 acres per MW
The global solar industry attracted over $150 billion in investments in 2022, the highest on record
The global market for solar-powered charger devices is projected to grow at a CAGR of 12% through 2028, driven by mobile device consumption
The adoption of decentralized solar systems in rural communities has increased, with over 80 million people gaining access to electricity via solar in Africa alone by 2022
The global energy storage market, heavily linked with solar, is expected to reach a valuation of $45 billion by 2030
The largest solar power plant in the world, the Bhadla Solar Park in India, has a capacity of over 2,245 MW
The adoption of bifacial modules is projected to grow at a compound annual growth rate (CAGR) of 15% over the next five years, capturing more market share
Solar PV capacity installations in Japan increased by 5 GW in 2022, reaching a total of over 70 GW
The European Union aims to install at least 320 GW of solar capacity by 2025 as part of its climate objectives
The trend towards agrivoltaics—combining agriculture with solar PV installations—is growing, with over 100 projects worldwide exploring this integration
Solar-powered desalination plants are increasingly used in water-scarce regions, with over 200 operational projects worldwide as of 2023
The global solar heating market is expected to grow at a CAGR of 7% through 2030, supporting distributed heating applications
The share of solar power in global electricity generation is forecasted to reach nearly 10% by 2030, reflecting rapid growth
Approximately 50 GW of incremental solar capacity is under construction or planned worldwide as of 2023, indicating sustained growth
The adoption of solar in the transportation sector, such as solar-powered EV charging stations, is expanding, with over 1,500 installed globally in 2022
The global manufacturing capacity for solar wafers exceeds 300 GW per year, supporting the growing demand
The renewable energy sector, including solar, is projected to see investments exceeding $500 billion annually by 2025, fueling further growth

Market Growth and Capacity Expansion Interpretation

With global solar capacity soaring past 1.2 terawatts in 2022—adding 200 gigawatts—countries like China, the US, and India are literally turning sunshine into the world's hottest commodity, while innovations like bifacial panels and solar-plus-storage projects illuminate a future where green energy is no longer just an option but the default, promising both economic opportunities and the urgent shift needed to combat climate change.

Regional and Global Market Outlook

The global solar industry is expected to reach a valuation of $223 billion by 2026
Solar exports from China accounted for over 90% of the global solar panel exports in 2022
Solar energy can reduce carbon dioxide emissions by approximately 1.2 gigatons annually worldwide by 2030
The global market share of solar energy in the renewable energy sector is expected to reach 45% by 2030
Solar energy can generate enough electricity in a typical residential rooftop system to cover 70-100% of household energy needs, depending on location and system size
The market for solar-powered off-grid systems in remote regions is growing rapidly, with an estimated 10 million people gaining access to electricity via solar in Africa by 2022

Regional and Global Market Outlook Interpretation

As the solar industry projects a $223 billion valuation by 2026, with China dominating over 90% of global exports and solar poised to slash 1.2 gigatons of CO₂ annually by 2030, the sun's ascent not only brightens our energy future—potentially powering most residential needs and energizing off-grid regions like Africa—but also underscores a global shift toward a cleaner, more sustainable energy landscape increasingly capturing nearly half of the renewable market share.

Technological Integration and Deployment Applications

The average efficiency of commercial solar panels has increased from around 15% in 2010 to over 20% in 2023
Solar energy technologies are increasingly integrated with smart grids, with over 60% of new utility-scale solar projects incorporating smart grid features in 2023
Modern solar panels utilize cadmium telluride (CdTe) and perovskite materials, promising higher efficiencies and lower costs in the future
The deployment of solar integrated with urban infrastructure, such as solar roads and building facades, is increasing, with over 200 projects worldwide as of 2023

Technological Integration and Deployment Applications Interpretation

As solar panels break free from their 15% roots to top over 20% efficiency, smart grid integration surpasses 60% of new projects, and innovative materials like perovskite promise cheaper, more powerful panels, it's clear that solar energy is no longer just a bright idea but a smart, urban, and cost-effective reality on its way to transforming our power landscape.