GITNUX MARKETDATA REPORT 2024

Solar Panels Statistics: Market Report & Data

With sources from: saveonenergy.com, thesolarfoundation.org, lookinto.com, usa.gov and many more

Statistic 1

Solar panels contain 60 cells on average.

Statistic 2

The average solar panel payback period is 8 years.

Statistic 3

Solar panels reduce the amount of electricity coming from fossil fuels by an estimated 75 million barrels of oil and 35 million tons of carbon dioxide annually.

Statistic 4

As of 2020, the U.S. has over 97 gigawatts (GW) of solar capacity installed.

Statistic 5

The photovoltaic effect, which is the basis for solar panels, was discovered in 1839 by a French physicist.

Statistic 6

The efficiency of solar panels typically falls between 15 to 20%.

Statistic 7

The Worldwide market for solar panels is expected to grow at a CAGR of roughly 2.5% over the next five years.

Statistic 8

China is the world's largest market for both photovoltaics and solar thermal energy.

Statistic 9

In 2017, California generated 13.4% of its power from solar energy.

Statistic 10

The cost of solar panels has dropped by 70% since 2010.

Statistic 11

Solar Energy provided a record 2.8% of global electricity production in 2019.

Statistic 12

Only about 0.01% of the earth’s land surface would need to be covered by solar panels to power the entire world.

Statistic 13

The global solar panel market size was valued at USD 71.6 billion in 2020.

Statistic 14

There are over 2 million solar PV installations in the USA as of 2019.

Statistic 15

The lifespan of solar panels is typically 25-30 years.

Statistic 16

In 2020, the U.S. solar industry employed 230,000 people.

Statistic 17

By 2050 solar could provide 20% of total electricity worldwide.

Statistic 18

The largest solar power plant in the world is located in the Mojave Desert in California, covering 1000 acres.

Statistic 19

In the last two decades, solar energy use has grown at an annual pace of 20%.

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In this post, we will explore a comprehensive set of statistics related to solar panels, shedding light on various aspects such as their efficiency, market size, environmental impact, and global significance. These statistics offer valuable insights into the growing prominence and potential of solar energy as a sustainable power source.

Statistic 1

"Solar panels contain 60 cells on average."

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Statistic 2

"The average solar panel payback period is 8 years."

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Statistic 3

"Solar panels reduce the amount of electricity coming from fossil fuels by an estimated 75 million barrels of oil and 35 million tons of carbon dioxide annually."

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Statistic 4

"As of 2020, the U.S. has over 97 gigawatts (GW) of solar capacity installed."

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Statistic 5

"The photovoltaic effect, which is the basis for solar panels, was discovered in 1839 by a French physicist."

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Statistic 6

"The efficiency of solar panels typically falls between 15 to 20%."

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Statistic 7

"The Worldwide market for solar panels is expected to grow at a CAGR of roughly 2.5% over the next five years."

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Statistic 8

"China is the world's largest market for both photovoltaics and solar thermal energy."

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Statistic 9

"In 2017, California generated 13.4% of its power from solar energy."

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Statistic 10

"The cost of solar panels has dropped by 70% since 2010."

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Statistic 11

"Solar Energy provided a record 2.8% of global electricity production in 2019."

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Statistic 12

"Only about 0.01% of the earth’s land surface would need to be covered by solar panels to power the entire world."

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Statistic 13

"The global solar panel market size was valued at USD 71.6 billion in 2020."

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Statistic 14

"There are over 2 million solar PV installations in the USA as of 2019."

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Statistic 15

"The lifespan of solar panels is typically 25-30 years."

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Statistic 16

"In 2020, the U.S. solar industry employed 230,000 people."

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Statistic 17

"By 2050 solar could provide 20% of total electricity worldwide."

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Statistic 18

"The largest solar power plant in the world is located in the Mojave Desert in California, covering 1000 acres."

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Statistic 19

"In the last two decades, solar energy use has grown at an annual pace of 20%."

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Interpretation

Solar panels have become a crucial player in the global energy landscape, with significant environmental and economic benefits. The statistics presented paint a compelling picture of the widespread adoption and impact of solar energy. From the efficiency and cost-effectiveness of solar panels to their role in reducing carbon emissions and creating jobs, the data highlights the rapid growth and potential of solar technology. With the increasing market size, improving efficiency, and favorable projections for the future, solar energy is poised to play a pivotal role in the transition towards a more sustainable and renewable energy future.

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