GITNUX MARKETDATA REPORT 2024

Must-Know Solar Power Statistics [Recent Analysis]

With sources from: statista.com, seia.org, fortunebusinessinsights.com, irena.org and many more

In this post, we will explore an array of compelling statistics related to solar power, shedding light on its increasing prominence in the global energy landscape. From the significant contributions of solar energy to electricity generation to the latest trends in capacity installations and investments, these statistics showcase the growing significance of solar power as a key player in the transition to renewable energy sources. Let’s dive into the data and uncover the key insights shaping the solar power industry today.

Statistic 1

"In 2020, solar energy provided 3.3% of total worldwide electricity generation."

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Statistic 2

"China is the largest producer of solar power worldwide, with 254.355 GW of capacity in 2020."

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Statistic 3

"US solar industry installed 19.2 GW of capacity in 2020, a 43% increase from 2019."

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Statistic 4

"Solar power accounts for about 4% of electricity production in the United States in 2020."

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Statistic 5

"By 2050, solar power could provide more than 26% of total global electricity production."

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Statistic 6

"The biggest solar farm in the world is the Bhadla Solar Park in India, covering 14,000 acres."

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Statistic 7

"California has the most installed solar capacity among U.S. states, with over 26,000 MW as of September 2020."

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Statistic 8

"It’s expected that by 2022 global solar capacity will reach around 862.66 GW."

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Statistic 9

"Global investment in solar energy was nearly $150 billion in 2020."

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Statistic 10

"Solar PV module prices have fallen by around 90% since the end of 2009."

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Statistic 11

"By 2050, up to 36% of residential buildings could be solar-powered in the U.S."

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Statistic 12

"In Australia, over 2.66 million rooftop solar power systems have been installed as of January 2021."

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Statistic 13

"The production of solar energy in Africa increased approximately from 0.3 terawatt-hours (TWh) in 2010 to 5.4 TWh in 2019."

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Statistic 14

"The global solar market is projected to be worth $223.3 billion by 2026."

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Interpretation

Solar power has seen significant growth and investment worldwide, with key players like China and the United States leading the way in capacity and production. The decreasing cost of solar PV modules has made solar energy more accessible, contributing to its increasing share in global electricity production. Projections suggest that solar power will continue to gain prominence, with estimates indicating it could provide over a quarter of the world's electricity by 2050. The statistics highlight the growing importance and potential of solar energy as a key player in the transition towards more sustainable and renewable energy sources.

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