Solar photovoltaics is one of the most cost-effective technologies for electricity generation and therefore its use is growing across the globe. Global
has grown from around five gigawatts in 2005 to approximately 1.6 terawatts in 2023. Only in that last year, installations increased by almost 40 percent. In 2023,
reached some 649 gigawatts in China alone.
has grown during the last years and the technology remains one of the most heavily funded renewable sources.
China's solar PV market
The capacity of newly installed solar PV has continued to steadily grow over the last decades, with China being one of the largest markets for solar cells and modules. China is home to the majority of the
world’s solar module manufacturers. In 2023, the country accounted for almost 85 percent of
solar module production. Although China is the country with the largest solar PV capacity worldwide, the technology contributes only to a small portion of the country's
electricity mix. However, China continues to place a larger focus on moving to clean energy sources and is expected to continue adding solar capacity. Since the industry’s beginnings in the country, China has moved from a small, rural-oriented solar program to one of the largest markets in the world.
Decline in solar energy costs
The
cost of solar PV systems has greatly decreased during the last few years. This has allowed the technology to scale up, with more and more new projects not relying on subsidies. Solar investments are therefore expected to increase greatly. Many companies are now signing renewable
corporate purchase agreements (PPAs) for energy sourcing, with solar usually being the main technology of choice across the world.
Solar energy outlook worldwide
In the last few years, the solar photovoltaic sector has experimented rapid growth. From 2024 to 2028,
solar PV capacity additions worldwide are forecast to range between roughly 544 and 876 gigawatts annually. In total, the world is expected to have an
installed solar capacity of more than five terawatts by that last year, with China being by far the largest solar market.
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Due to varying update cycles, statistics can display more up-to-date
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