H. Yoo
Research expert covering South Korea
Solar PV - statistics & facts
Solar photovoltaics is one of the most cost-effective technologies for electricity generation and therefore its use is growing rapidly across the globe. Global solar photovoltaic capacity has grown from around 40 gigawatts in 2010 to approximately 2.2 terawatts in 2024. Only in that last year, installations increased by almost 40 percent. In 2024, cumulative solar PV capacity reached some 886 gigawatts in China alone. Investments in solar photovoltaic energy have grown during the last years and the technology stands out as the most heavily funded renewable energy source.
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 module production. 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 to roughly 10 percent 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 average cost of solar PV systems has greatly decreased during the last few years, and amounted to 691 U.S. dollars per kilowatt in 2024. This has allowed the technology to scale up, with more and more new projects not relying on subsidies and solar investments increasing in the past few years. 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 2025 to 2029, solar PV capacity additions worldwide are forecast to range between roughly 655 and 930 gigawatts annually. In total, the world is expected to have an installed solar capacity of more than six terawatts by that last year, with China being by far the largest solar market.
