Global Solar Photovoltaic Industry – Statistics and Facts

Konrad Wolfenstein

6 years ago

Statistics and Facts / Solar PV – Statistics & Facts

Global solar photovoltaic industry – Image: ra2 studio|Shutterstock.com

Global photovoltaic (PV) solar capacity increased from approximately five gigawatts in 2005 to approximately 509.3 gigawatts in 2018. In Germany alone, the cumulative installed PV capacity reached around 42.4 gigawatts. The value of the solar power market is expected to continue growing rapidly. Solar energy technologies remain one of the most heavily financed renewable energy sources.

The capacity of newly installed photovoltaic (PV) solar power plants has grown steadily over the past few decades, with China being one of the largest markets for solar cells and modules. In 2017, nine of the world's top ten solar module manufacturers were based in China. The country's share of globally installed photovoltaic capacity reached 54.1 percent in recent years. At that time, PV solar capacity accounted for only about one percent of the country's energy production. However, China continues to place greater emphasis on transitioning to clean energy sources and is expected to continue building solar capacity. Since the industry's inception, China has grown from a small, rural-oriented solar program to one of the world's largest markets. The market likely originated largely in the late 1990s, when demand for solar modules began to increase in Germany.

Despite its rapid global growth, the number of solar installations in China has declined largely due to a reduction in feed-in tariffs. The cost of PV solar modules continues to fall in international markets. Therefore, weaker demand and prices could put some solar companies under significant pressure. The election of Donald Trump is likely to alter the regulatory environment of the solar energy industry, which could have global repercussions.

Global solar photovoltaic capacity has grown from around five gigawatts in 2005 to an approximately 509.3 gigawatts in 2018. Cumulative solar PV installations reached some 42.4 gigawatts in Germany alone. The value of the solar power market is expected to continue growing quickly. Solar energy technologies remain one of the most heavily funded renewable sources.

The capacity of newly installed solar PV has continued to grow steadily over the last decades, with China being one of the largest market for solar cells and modules. China was home to nine of the world's ten leading solar module manufacturers in 2017. The country's share of the global installed photovoltaic capacity reached 54.1 percent in recent years. At this time, solar PV capacity only accounted for about one percent of the country's energy output. However, China continues to place a larger focus towards 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. The market may have largely emerged in the late 1990s when demand for solar panels in Germany began to rise.

Despite its rapid rise globally, the number of solar installations in China has decreased largely due to a reduction in feed-in tariffs. The cost of solar PV modules continues to decrease in international markets. Thus, weaker demand and prices may put heavy pressure on some solar companies. The election of Donald Trump will likely alter the regulatory environment of the solar energy industry which may cause repercussions across the world.