Solar Energy Statistics By Job Creation, Production, Revenue and Facts

Introduction

Solar Energy Statistics: In 2024, solar energy is still one of the renewable energies that is growing at the fastest rate. The installed and operational capacity of solar energy is also enjoying unprecedented expansion due to technology, more investment, and government policies.

This article provides key statistics on the state of solar energy in 2024. The solar energy statistics cover global market size, investments, installation capacity, regional leaders, and projections.

Editor’s Choice

• In 2024, the solar energy statistics expected that solar energy-based electricity generation will reach 1.30 trillion kilowatt-hours (kWh) with a certain generated increase of 7.31% compound annual growth rate (CAGR) over the years 2024 to 2029.
• Solar photovoltaics, which are cheaper to install, are becoming very common across the globe, thus leading to a fast increase in solar power capacity worldwide.
• Between 2005 and 2023, for instance, the global installed solar photovoltaic capacity increased from around five gigawatts to approximately 1.6 terawatts, while last year alone, installations increased by nearly 40%.
• Solar energy statistics reveal that the share of solar energy consumption out of the total energy consumed in the country is estimated at 1.8% in the United States.
• In the United States, solar energy production accounts for 3.4% of the total electricity generation.
• In 2018, coal power plants supplied only about 0.63% of the total electricity generated in the world. It is estimated that the share will increase to about 1.05% in 2023, with increasing expectations of the share growing to about 1.85% in 2029.
• In regard to this trend, one can draw its explanation from future growth potential in capacity and technology development available as well as policies in most countries promoting renewable energy.
• Solar energy statistics indicate that the highest solar photovoltaic market shares had a steady growth in the revenue figures from 2018 to 2022, i.e., for above USD 250 million, revenues were from the companies.
• For example, Duke Energy’s revenue rose from USD 24.52 billion to USD 28.77 billion over the given period, except in 2020, when there was a downturn due to the outburst of the COVID-19 virus. Growth was also recorded by American Electric Power and Brookfield Renewable Power as their respective revenues increased to USD 19.68 billion and USD 4.78 billion in 2022.
• Fresh solar companies such as Scatec and Heliogen have been smaller yet had growth. The new installation market for solar photovoltaic power capacity will be led by China, which will have a total of 649 megawatts of installed capacity by 2023. This will be made possible through tremendous subsidies and investments.
• The annual installed capacity of solar photovoltaic (PV) systems worldwide crossed 1.6 trillion watts in 2023 from a mere 2.6 gigawatts in 2003, with the leading countries being China, USA, Vietnam, Japan and Germany. O and M of solar PV systems include solar modules, which are made of silicon cells of two types: polycrystalline and monocrystalline.
• The introduction of policies and a decrease in costs because of technology has resulted in a dramatic shift of most production activities to Asia, allowing more people to use solar energy.
• Solar energy statistics show that as of 2023, solar energy contributed 5.5% of the total electricity generation worldwide, increasing from 4.6% in the year 2022.
• Together, wind and solar power made up roughly 12% of the overall production of electricity in the world as of the year. Over the years, investments made in these technologies and activities in their development have raised these figures even more, and they indicate a change in energy sources.
• In the U.S., the percentage of solar energy generation as compared to total generation has increased from 4.8% in the year 2022 to 5.6% in the year 2023, particularly in California, which contributed 27.3% of the state’s electricity from solar energy.
• In the year 2022, as much as 80% of the global increase in electricity demand was satisfied by wind and solar energy combined. Solar energy provided 245 TWh and wind energy 312 TWh respectively.
• However, the rest of the demand could not be satisfied purely by relying on them; hence, coal and other fossil fuels were still used.
• According to solar energy statistics, in the year 2023, the largest consumer of solar energy was China, with 35.6% of the share, while the second position was occupied by the U.S. with a 14.7% share.
• The solar energy industry is expected to generate nearly 14 million jobs by the year 2030.
• In the year 2022, the renewable energy industry supported employment for 13.7 million individuals globally, with the solar energy sector employing 4.9 million people, particularly growing fast.
• It is estimated that solar capacity will increase three times by the year 2028, which will also help in job opportunities.
• Approximately 40% of the solar energy workforce is represented by women, especially in solar PV equipment manufacturing, with 47% of them being women.

Solar Energy Production

(Reference: statista.com)

• During the last ten years, the contribution of solar energy to global electricity generation has observed impressive upward trends, and this seems to be the case in the forecasts.
• This is the solar energy statistics analysis of the share of solar energy in the total electricity generation across the world from 2018 to 2023 and predictions for the year 2029.

1. 1. 2018: Solar energy contributed an estimated 0.63% to the overall electricity production in the world.
   2. 2019: The statistics increased to an estimate of 0.74%.
   3. 2020: Solar’s statistics went high to the estimated 0.87%.
   4. 2021: The statistics increased to an estimated 1.05%.
   5. 2022: Guzal towards solar energy generates about 1.23% of the world’s electricity.
   6. 2023: The figures increased again to an estimated 1.05%.
   7. 2024: An increase in solar share is projected to be about 1.30%.
   8. 2025: This figure is expected to reach about 1.39%.
   9. 2026: It is expected to be close to 1.50%.
   10. 2027: The share is expected to improve to about 1.61%.
   11. 2028: It is projected that this value will increase to around 1.73.
   12. 2029: Solar energy is likely to supply nearly 1.85% of global electricity generation.

• The above projections are premised on the present installed capacity trends, technology, and politics in favor of solar.
• Actual percentages may vary due to the state of the economy, policy direction, technological advancement, and so on.
• The persistent growth in the share of solar energy in the global energy mix is suggestive of its increasing contribution to the energy transition, which is, to a greater extent, aimed at the utilization of clean and renewable energy sources.

Top Solar Energy Production Companies Revenue

(Source: statista.com)

• Solar energy statistics illustrate the annual revenue (in billions of U.S. dollars) of a number of companies in the energy economy for the years 2018-2022.
• Duke Energy: In 2018, USD 24.52 billion was generated and increased to USD 28.77 billion in 2022, while in 2020, there was a shortfall of USD 23.87 billion, probably due to COVID-19 economic effects.
• American Electric Power (AEP): Revenue commenced at USD 16.20 billion in 2018, fell to USD 14.92 billion in 2020, then analytics showed growth by USD 19.68 billion two years later, restoring the balance and achieving growth in economics after 2020.
• Brookfield Renewable Power: The revenue consistently improved from USD 2.98 billion in 2018 to USD 4.78 billion in 2022, showing increasing investment in the growth and development of renewable energy infrastructure, plants, and projects.
• Scatec: Revenue of Scatec’s formative year appreciated from USD 0.15 billion in 2018 to USD 0.44 billion in 2021 but dropped a bit lower to USD 0.42 billion in 2022. Scatec mainly invests in clean energy, which may explain the low but consistent accumulation of revenues.
• Heliogen: Heliogen is a rather young company, with its revenue reaching only USD 0.01 billion by 2021. This is not unusual for companies venturing into emerging technologies and developing their solutions on solar energy.

Cumulative Solar Photovoltaic Capacity By Country

(Reference: statista.com)

• Solar energy statistics reveal that by December 2023, China’s cumulative installed solar photovoltaic (PV) power capacity had risen to 649 gigawatts, bringing about a notable transformation in this sector as solar energy has started to dominate the energy market all over the world.
• Based on politically induced subsidies, the solar PV industrial segment is still considered a potentially profitable investment; it has recorded even more investments than in any other renewable energy sector(s), that is, wind and biomass.
• Three decades after this technology began to grow rapidly, the installed capacity of global solar PV systems grew to 1.6 terawatts in 2023, up from around 2.6 gigawatts at the turn of the century in 2003.
• Countries that take the top five solar PV installations markets are China, USA, Vietnam, Japan and Germany.
• Solar PV systems consist of solar PV modules and inverters that harness sunlight to generate direct current. These modules are made up of several solar cells, which are usually made of semiconductors, e.g. silicon.
• Within the solar cell market, two types of silicon are offered, namely, polycrystalline or multicrystalline and single or monocrystalline.
• Starting in 2002, policy measures like tariffs, subsidies, and tax incentives helped drive down the cost of solar modules as PV technology advanced.
• This is where production began to concentrate- in Asia due to favorable costs, and of course, when inventions for solar technologies came to the people, reducing the costs of solar PV installation.

Global Solar Energy Generation Share

(Reference: statista.com)

• Solar energy statistics indicate that In the year 2023, 5.5% of the entire world’s electricity generation came from solar energy, an increase from 4.6% in the year 2022, indicating rapid developments in the utilisation of solar energy within the energy mix.
• Wind and solar energy technologies combined accounted for about 12% of the overall electricity production globally, reiterating the increasing contribution of green sources of energy to the global electricity generation needs.
• Such improvement in the contribution of solar and wind power generation sectors is a result of sustained investment and advancement in these technologies, hence switching the world into a better energy source.

Share Of Electricity Generation From Solar Energy In the US

(Reference: statista.com)

• Overall, there was an increase in the share of solar energy in the U.S. energy mix from 4.8% of the total electricity generated in the country in 2022 to about 5.6% in 2023. This upturn further confirms the growth in the relevance of solar power to the overall energy regime.
• Leading the nation in adopting solar energy is California, where 27.3% of the state’s electricity is produced from solar energy. This remarkable figure is a testament to the state of California’s dedication to renewable forms of energy, enhanced by sound policies at the state level, a conducive climate, and heavy investments in solar power.
• The degree of solar energy adoption in the state exceeds the national average in a significant manner, and this explains the proportionate contribution of the state to solar power generation in the country.

Global Annual Change In Electricity Generation

(Source: statista.com)

• Solar energy statistic reports published annually indicate that in the year 2022, wind and solar combined contributed 12% of the total electricity produced surge.
• If other sources such as renewables and nuclear power are added to the mix, this figure can further go up to 39% of the total electricity produced.
• The other chart demonstrates the variations in electrical power generated by various sources in the past few years. In 20 years, the chart indicates that there has been a major upswing in the generation of energy through the wind and the sun.
• In the year 2022, solar power made a record contribution of 245 TWh, whereas wind power contributed 312 TWh, cumulatively accounting for 80% of electricity demand growth for the year.
• In as much as this advancement is an encouraging one, the reality is that coal and other hydrocarbons were in demand to meet the rising global energy needs.

Solar Energy By Leading Countries

(Reference: statista.com)

• According to solar energy statistics. The share of solar energy consumption in China in 2023 was 35.6%, which put this country first in the world ranking on solar energy consumption.
• Such dominance can be justified by the solar energy infrastructure that has been built in countries such as China and is actively developed nowadays, turning China into the largest consumer of solar energy in the world.
• With roughly 14.7 % of the total consumption of solar energy in the globe, the USA stood as the third consumer of sunny power after China.
• These figures show that solar energy is increasingly becoming part of the use in America, although it is still way less than what China uses.
• These two countries are still regarded as the leading countries in the solar market and help in the scaling up of the uptake of solar energy.

Solar Energy Job Creation

(Reference: electroiq.com)

• Solar energy statistics anticipate that the solar energy sector will be responsible for creating nearly 14 million new jobs globally by the year 2030.
• As stated by the International Labour Organisation in August 2022, the worldwide renewable energy sector provided employment for approximately 13.7 million people, with the solar energy segment being the most rapidly growing one and providing 4.9 million jobs.
• Forecasts project that the solar sector will almost triple its total installed capacity by 2028, and this will increase the pace of job creation and economic growth.
• Females account for close to 40% of the solar photovoltaic industry’s workforce, according to the 2021 Solar Energy Statistics Survey.
• Most of the representation among women is in solar PV manufacturing, where they represent 47% of the workforce.

Conclusion

The evolution of solar energy statistics can be described as phenomenal in the last ten years due to its transition from being considered a peripheral technology to a central engine driving global energy production. These changes can be attributed to the improvements in technology and falling prices that have made solar energy a feasible and accessible means of satisfying energy requirements.

However, in order to reap the full benefits of solar energy, there is a need for more systematic enhancement in the degree of collaboration and coordination within the sector. The statistics available on solar energy employ the past in the present and seek more improvements in solar technology and its applications.