Solar PV - new installed capacity worldwide 2000-2020

The solar photovoltaic (PV) market has seen enormous growth in recent years. In 2020, the global new installed PV capacity was about 138.2 gigawatts. The newly installed solar PV capacity was the highest in Asia Pacific region that year.

Largest solar markets

As of 2020, China had over 252.2 gigawatts of solar PV capacity installed, however, China’s utility-scale solar subsidy program was halted in May 2018, and experts project that the market demand will slow. The United States has the next largest solar market in the world, with a cumulative solar PV capacity share of almost 12 percent in 2019. Utility-scale installations continue to dominate the U.S. market and account for most installations.

Success of solar technology

One of the main reasons for solar’s dominance is due to decreasing generation costs. However, prices can vary by region, where solar power prices tend to be much higher in developing countries than in other countries. The growth in the solar market represents a shift of global markets towards renewable and distributed energy technologies.