Solar PV - new installed capacity worldwide 2000-2023
The solar photovoltaic (PV) market has seen enormous growth in recent years. In 2023, the global new installed PV capacity was about 447 gigawatts. The newly installed solar PV capacity was the highest in Asia Pacific region that year.
Largest solar markets
As of 2022, China had over 414 gigawatts of solar PV capacity installed. The United States boasted the second largest installed solar capacity that year, and reached a cumulative solar PV capacity of some 138 gigawatts in 2023. 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. Solar power prices tend to be higher in developing countries than in developed countries. The growth in the solar market represents a shift of global markets towards renewable and distributed energy technologies.
