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Global Solar Energy Growth: China's Dominance and Future Projections

Global Solar Energy Growth: China's Dominance and Future Projections

The Leaders in Solar Energy Development

Global Growth of Solar Energy in 2023

In the year 2023, solar energy was responsible for a whopping 75% of the growth in renewable capacity across the globe. This significant increase was primarily observed in Asia, the European Union, and the United States, following a trend that has been consistent over the past decade.

Visualizing the Rise of Solar PV Capacity

Bruno Venditti of Visual Capitalist provides a graphic representation of the increase in installed solar photovoltaic (PV) capacity in China, the European Union, and the United States from 2010 to 2022. The data, measured in gigawatts (GW), was compiled by Bruegel.

China's Dominance in Solar Energy

As of 2022, China's total installed capacity was 393 GW, nearly twice that of the European Union's 205 GW and more than three times the United States' total of 113 GW. Since 2017, China has seen a compound annual growth rate (CAGR) of approximately 25% in installed PV capacity, compared to the United States' 21% and the European Union's 16%.

China's Control of Solar Power Components

China also holds a significant share in the production of solar power components, controlling about 80% of the global supply chain for solar panels. In 2022, the solar industry in China provided employment to 2.76 million people, with manufacturing roles accounting for approximately 1.8 million and the rest engaged in construction, installation, and operations and maintenance. Comparatively, the European Union's solar industry employed 648,000 individuals, while the United States had 264,000 jobs in the sector.

China's Future in Solar Energy

According to the International Energy Agency (IEA), China is expected to account for nearly 60% of the new renewable capacity that will become operational worldwide by 2028. Despite the elimination of national subsidies in 2020 and 2021, the deployment of solar PV in China is on the rise. The country is projected to achieve its national 2030 target for wind and solar PV installations by 2024, six years ahead of schedule.

Article by Tyler Durden, Tue, 05/07/2024 - 04:15

What's Your Take?

This article sheds light on the global growth of solar energy, with a special focus on the significant role played by China. It's interesting to see how the world is shifting towards renewable energy sources, and how different countries are contributing to this change. What are your thoughts on this development? Do you think other countries will catch up with China's pace in the near future? Share this article with your friends and let's get the conversation started. Don't forget to sign up for the Daily Briefing, delivered to your inbox every day at 6pm.

Some articles will contain credit or partial credit to other authors even if we do not repost the article and are only inspired by the original content.

Some articles will contain credit or partial credit to other authors even if we do not repost the article and are only inspired by the original content.

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