Global Solar Industry Report Reveals Remarkable Growth

Solar Power’s Soaring Impact on Worldwide Electricity Generation and Green Energy Goals

In a recent report by the Independent Advisor, the global solar industry’s impressive rise over the past few years is analyzed. Here are the key findings:

  1. Solar’s Share: Solar energy now accounts for 3.6% of worldwide electricity generation, making it the third-largest renewable electricity technology.
  2. Cumulative Capacity: In 2022, the cumulative worldwide solar capacity reached 1.2TW.
  3. Future Growth: Renewable capacity is projected to grow by a substantial 75% by 2027.
  4. China’s Dominance: China stands out as the dominant player, generating a staggering 413GW of solar power, more than double that of Europe. China also produces nearly all the wafers used in solar cells and increased its capacity by 31% in the last year. Their goal is to add 100GW of solar power by the end of 2023.
  5. USA’s Presence: The United States follows closely in terms of solar adoption, accounting for 39% of all new electricity-generating capacity in the first half of 2022.
  6. European Highlights: Spain led solar growth in Europe in 2022, while the UK achieved record energy levels from solar.
  7. Environmental Impact: Solar panels are environmentally friendly, with 3,000 kWh of energy saving approximately 1.2 tonnes of carbon dioxide emissions.
  8. UK Solar Boom: The UK’s solar sector is booming due to rising electricity prices, with more than 1 million homes equipped with solar panels and an expected solar generation of 70GW by 2030.
  9. Battery Storage: Europe is investing in grid-scale battery storage, with 1.9GW installed in 2022 and plans for 6GW more in 2023, aiming for 95GW by 2050.

Camille Dubuis-Welch, the lead writer and researcher, emphasizes the growing importance of solar energy in global efforts to decarbonize and achieve net-zero emissions. The solar industry is thriving, with China leading the way, and the UK experiencing a 400% increase in commercial solar power inquiries due to rising energy costs.