Solar Energy

Long-Term Trends

Solar energy has experienced significant growth
over the past two decades

Over the past two decades, there has been a gradual increase in solar power generation, making it a significant component of the global electricity production mix.

In the year 2000, solar energy generated only 1.1 terawatt-hours (TWh) of electricity. However, by 2022, this figure had risen substantially to 1,284 TWh. Consequently, the proportion of solar power in the overall electricity mix surged from a mere 0.01% in 2000 to 4.5% in 2022.

The majority of this growth in solar energy has occurred in recent years. In the early stages of its deployment, solar power generation went from almost zero in 2000 to 255 TWh in 2015, accounting for a 1.1% market share. Although the absolute increases were relatively modest during this period, the annual growth rate was quite high at 44%.

After the adoption of the Paris Agreement in 2015, we witnessed a significant acceleration in absolute solar energy increases, with each year surpassing the previous. The widespread and rapid adoption of solar technology worldwide resulted in a substantial increase of 1,029 TWh during this time frame.

The annual growth rate did slow down to 26% between 2015 and 2022, but solar energy remains the fastest-growing source of electricity. In 2022 alone, there was a 24% year-on-year increase, equivalent to an additional 245 TWh of solar power. Since the Paris Agreement in 2015, solar's market share has expanded to 4.5%, with growth observed in all G20 countries.

Progress Towards Net Zero

To adhere to the IEA Net Zero Emissions scenario and limit global warming to 1.5 degrees Celsius, solar generation must reach 7,552 terawatt-hours (TWh) by 2030.

The prescribed pathway entails a 25% annual growth in solar capacity from 2021 to 2030, aiming to elevate solar's share in global electricity generation to 20% by 2030, up from the current 4.5%.

Following this net-zero trajectory requires sustaining the growth rate observed between 2015 and 2022, involving a continuous 25% annual increase throughout the remainder of the decade. Meeting this growth demands countries to consistently raise their yearly targets for solar deployment.

For instance, in 2023, this would necessitate an additional 318 TWh of solar generation, while by 2030, the world should be adding at least 1,500 TWh of solar generation annually.