The solar photovoltaic (PV) market has seen enormous growth in recent years. In 2024, the global new installed PV capacity was about *** 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 *** 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 *** gigawatts in 2023. Utility-scale installations continue to dominate the U.S. market and account for most installations.Â
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.
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SolarPower Europe. (May 8, 2025). Global new installed solar PV capacity from 2000 to 2024 (in megawatts) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 14, 2026, from /statistics/280200/global-new-installed-solar-pv-capacity/
SolarPower Europe. "Global new installed solar PV capacity from 2000 to 2024 (in megawatts)." Chart. May 8, 2025. ÌÇÐÄÆƽâ°æ. Accessed July 14, 2026. /statistics/280200/global-new-installed-solar-pv-capacity/
SolarPower Europe. (2025). Global new installed solar PV capacity from 2000 to 2024 (in megawatts). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 14, 2026. /statistics/280200/global-new-installed-solar-pv-capacity/
SolarPower Europe. "Global New Installed Solar Pv Capacity from 2000 to 2024 (in Megawatts)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 8 May 2025, /statistics/280200/global-new-installed-solar-pv-capacity/
SolarPower Europe, Global new installed solar PV capacity from 2000 to 2024 (in megawatts) ÌÇÐÄÆƽâ°æ, /statistics/280200/global-new-installed-solar-pv-capacity/ (last visited July 14, 2026)
Global new installed solar PV capacity from 2000 to 2024 (in megawatts) [Graph], SolarPower Europe, May 8, 2025. [Online]. Available: /statistics/280200/global-new-installed-solar-pv-capacity/
