- Meiling Zhou
Updated: Mar 15, 2022
Solar PV capacity and generation has shown a steady upward trend over the past five years. Solar PV capacity is growing between 21-24% per year. Overall, a record 156 GW of solar PV was installed globally in 2021 and the total Solar capacity reaches 894 GW. Power generation from solar PV in 2021 is estimated to have increased by a record 167 TWh, marking 20% growth from 2020.
Solar PV demonstrates the second-largest absolute generation growth of all renewable technologies in 2021, slightly behind wind and ahead of hydropower. Looming policy deadlines in China, the United States and Viet Nam spurred an unprecedented boom in PV capacity additions. Solar PV is becoming the lowest-cost option for electricity generation in most of the world, which is expected to propel investment in the coming years.