Solar Manufacturing Cuts Silicon Use By 88%, PV Costs By 90%

Solar Manufacturing Cuts Silicon Use By 88%, Makes Solar Affordable: Report

By Chitrika Grover/ Updated On Wed, Nov 6th, 2024

Highlights :

Solar has achieved a record-setting 24.9% efficiency in solar PV modules, an 88% reduction in silicon usage since 2004, and a 90% drop in utility-scale solar PV costs, fostering resilient, cost-effective energy solutions.
In just two decades, global solar capacity has expanded from 1.22 GW in 2000 to an astounding 1,418.97 GW in 2023—a 40% annual growth rate.
The global weighted average LCOE for utility-scale solar PV has dropped by 90%, falling from USD 0.460 per kWh in 2010 to USD 0.044 per kWh in 2023. At the country level, this reduction ranges from 76% to 93% from 2004.

Solar Manufacturing Cuts Silicon Use By 88%, Makes Solar Affordable

Globally, solar energy has soared, from 1.22 GW in 2000 to 1,418.97 GW in 2023, with solar manufacturing projected to exceed demand, making solar more affordable. Solar jobs have followed suit, which have surged to 7.1 million, and global capacity is also expected to see gains, reaching 7,203 GW by 2030.

The International Solar Alliance (ISA)’s World Technology Report found that solar manufacturing now uses 88% less silicon per watt peak than in 2004. The manufacturing process has improved significantly, reducing silicon usage from 16 gm/Wp in 2004 to 2 gm/Wp in 2023. This 88% decrease not only highlights strides in material efficiency but also underscores the potential for further cost reductions and environmental benefits. The global weighted average LCOE for utility-scale solar PV has dropped by 90%, falling from USD 0.460 per kWh in 2010 to USD 0.044 per kWh in 2023. At the country level, this reduction ranges from 76% to 93% over the same period.

The World Solar Market Report reveals solar growth, with global capacity rising from 1.22 GW in 2000 to 1,418.97 GW in 2023. Manufacturing is set to exceed demand, making solar more affordable. Solar jobs have surged to 7.1 million, and global capacity may reach 7,203 GW by 2030. The latest World Investment Report highlights a global shift toward sustainable energy, with energy investments increasing from $2.4 trillion in 2018 to $3.1 trillion by 2024. Solar leads renewable energy investments, accounting for 59% of the total, driven by lower costs, with APAC emerging as the top investing region.

Global RE Growth Hits New Highs Amid Falling Costs: IEA Report

Also Read

ISA’s World Technology Report showcases advancements in solar technology, emphasizing breakthroughs in efficiency, sustainability, and affordability. Highlights include record-setting 24.9% efficiency in solar PV modules, an 88% reduction in silicon usage since 2004, and a 90% drop in utility-scale solar PV costs, fostering resilient, cost-effective energy solutions.

In just two decades, global solar capacity has expanded from 1.22 GW in 2000 to an astounding 1,418.97 GW in 2023—a 40% annual growth rate. In 2023 alone, 345.83 GW of solar power was added, accounting for three-quarters of all new renewable capacity worldwide. Solar generation has surged similarly, increasing from 1.03 TWh in 2000 to 1,628.27 TWh in 2023.

Solar manufacturing is expected to exceed demand, with global solar manufacturing capacity projected to surpass 1,100 GW by the end of 2024, more than twice the anticipated demand for PV panels. Solar cell prices have reached $0.037 per watt, while advanced mono TOPCon and mono PERC module prices have fallen below $0.10 per watt, indicating a trend toward greater affordability in solar technology.

Surged Financial Backing Spurring the Indian RE Growth: Report

Clean Energy Jobs

The clean energy industry now supports 16.2 million jobs, with solar leading at 7.1 million—up 44% from 2022’s 4.9 million. Notably, 86% of these jobs are concentrated in just ten countries. A solar industry employment boom is anticipated, with global solar capacity set to rise to between 5,457 and 7,203 GW by 2030, driven by Paris Agreement commitments. This surge underscores the massive infrastructure push needed to meet climate goals.

Clean Energy Investment

The latest World Investment Report highlights significant changes in global energy investments, emphasizing a steady shift toward sustainable energy solutions. Global energy investments are projected to rise from $2.4 trillion in 2018 to $3.1 trillion in 2024—a steady climb of nearly 5% annually. It has now nearly doubles that of fossil fuels, with investment expected to increase from $1.2 trillion in 2018 to $2 trillion by 2024—marking a strong shift toward renewables. Solar investments represent approximately 59% (USD 393 billion) of all renewable energy investments (USD 673 billion), driven largely by a drop in solar panel costs. Among regions, APAC leads global solar investments, with USD 223 billion invested in 2023. EMEA has shown modest growth, with USD 91 billion in 2023, followed by the AMER region with USD 78 billion in solar investments.

Technological Advancement

The World Technology Report highlights rapid progress in solar technology, with solar PV monocrystalline modules achieving a record-breaking 24.9% efficiency—a major advance in maximizing solar energy potential. Multijunction perovskite cells are set to disrupt the solar panel industry, promising higher efficiency, lower production costs, and seamless integration with diverse surfaces, surpassing traditional silicon panels.