Mapped: Solar Power by Country in 2021
The world is adopting renewable energy at an unprecedented pace, and solar power is the energy source leading the way.
Despite a 4.5% fall in global energy demand in 2020, renewable energy technologies showed promising progress. While the growth in renewables was strong across the board, solar power led from the front with 127 gigawatts installed in 2020, its largest-ever annual capacity expansion.
The above infographic uses data from the International Renewable Energy Agency (IRENA) to map solar power capacity by country in 2021. This includes both solar photovoltaic (PV) and concentrated solar power capacity.
The Solar Power Leaderboard
From the Americas to Oceania, countries in virtually every continent (except Antarctica) added more solar to their mix last year. Here’s a snapshot of solar power capacity by country at the beginning of 2021:
|Country||Installed capacity, megawatts||Watts* per capita||% of world total|
|South Korea 🇰🇷||14,575||217||2.0%|
|United Kingdom 🇬🇧||13,563||200||1.9%|
|South Africa 🇿🇦||5,990||44||0.8%|
|United Arab Emirates 🇦🇪||2,539||185||0.4%|
|Czech Republic 🇨🇿||2,073||194||0.3%|
|El Salvador 🇸🇻||429||66||0.1%|
|Saudi Arabia 🇸🇦||409||12||0.1%|
|Dominican Republic 🇩🇴||370||34||0.1%|
|New Zealand 🇳🇿||142||29||0.02%|
|World total 🌎||713,970||83||100.0%|
*1 megawatt = 1,000,000 watts.
China is the undisputed leader in solar installations, with over 35% of global capacity. What’s more, the country is showing no signs of slowing down. It has the world’s largest wind and solar project in the pipeline, which could add another 400,000MW to its clean energy capacity.
Following China from afar is the U.S., which recently surpassed 100,000MW of solar power capacity after installing another 50,000MW in the first three months of 2021. Annual solar growth in the U.S. has averaged an impressive 42% over the last decade. Policies like the solar investment tax credit, which offers a 26% tax credit on residential and commercial solar systems, have helped propel the industry forward.
Although Australia hosts a fraction of China’s solar capacity, it tops the per capita rankings due to its relatively low population of 26 million people. The Australian continent receives the highest amount of solar radiation of any continent, and over 30% of Australian households now have rooftop solar PV systems.
China: The Solar Champion
In 2020, President Xi Jinping stated that China aims to be carbon neutral by 2060, and the country is taking steps to get there.
China is a leader in the solar industry, and it seems to have cracked the code for the entire solar supply chain. In 2019, Chinese firms produced 66% of the world’s polysilicon, the initial building block of silicon-based photovoltaic (PV) panels. Furthermore, more than three-quarters of solar cells came from China, along with 72% of the world’s PV panels.
With that said, it’s no surprise that 5 of the world’s 10 largest solar parks are in China, and it will likely continue to build more as it transitions to carbon neutrality.
What’s Driving the Rush for Solar Power?
The energy transition is a major factor in the rise of renewables, but solar’s growth is partly due to how cheap it has become over time. Solar energy costs have fallen exponentially over the last decade, and it’s now the cheapest source of new energy generation.
Since 2010, the cost of solar power has seen a 85% decrease, down from $0.28 to $0.04 per kWh. According to MIT researchers, economies of scale have been the single-largest factor in continuing the cost decline for the last decade. In other words, as the world installed and made more solar panels, production became cheaper and more efficient.
This year, solar costs are rising due to supply chain issues, but the rise is likely to be temporary as bottlenecks resolve.
Visualizing the Race for EV Dominance
Tesla was the first automaker to hit a $1 trillion market cap, but other electric car companies have plans to unseat the dominant EV maker.
Electric Car Companies: Eating Tesla’s Dust
Tesla has reigned supreme among electric car companies, ever since it first released the Roadster back in 2008.
The California-based company headed by Elon Musk ended 2020 with 23% of the EV market and recently became the first automaker to hit a $1 trillion market capitalization. However, competitors like Volkswagen hope to accelerate their own EV efforts to unseat Musk’s company as the dominant manufacturer.
This graphic based on data from EV Volumes compares Tesla and other top carmakers’ positions today—from an all-electric perspective—and gives market share projections for 2025.
Auto Majors Playing Catch-up
According to Wood Mackenzie, Volkswagen will become the largest manufacturer of EVs before 2030. In order to achieve this, the world’s second-biggest carmaker is in talks with suppliers to secure direct access to the raw materials for batteries.
It also plans to build six battery factories in Europe by 2030 and to invest globally in charging stations. Still, according to EV Volumes projections, by 2025 the German company is forecasted to have only 12% of the market versus Tesla’s 21%.
|Company||Sales 2020||Sales 2025 (projections)||Market cap (Oct '21, USD)|
|SGMW (GM, Wulling Motors, SAIC)||211,000||1,100,000||$89B|
Other auto giants are following the same track towards EV adoption.
GM, the largest U.S. automaker, wants to stop selling fuel-burning cars by 2035. The company is making a big push into pure electric vehicles, with more than 30 new models expected by 2025.
Meanwhile, Ford expects 40% of its vehicles sold to be electric by the year 2030. The American carmaker has laid out plans to invest tens of billions of dollars in electric and autonomous vehicle efforts in the coming years.
Tesla’s Brand: A Secret Weapon
When it comes to electric car company brand awareness in the marketplace, Tesla still surpasses all others. In fact, more than one-fourth of shoppers who are considering an EV said Tesla is their top choice.
“They’ve done a wonderful job at presenting themselves as the innovative leader of electric vehicles and therefore, this is translating high awareness among consumers…”
—Rachelle Petusky, Research at Cox Automotive Mobility Group
Tesla recently surpassed Audi as the fourth-largest luxury car brand in the United States in 2020. It is now just behind BMW, Lexus, and Mercedes-Benz.
The Dominance of Electric Car Companies by 2040
BloombergNEF expects annual passenger EV sales to reach 13 million in 2025, 28 million in 2030, and 48 million by 2040, outselling gasoline and diesel models (42 million).
As the EV market continues to grow globally, competitors hope to take a run at Tesla’s lead—or at least stay in the race.
Ranked: The Largest Oil and Gas Companies in the World
Oil still makes up the largest share of the global energy mix. Here are the largest oil and gas companies by market cap in 2021.
The Largest Oil & Gas Companies in 2021
The pandemic brought strong headwinds for the oil and gas industry, and oil majors felt the blow.
Global primary energy consumption fell by 4.5% relative to 2019 and oil demand declined by 9%. For a brief period in April 2020, the price of West Texas Intermediate (WTI) crude futures went subzero, marking the largest one-day price plunge since 1983.
Some expected the demand crash to have a lasting impact on the industry, but it’s safe to say that 2021 has proved otherwise.
Oil Resurfaces as Energy Crisis Deepens
The world is facing a shortage of energy, and peak winter is yet to hit most parts of the globe.
Pandemic-induced supply restraints from producers, in addition to rising energy demand from recovering economies, have sent nations scrambling for petroleum products. Consequently, oil prices are resurfacing to pre-pandemic levels.
As of today, prices of WTI crude futures are at their highest levels in the last five years at over $80 per barrel. Furthermore, U.S. natural gas prices hit a 7-year high of $6.5 per million British thermal units (BTU) earlier this month. Elsewhere, European benchmark natural gas futures have surged 1,300% since May 2020.
Of course, the largest oil and gas companies are riding this wave of resurgence. Using data from CompaniesMarketCap.com, the above infographic ranks the top 20 oil and gas companies by market cap as of October 7, 2021.
Big Oil: The Largest Oil and Gas Companies by Market Cap
Given that we often see their logos at gas stations, the largest oil and gas companies are generally quite well-known. Here’s how they stack up by market cap:
|Rank||Company||Market Cap* (US$, billions)||Country|
|1||Saudi Aramco||$1,979||Saudi Arabia 🇸🇦|
|15||Duke Energy||$78.08||U.S. 🇺🇸|
|17||Southern Company||$66.64||U.S. 🇺🇸|
|20||Enterprise Products||$50.37||U.S. 🇺🇸|
*As of October 7, 2021.
Saudi Aramco is one of the five companies in the trillion-dollar club as the world’s third-largest company by market cap. Its market cap is nearly equivalent to the combined valuation of the other 19 companies on the list. But what makes this figure even more astounding is the fact that the company went public less than two years ago in December 2019.
However, the oil giant’s valuation doesn’t come out of the blue. Aramco was the world’s most profitable company in 2019, raking in $88 billion in net income. Apple took this title in 2020, but high oil prices could propel Aramco back to the top in 2021.
Although Standard Oil was split up a century ago, its legacy lives on today in the form of Big Oil. ExxonMobil and Chevron—the second and third-largest companies on the list—are direct descendants of Standard Oil. Furthermore, Shell and BP both acquired assets from Standard Oil’s original portfolio on the road to becoming global oil giants.
The geographical distribution of the largest oil and gas companies shows how global the industry is. The top 20 oil and gas companies come from 10 different countries. The U.S. hosts six of them, while four are headquartered in Russia. The other 10 are located in one of China, Brazil, Saudi Arabia, or Europe.
Big Oil, Bigger Emissions
Due to the nature of fossil fuels, the biggest oil and gas companies are also among the biggest greenhouse gas (GHG) emitters.
In fact, Saudi Aramco is the world’s largest corporate GHG emitter and accounts for over 4% of the entire world’s emissions since 1965. Chevron, Gazprom, ExxonMobil, BP, and several other oil giants join Aramco on the list of top 20 GHG emitters between 1965 and 2017.
Shifting towards a low-carbon future will undoubtedly require the world to rely less on fossil fuels. But completely shunning the oil and gas industry isn’t possible at the moment, as shown by the global energy crisis.
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