Leeka corp is a global leading provider of guaranteed solar modules that make "solar energy = electricity" a reality. They're robust, affordable, and clean - replace traditional coal power plants, nuclear power plants, and hydrogen power plants to propel people's daily lives, power commercial and industrial facilities, and help the development of the regional economy.
Solar power has evolved into a more critical power generation facility than hydropower and coal power plants, and is growing at an annual rate of 38%, surpassing all other energy generation methods due to years of development and the maturity of solar technology. The advantage of solar is that it is affordable to the general public, not confined to minority like nuclear and coal power plants, which require huge investments and heavy construction. Solar power plants are not only a profitable asset for investment due to the increasing demand for electricity across the globe, but also the insurance of future electricity supply for the gradually exhausted coal and fuels that are currently powering the globe's largest share of electricity generation.
The investment in the solar market is still exponential. For reference, below are the 2024 global power generation share statistics. You can see that the fuel-powered power plants still take a larger share, which is a promising market that needs to be replaced by renewables like solar energy.
Global Electricity Generation Structure (2024)
| Energy Type | Share (%) | Annual Growth | Key Regions |
|---|---|---|---|
| Coal Power | 31.8% | -4.2% | China (54%), India (14%), USA (9%) |
| Natural Gas Power | 16.9% | +1.5% | USA (32%), Russia (12%), Japan (8%) |
| Oil Power | 2.6% | -7.0% | Saudi Arabia (23%), Iraq (11%), Indonesia (7%) |
| Hydropower | 15.2% | +1.8% | China (27%), Brazil (12%), Canada (9%) |
| Nuclear Power | 9.6% | -0.3% | USA (30%), France (15%), China (13%) |
| Solar PV | 12.7% | +28.0% | China (38%), USA (12%), India (9%) |
| Wind Power | 8.9% | +15.0% | China (42%), USA (17%), Germany (8%) |
| Other Renewables | 2.3% | +6.0% | Brazil (biomass), Indonesia (geothermal) |
From the 2024 global power generation share statistics, it is evident that coal-fired power remains the dominant source of electricity worldwide. Undoubtedly, coal reserves are not only finite but also significantly more expensive compared to freely available sunlight. Additionally, coal combustion generates severe air pollution, and the disposal of post-combustion waste requires significant manual labor and land allocation for storage.
Compared to coal power and other fossil fuel-based energy sources, hydropower is a widely adopted method that utilizes freely available water resources. The most renowned hydropower project is China’s Three Gorges Dam , with an annual generation of 100 billion kWh.
However, by 2024, China’s desert-based renewable energy capacity has reached 80 GW, producing 800 billion kWh annually—equivalent to 1.8 times the Three Gorges Dam’s output.Twice the output of Brazil’s Itaipu Dam (~900 billion kWh/yr) and 45 times the output of Hoover Dam, USA (~4 billion kWh/yr).
China aims to expand desert solar/wind capacity to 455 GW by 2030—equivalent to 20 times the Three Gorges' installed capacity. At this scale, annual generation could surpass 5 trillion kWh (five times the Three Gorges' output). Based on this, it's clear that the importance of solar energy should not be underestimated.
Considering the cost of power generation, when we take a look at data from the year 2024. We found the cost of Solar power generation is about 2.8 Chinese dollars per watt, and Wind power is about 4 Chinese dollars per watt, and Hydropower reaches above 7 Chinese dollars per watt, relatively 2.5 times the Cost of solar power generation.
Based on the above, if your country, government, or local authorities want to expand power generation, taking into consideration cost and feasibility of maintenance, solar power generation should be your no.1 choice. Unquestionably, power generation is playing a crucial role in national economic development. Only making the decision and utilize solar power now can guarantee a prosperous economic development in the future.