Solar energy is expected to play an increasingly important role in the global energy infrastructure, according to a research report by Mordor Intelligence LLP. The global solar energy installed capacity is registered to be 728 gigawatts (GW) and is estimated to grow to 1645 GW in 2026, while growing at a CAGR of 13.78% from 2021 to 2026, the report stated.
"The most important factors contributing to growth in the energy segment are declining prices and installation costs for solar photovoltaic (PV), as well as more favorable government policies. In addition, the solar PV segment is expected to account for the largest annual capacity additions for renewables, well above wind and hydro, for the next five years," the report continued.
So far this year, solar energy has already made large strides, according to data published by the Solar Energy Industries Association (SEIA).
"The U.S. installed 5 GW of solar PV capacity in Q1 2021 to reach 102.8 GW of total installed capacity, enough to power 18.6 million American homes. Solar accounted for 58% of all new electricity-generating capacity added in the U.S. in Q1, with wind making up the majority of the remaining capacity. Under a business-as-usual scenario, the U.S. solar industry will install an additional 160 GW of capacity over the next 5 years," SEIA said in its statement.
New projects, acquisitions and expansions have made recent news from companies, such as SunPower Corp., Solar Integrated Roofing Corp., Enphase Energy, Inc., Canadian Solar Inc. and JinkoSolar Holding Co.
