According to a report by Allied Market Research, the global solar market was valued at $52.5 billion in 2018 and is expected to reach $223 billion by 2026. That's an annual growth rate of 20%!
So what is driving this growth? And what can we expect from the solar industry in the future? Here are five trends to watch out for:
As reliance on fossil fuels decreases, the use of solar energy grows at an unprecedented rate. In 2020, the global cumulative PV solar capacity was nearly 770 million gigawatts. That's enough to power the average Australian household for 1,255,707,760 decades.
And this trend is only going to continue:
This makes solar a more affordable and practical option for homeowners and businesses alike.
We can expect to see even more growth in the coming years as awareness of solar energy grows and its benefits become more apparent.
One area where we can expect to see significant growth in the solar industry is in emerging markets. These are countries where the market for solar power is still relatively undeveloped. However, there is a lot of potential for growth in these markets.
In 2020 alone, emerging markets made up nearly 60% of global investment in renewable energy. Here are the top five markets:
As the cost of solar power continues to fall, we are going to see more and more people in emerging markets turning to solar. This will be driven by the need to reduce energy costs, as well as the desire to move away from traditional forms of energy (such as coal) that have a negative impact on the environment.
Another trend we are seeing is an increase in residential solar power. Homeowners are increasingly turning to solar panels to provide their homes with clean, renewable electricity.
This trend is being driven by a number of factors, including the reduced solar costs and the increasing availability of financing options. We can expect to see more and more homeowners installing solar panels over the next decade.
We are also seeing a shift toward large-scale solar technologies. More businesses and countries are turning to solar to reduce their energy costs and greenhouse gas emissions.
These large organizations and nations are turning towards solar for several reasons, including the falling cost of solar panels, the need to reduce emissions, and the desire to be more sustainable. We can expect to see even more of them investing in solar for years to come.
Finally, we are seeing the rapid development of new solar technology. Companies are learning to store, trade, and capture solar energy in various new ways.
This includes things like:
These new technologies are going to play a key role in the future of the solar industry. They will help to make solar more accessible and efficient, and they will help to expand its reach into new markets.
Solar is booming and growing rapidly. We can expect to see continued growth in all areas of the industry – from residential to commercial to industrial applications.
If you're a Bendigo resident interested in investing in solar, now is definitely the time to do so! Learn more about how you can get started on our products page.
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