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The solar energy industry is on fire, with global solar photovoltaic (PV) capacity additions increasing by almost 50% to a record 510 gigawatts (GW) in 2023, according to the International Energy Agency (IEA). This surge is being fueled by a perfect storm of factors, including a massive 40% drop in solar module prices since the start of the year, thanks to the rapid expansion of solar manufacturing capacity in China, which now dominates over 80% of global module production.
Governments worldwide are also playing a crucial role in driving the adoption of solar energy, setting ambitious renewable energy targets, and offering incentives to accelerate the transition towards a more sustainable future. In the U.S., the Biden administration has taken significant steps to promote clean energy development, further boosting the industry's prospects.
