The solar industry has witnessed substantial growth over the past decade and is expected to continue to grow amid clean energy initiatives worldwide. Additionally, according to the American Clean Power Association, the Inflation Reduction Act (IRA) passed in August could more than triple clean energy production, which should benefit the solar industry.
Although the industry’s long-term prospects look impressive, its near-term growth trajectory seems challenging as shipping constraints, supply chain bottlenecks, and trade instability continue to constrain this industry. Since the end of 2021, more than 32.4 gigawatts of clean power projects have been delayed, an American Clean Power report said. Moreover, U.S. solar installations were down 53% in the second quarter compared to the same period in 2021.
