The increased focus on climate change has caused countries worldwide to focus on sustainable energy development. The United States aims to go carbon neutral by 2050. The U.S. Energy Information Administration reported that solar power is expected to account for about half the new energy generating capacity in the U.S. It is expected that new, utility-scale solar power will reach 46 gigawatts in the United States in 2022.
According to the Global Market Report 2022, the solar electricity market is projected to reach $125.57 billion in 2026, growing at a 21.7% CAGR. Rising government investment and rapid advancement in technology, including solar panel research and development, are the main drivers of growth in the solar power market.
