Global solar market could exceed 180 billion dollars by 2021
A new study highlights significant growth in the solar energy panels industry, estimating incredible growth from 2015 to 2021. While the solar panel market reached $24.2 billion in 2014, the study, “Solar Panels Market Size, Share and Research Report From 2015 To 2021,” performed by WinterGreen Research, estimates a value of $180.7 billion by 2021.
“Solar panel market driving forces relate primarily to the prospect of inexpensive, lasting energy from the sun. In 2015, analysts agree, a tipping point has been reached, solar panel markets are at the critical point in the market development, where an inevitability of adoption is certain,” the report notes. “Utilities have to have solar energy to meet the regulatory requirements. Governments have to have solar energy to achieve clean air standards. People have to have solar energy to charge electric cars. The stability of the solar panel market leads to a new and irreversible positive thrust for the market. Market development is certain to occur, the question is simply how fast.”
According to the report, this growth rate is being driven by a few critical factors, including:
• Federal and state-level incentives
• Long-time stability in the market
• Lowering costs of photovoltaic solar panels production.
Furthermore, both large-scale utility deployments and residential markets are expected to benefit from this growth, driving the potential of solar across every spectrum of use.
The advantages of this market growth are equally impressive. Electric cars, cheaper utilities, reduced cost of living and the ability to drive manufacturing and other clean energy initiatives will further influence consumer and commercial investments into solar energy.
For any business or homeowner considering installing solar panels on their roofs, contact SolarMax Technology.
To receive a free solar consultation, click HERE.