Solar power is dominating the energy industry.
And it’s quickly creating a $223.6 billion opportunity investors can’t miss.
In fact, analysts at Allied Market Research says the global solar energy industry could balloon from just $52.5 billion in 2018 to more than $223.3 billion by 2026. All thanks to rising demand for alternative energy sources, and government incentives for solar installations.
Just in the United States, the number of solar installations just passed two million, according to Wood Mackenzie & Renewables and the Solar Energy Industries Association (SEIA). That comes just three years after the industry installed its millionth installation.
By 2021, that number could exceed three million. By 2023, it could pass four million.
“The rapid growth in the solar industry has completely reshaped the energy conversation in this country,” said Abigail Ross Hopper, president and CEO of trade group SEIA. “This $17 billion industry is on track to double again in five years, and we believe that the 2020s will be the decade that solar becomes the dominant new form of energy generation.”
California represented 51% of the first million installations, says SEIA, thanks to a growing residential sector. Other states seeing a pickup in growth include Texas, Utah, Florida, Rhode Island, and Maryland. Combined, they’ve seen growth from 50,000 installations to 200,000.
“According to our latest forecasts, by 2024, there will be on average, 1 solar installation per minute,” said Michelle Davis, Senior Solar Analyst with Wood Mackenzie. “That’s up from one installation every 10 minutes in 2010.”
The SEIA adds, that, “The 2 million residential, commercial and utility-scale solar installations produce enough electricity each year to power more than 12 million American homes. By 2024, 2.5 percent of all U.S. homes will have a solar installation. The total amount of solar generating capacity that goes along with the 2 million solar installations has now eclipsed 70 gigawatts.”