Solar Market Predicted to Reach 4767 GW by 2026: Report

Akuo Energy agrisolar expansion

According to a new report, the global solar power market will derive growth from the increasing awareness to grow to 4767 GW by 2026.

According to a new report, the global solar power market will derive growth from the increasing awareness regarding conservation of conventional energy sources and reducing environmental pollution, to grow to 4767 GW over the next 7 years.

The report, “Solar Power Market: Global Market Analysis, Insights and Forecast, 2019-2026,” published by Fortune Business Insights, has estimated the solar market to be at 680.22 GW in 2019. And predicted that the market will reach 4766.82 GW by 2026, thereby exhibiting a CAGR of 30.7%.

The advancements in photovoltaic technology in recent years have boded well for the global market. Growing awareness of the adverse effects of pollution and minimizing greenhouse gas emissions have contributed to the growing demand for solar power across the world.

“Increasing efforts towards ensuring optimum solar energy consumption will aid the growth of the global solar power market in the forthcoming years. The increasing investment in the development of solar power and related energy generation devices from private as well as government organizations has contributed to the growth of the global market,” the report added.

The awareness towards climate change and several initiatives taken to minimise the consumption of non-renewable energy sources have created the need for efficient solar energy harnessing devices. As a result of climate change, governments across the world have made active participation in the form of investment as well as subsidies. As a result of the outcry for environmental preservations, companies have capitalised by introducing newer products and concepts that will aid in harnessing solar energy efficiently.

Recently, scientists have introduced a new concept for the operation of solar panels, wherein the device will be able to generate electricity from the energy at night. The report has highlighted this as a breakthrough concept and it has predicted that such innovations will aid the growth of the global market in the forthcoming years.