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Solar Industry Market News
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October 7, 2020

Solar Industry Market News

Since its first launch, the solar industry has been experiencing a massive boom all over the world. In the U.S. over the last decade, there has been a massive increase in the demand for solar energy in both the private and public sectors. This is attributable to the fact that individuals and companies are now clamoring for a cleaner form of energy. The world is now appearing to prioritize using the renewable source of energy over the non-renewable option. This is reasonable as the climate’s haphazard appearance is becoming a thing of concern to several countries; hence, the need for solar energy to serve as a better substitute.

Over the past decade, the government has also been helping to foster the interest of the general public in this line. This is made possible by introducing potent federal policies and some state policies, which encourage the inhabitants of the country to consider the solar panel technology over the hydroelectric power and other non-renewable energy sources. The Solar Investment Tax Credit, for instance, has helped encourage people by helping to reduce the amount of money individuals will naturally have to spend on solar panels.

Market Statistics

As of today, in the U.S., there are more than 85 gigawatts (G.W.) of solar capacity in the country. This translates to clean, renewable power being generated in up to 16 million homes. This solar energy has been well distributed among residential, non-residential, and utility needs; although the utility needs have gained the most distribution over the last decade.

Also, solar panel technology has increased the country’s job opportunities as there has also been a massive increase in the number of solar workers around the country. Towards the end of 2019, it was recorded that over 250,000 American workers are involved in solar. These are working in about 10,000 companies distributed in all the U.S. states. 

Apart from the massive job gain that the solar industry has birthed in the country over the past decade, the country has also experienced an exponential increase in its GDP. In 2019, it was realized that the solar industry was generating up to $18.7 billion of investment. This has caused a massive increase in the country’s economy.

The solar panel is also blessed with diverse sectors, and this is good as individuals can choose to work in whichever sector they want. With the different levels of expertise needed in each sector, the solar panel industry creates jobs in the manufacturing, installation, trades, distribution, and operation and maintenance sectors. There are also other sectors in the solar industry where individuals can function. 

The installation sector has been the largest supplier of labor, experiencing more increase in 2016 and 2019. The Manufacturing sector and the trade and distribution sector are closely related. Operation and Management became functional in 2018, and since its inception, it has generated enough revenue and job opportunities for individuals in the country.

Conclusion

With the current statistics and market news, it is evident that the solar industry will still expand over time both within and outside the country. Hence, it is a great idea for individuals and industries to be considering this form of electricity as their power source.

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