According to Precedence Research, the global solar power market is forecasted to reach approximately US$368.63 billion by 2030. This growth is attributed to a CAGR of 7.2% from 2021-2030.
According to the Solar Energy Industries Association and Wood Mackenzie, solar capacity in the United States is expected to triple in the next five years. They predict solar capacity will grow from 129 gigawatts (GW) today to 336 GW by 2027.
After a less-than-ideal start to the year, solar capacity in the United States is expected to grow at unprecedented rates. The recently passed Inflation Reduction Act (IRA) has resulted in the Solar Energy Industries Association (SEIA) and Wood Mackenzie increasing their forecast for solar deployment by 40% through 2027.
There is a massive opportunity for growth in the residential solar market in the USA. Of the 90 million homes that qualify for solar, only 5% have gone solar. This leaves a lot of room for growth and development in this industry.