Global Solar Panel Market To Pass $180 Billion

The sun rises in the East…

The global solar panel market is expected to reach more than $180 billion by 2021. According to a new study by ResearchMoz, increased investment in solar photo-voltaic panels by the Chinese government will lead the massive growth over the next five years.

Currently, the market for solar panels is estimated to be about $24 billion.

Although solar panels are usually billed as an “alternative energy” source, the emerging technology is quickly earning a reputation as a mainstream source of electrical capacity.

The solar panel market has been on the rise for years, driven in part by tax rebates and solar incentives provided by the U.S. federal government. Even so, solar energy accounted for half of all new energy production in the states.

However, now the Chinese government is making huge investments in energy infrastructure projects, too. For decades the Chinese government invested in building the world’s largest hydroelectric power plant, the Three Gorges Dam, an undertaking of unparalleled size. Now, they want to take the lead in solar energy production as well.

The government says their goal is to make solar power cheaper than power generated through traditional coal power plants with much higher emissions.

In Europe, despite generally more liberal governments and a popular embrace of green energy, lack of consistent sunlight has limited European countries’ ability to fully complement their energy production with PV panels. Particularly in the energy-hungry United Kingdom and Germany, lack of year-round sunlight has limited the adoption of residential solar energy.

In addition to rising demand in China, the future growth in PV systems can be chalked up to better competition and falling price. As more companies enter the marketplace, better technologies are available to customers. The increased competition and supply has also lead to falling prices, with the cost of PV panels dropping 80% between 2009 and 2013.

According to The Solar Foundation, the more than 170,000 solar workers in the United States will help install at least one million residential solar energy systems by 2020.

And solar advocates hope the increase in demand and competition will lead to a feedback loop, wherein solar finally goes from being an “alternative energy” to being the “primary” global energy source. More like this.