The global solar-energy installed capacity is expected to grow from 728 gigawatts to 1,645 gigawatts in 2026, representing an annual growth rate of 13.78 percent over the next five years, according to a research report by Mordor Intelligence.
The top factors contributing to growth in the energy segment are declining prices and installation costs for solar photovoltaic (PV) as well as more favorable government policies.
According to the study, the solar PV segment is expected to account for the largest annual capacity additions for renewables — surpassing wind and hydro — for the next five years.
In 2021 alone, solar has played an increasingly important role in the global energy transition. According to data published by the Solar Energy Industries Association (SEIA), solar accounted for 58 percent of all new electricity-generating capacity added in the United States in the first quarter of the year, with wind making up the majority of the remaining capacity.
