Overview
Today, solar energy represents less than 1 percent of the U.S. energy mix. However, as a result of growing awareness about reliable, off-the-shelf technology, concerns about rising costs, energy security and supplies, and new state and federal incentives, deployment of solar energy has exploded since 2005.
Industry analysts indicated the three drivers for the solar growth in the coming years: (1) government incentives, (2) the industry’s progress at reducing the costs of delivering solar energy, and (3) public and private investment targeted at accelerating improvements.
Market
The solar energy industry is growing at a rate of 25%-35% per year as solar energy becomes adopted around the world as one of the most reliable forms of alternative power. Expected to provide between 10-20% of worldwide energy in the future, more than 2 billion people in both industrial and non-industrial countries will rely on solar energy to supply electricity to their homes, businesses, and industries. In the US alone, the usage of solar power and, therefore, the demand for solar power technology, will rise exponentially. Included will be the increased usage of new commercial systems of 500,000 watts or more, as well as small, standardized systems for rooftops, and attractive "building-integrated" devices in commercial buildings.
Ranking of U.S. Market
The U.S. ranks fourth in the world for cumulative installed solar electric power. Germany (with solar resources similar to Alaska) is first, Spain is second, and Japan is third.
|
