Global Market Scan: The evolving landscape of solar power

Throughout its history, solar power has experienced many phases of growth. Despite these ups and downs, the industry has demonstrated outstanding progress, driven by government subsidies, economies of scale and innovation.

China’s Longi Green Energy Technology Co. , the world’s largest solar manufacturer, saw its net income plummet by 44 per cent during the third quarter of last year, an unexpected reversal after a period of rapid expansion., Longi’s president, the company did not raise prices enough to match its competitors and will consequently fall below its yearly shipment revenue target.

In March of this year, more than 4.2 million U.S. rooftops, or nearly five per cent of all single-family homes, had solar panel attachments. Solar energy systems in the U.S. currently generate 161,000 megawatts of electricity. This figure is forecast to grow to 377,000 MWs in the next four years. From 2021 to 2022, investment in carbon free energy supply increased by approximately 18 per cent, with this bullish trend expected to continue in the long-term. According to the Bloomberg New Energy Finance report,Over the last five years, global photovoltaic production capacity has gone up between two and three times, reaching the range of 650 GWs to 750 GWs. China has been a clear leader in solar manufacturing, building 90 per cent of all incremental capacity.

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