The market is expected to grow from USD 184.03 billion in 2021 to USD 293.18 billion in 2028 at a CAGR of 6.9% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over. Solar power is the cleanest and most plentiful renewable energy source
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Solar PV development will continue to break records, with annual additions reaching 162 GW by 2022 – almost 50% higher than the pre-pandemic level of 2019. Global wind capacity additions increased more than 90% in 2020 to reach 114 GW. While the pace of annual market growth slows in 2021 and 2022, it is still 50% higher than the 2017-2019
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H1 2021 . Solar Industry Update. David Feldman. Kevin Wu. Robert Margolis. June 22, 2021. NREL/PR-7A40-80427
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