Capitalize on Solar

Solar is transforming how structures consume energy—and, as such, it is changing how buildings are built, and offers a big opportunity for the construction community.

The global solar energy industry is expected to reach $422 billion by 2022, up from $86 billion in 2015, growing at a CAGR (compound annual growth rate) of 24.2 percent from 2016 to 2022.

Increase in pollution and market assisting programs such as feed-in tariffs and renewable certificates have fueled the demand for solar energy with application in various domestic, industrial, and commercial applications. The rise in globalization has additionally surged the demand for solar panels in the architectural sector.

Looking at the market from a global perspective, Asia-Pacific regions such as China and Japan have been the major market drivers for the solar energy market due to its growth in installations and governmental tax incentives, followed by North America and Europe.

However, there are a few factors that are going to hamper growth including climatic conditions, geographical positioning, and technological advancements in other renewable forms of energy such as turbines and generators equipped with fish movement equipment for hydroelectricity generation.

Contractors need to pay attention to this market, as demand for more sustainable energy increases, and those who are familiar with the market will have greater opportunities.

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