The global solar energy market is expected to more than double its current size by 2023, according to a recent report published by Global Market Insights. Valued at over $65 billion in 2015, the market is projected to exceed $140 billion by 2023. Over the length of the forecast period, the installation of more than 600 GW of solar power is projected.
The report cites increasing environmental concerns as the impetus for such growth, as efforts to curb greenhouse gas emissions continue to drive the green energy market in both commercial and residential settings.
Matching global trends, the U.S. solar panel market size is also expected to grow significantly from 2016 to 2023 due in large part to the reducing costs of solar installation. Unsurprisingly, California is expected to have the largest solar market of all 50 states, and its market is expected to grow at an especially fast rate, along with markets in Hawaii, Massachusetts and Arizona.