The solar energy capacity in North America has shown a significant upward trend over the past decade, experiencing substantial growth from 13.64 thousand megawatts in 2013 to 145.54 thousand megawatts in 2023. The year-on-year growth rates have generally been robust, peaking early in the period with a 47.52% increase in 2014 and tapering to 15.1% in 2023. The compound annual growth rate (CAGR) for the past five years stands at 20.34%. For future projections, the forecasted data from 2024 to 2028 suggests a more moderate 5-year CAGR of 7.69% with an overall growth rate of 44.84%.
Future trends to watch for include:
- Technological advancements that could lower costs and increase efficiency.
- Policy changes that promote renewable energy adoption.
- The impact of energy storage solutions that complement solar power.
- Market demand influenced by corporate sustainability commitments and consumer preferences.
