The rapid growth of the industrial sector and cost-effective renewable energy have provided an enormous growth opportunity for solar energy applications in the industrial segment. A combination of private sector innovation and stable long-term public policy will guide the solar industry towards achieving these more aggressive objectives to address climate change and decarbonize the economy. In addition, demand for copper, indium and gallium serenades is expected to increase during the smelting period, due to the increase in cost-effective solar panels. Customers continue to be motivated by the increase in household electricity bills caused by the pandemic, power outages and low financing costs.
A number of countries are also focusing on green power generation solutions to reduce their carbon emissions. Companies such as Apple, Amazon, Walmart, Target and Google are investing in solar and renewable energy at an incredible rate. Rapid urbanization, rising disposable incomes, busy and hectic lifestyles, increasing Internet penetration and increasing adoption of smartphones are some of the important macroeconomic factors driving the growth of the Asia-Pacific solar energy market. Over the next five years, the industry is expected to install nearly 200 GW of new solar capacity, more than double the amount of solar energy currently installed.
In India, most solar projects are being delayed due to the lockdown and the shortage of equipment, resulting in a huge delay in processing orders. The cost of installing solar energy has fallen by more than 60% in the last decade, leading the industry to expand into new markets and implement thousands of systems across the country. Favorable government policies and regulations and the race to achieve renewable energy goals are the main factors driving market growth. While this pairing is still relatively new, growth over the next five years is expected to be significant.
Demand for solar cells has gained enormous momentum due to the increase in rooftop installations, followed by increased applications in the architecture sector. The continued growth of state community solar programs and improvements in state and regional interconnection processes are essential to ensure access to solar energy for all types of homeowners and businesses. Thanks to strong federal policies, such as the tax credit for investment in solar energy, the rapid decline in costs, and the growing demand for clean electricity in the public and private sectors, there are now more than 130.9 gigawatts (GW) of solar capacity installed across the country, enough to supply 23 million homes. In addition, China, Japan and India are the main countries among the countries that use the most solar energy.