The global photovoltaic market is expected to grow by 12.7 GW in 2010, an increase of 76% over the last year (2009) in the backdrop of emission regulation, more intensive R&D and environment concerns.
As per the world's largest industry association European Photovoltaic Industry Association (EPIA), the global photovoltaic market is expected to grow by 12.7 GW this year, a rise of 76% over the last year (2009), as reported by Reuters
In 2009, the PV installation rose around 7.2 GW that resulted in the expansion of PV market by almost 15% (2009) against the previous year (2008). The total cumulative PV installation worldwide surged by 45% to 22.9 GW.
The solar cell manufacturing has gained significant momentum on account of strong demand for PV systems installation across the globe. The industry has benefited from several factors such as international efforts for more R&D, government incentives, emission regulations and environmental concerns.
Another important reason for growth is falling cost. The upfront cost of solar energy has been consistently falling for recent some years owing to more efficient technology, government clean energy incentives and lower material prices. Looking ahead, improving economy could be attributed to people consideration of making solar energy upgrades to their homes.
In 2010, the German PV market would play the role of a catalyst. The total new installation is expected to touch 4.5 GW figure this year. In 2009, the German PV market rose to nearly 3.8 GW from 2 GW in 2008, an increase of over 52% of the global PV market.
, a leading market research firm, has said in its report “Global Photovoltaic Market Forecast to 2013”,
that annual global PV installation capacity will reach 16.5 GW at an impressive CAGR of approx. 27% since 2010 on the back of strong market fundamentals.
According to a Research Analyst at RNCOS
, “The rising volume of PV products is currently bringing enormous changes across the industry. New business models are coming in the forefront that will drive the industry during the period when incentives will gradually decline. The reduction of manufacturing costs also contributes to the phenomenal growth of the PV industry. The solar industry is an exciting place now-a-days although a lot of hard work needs to be done in order to sustain its growth without incentives and subsidies.”
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