The European photovoltaic industry has been maintaining an average annual growth rate of 50% in PV production since 1999 to meet the escalating demand for clean energy.
According to a study conducted by the European Commission’s JRC Institute for Energy (IE), the PV production in Europe has been growing on an average of 50% every year since 1999 and its market share climbed to 26% in 2008, as reported by
EETIMES.
Energy generation from photovoltaic had a share of 0.35% in Europe’s total electricity consumption in 2008. The report states that the renewable energy was severely hit by the global financial crisis that sucked investment in late 2008 and early 2009 but the environment is gradually stabilizing and investments again begin pouring.
The report statistics indicate to a significant slowdown in investments during the second half of 2008 and early 2009. For instance – investments dropped by -10% in the third quarter of 2008 and -23% in the fourth quarter. The rally of low investments entered 2009, with -47% during the first quarter of 2009 over the fourth quarter of 2008. However, the recovery began in the second quarter of 2009 when +83% investments were recorded over the first quarter of 2009.
Although investments tumbled significantly in the year 2008, China attained the position of global leader in solar cell production by contributing around 2.4 GW to the global solar cell production followed by Europe with 1.9 GW.
Pouring of investments in the photovoltaic industry and high production of solar cells is a result of high volatile oil prices and compulsion to reduce carbon dioxide emission, said “
Global Photovoltaic Market Forecast to 2013”, a market research report prepared by leading research firm
RNCOS. These factors have actually made renewable energy sector prime importance for all countries worldwide. In Europe, Germany ascended to the top notch position in photovoltaic production.
Use of photovoltaic technology in other areas has evolved as the perfect solution of meeting power demand. With the growing demand for clean energy, manufacturing and deployment of photovoltaic arrays and PV cells have gone dramatically in recent years.
As per a Research Analyst at
RNCOS, “The European photovoltaic industry has been consistently backed by the continent’s countries that have put in intense efforts to raise investment. Soaring demand for PV system installation and declining cost of PV production have played a critical role in bolstering developments in the sector.”
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