Global Solar Power Market Flourishing

A new market analysis from research firm Frost & Sullivan shows that solar energy is the second-fastest-growing global renewable energy market after wind power, and that photovoltaic (PV) technology is gaining global acceptance as a clean and cost-effective energy source.

According to the firm’s Global Solar Power Market growth partnership service, the rising popularity is driven by increased PV cell efficiency and module aesthetics, and the rapid decline in PV module prices due to increased capacity of PV manufacturing facilities, increased silicon supply and the emergence of Chinese PV cell manufacturers. The research shows that in 2010 cumulative installed global PV capacity totaled 39,611 megawatts (MW), and is expected to increase to 188,461 MW by the end of 2017. Concentrating solar power (CSP) is projected to increase even more dramatically in the same period, from 1,327 MW to 15,554 MW.

solar panels

image via Shutterstock

According to Frost & Sullivan Senior Industry Analyst Georgina Benedetti, the growth in the solar market is driven by the support of federal and state governments, many of which have instituted policies, incentives and mandates that support renewable energy.

“In the United States, renewable portfolio standards (RPSs) and the economic stimulus package provided by the American Recovery and Reinvestment Act of 2009 is a major driver for the solar power market,” Benedetti said. “Similarly, in Europe, governments have passed several renewable energy laws and incentives such as feed-in tariffs for solar PV-generated power in countries such as Germany, Spain, Italy, France, Switzerland and Portugal to support the growing renewable energy industry both financially and technologically.”

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Lauren Craig is a writer and consultant living in Seattle, WA. She holds an M.S. in International Development from Tulane University, and is co-founder of Sustainable Systems Integrators, LLC., an employee-owned solar energy design and installation firm in New Orleans, LA. She is also certified in PV design and installation by the North American Board of Certified Energy Practitioners (NABCEP).

    • Feed In Tariff cuts are devastating the UK solar industry. In the words of Caroline Flint MP “The government’s cuts to feed-in tariffs will hit families, put thousands of jobs at risk and destroy the solar industry.” nhttp://www.solardirectsavings.co.uk/

    • jose

      “It cannot be right that the government is hitting people who are trying to green their homes and cut their energy bills,”u00a0cuts to feed-in tariffs will hit families, put thousands of jobs at risk and destroy the solar industry. They must think again, revise their scheme and extend their tariff deadline.”u00a0

    • Raokganesh

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