MarketsandMarkets: Global Solar Energy Market Will Reach $75.2 Billion With Annual Installations Reaching 227 GW by 2016
Oct 5, 2011 - Pangea - worldofrenewables.com
According to a new market research report, "Solar Power Market by PV, CSP Technologies by Installations, Price, Cost, Trade Trends & Global Forecasts (2011 - 2016)", published by MarketsandMarkets (http://www.marketsandmarkets.com), global solar energy market will grow from around $39.6 billion in 2011 to $75.2 billion in 2016 with a compound annual growth rate of 13.7% during the same period.
Increasing environmental concerns such as green house gas emission, growing energy consumption especially from emerging countries, increasing investment in renewable energies, and low operating and maintenance cost of solar power plants put the world at cumulatively 40.7 GW of solar photovoltaic and concentrated thermal power installed capacity at the end of 2010. In 2010, estimated market size for photovoltaic and concentrated solar thermal technologies was $36.6 billion.
North America is the fastest growing market and will grow by a CAGR of 30.7% in annual installation during 2011 - 2016. By 2016, the solar energy market in North America will be at 5.1 GW of annual installations with an estimated market size of $14.8 billion. The growth of North America is led by the U.S.; where both photovoltaic (PV) and concentrated solar thermal (CST/CSP) solar power technologies are getting investments. Asia-Pacific is the second fastest growing market, only after North America; which will grow by a CAGR of 20.5% in annual installations during 2011 - 2016. The region's growth will be pushed by increasing installations in China.
The report "Solar Power Market by PV, CSP Technologies by Installations, Price, Cost, Trade Trends & Global Forecasts (2011 - 2016)" segments the global solar energy market by technology/type and region. It also focuses on cost analysis, price and margin trends, market share analysis, and market metrics like drivers, restraints and opportunities. With 160 market tables/figures, it breaks and forecasts the market in every possible way.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world. MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services.
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