There requires no
debate to say that conventional sources of energy will soon be going to end. As
the population explosion is a big challenge for the world, there come many
other related challenges with this. The world is constantly in thee need of new
sources which can satisfy increasing demands of human kinds without affecting
the mother earth.
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| Source: www.ciol.com |
The very first option
to come in mind to tackle this problem is use of non conventional sources of
energy. It includes solar energy, hydro energy, wing energy, geothermal energy
etc.
Solar power energy found its uses in
many applications and it is easy to adopt with this system. Also, a large
surface area of earth is blessed by clear and prominent sunlight through the maximum
days in a year. Solar energy is generated through various technologies viz.
solar PV, solar thermal, concentrated solar thermal (power), and concentrated
PV.
Therefore solar power market has great
potential to tap this opportunity. Many research reports in this market segment
estimate that 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.
One can easily found
the major boosting factors for growth of
this market viz. 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.
This
growth in demand for solar photovoltaic and concentrated thermal power has made
the world’s installed capacity to 40.7 GW at the end of 2010. Therefore estimated
market size for photovoltaic and concentrated solar thermal technologies was found
to be $36.6 billion in 2010.
North
America is the fastest growing market for this technology having estimated growth
CAGR of 30.7% in annual installation during 2011 – 2016. This part of world is
expected to have market size of $14.8 billion having annual installed capacity
of 5.1 GW by 2016.
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| Source: www.marketsandmarkets.com |
Considering
annual installation capacity by 2016, Asia-Pacific is the second fastest
growing market which will grow by a CAGR of 20.5%. Increasing installation
capacities in the countries like China and India will help to grow the market
in Asia-Pacific region.
One
of the major reasons to use solar power in these countries is bright and
consistent sunlight available almost throughout the year.
This all will open a new door of opportunities
for marketers of solar power equipments, institutions, stockholders and governments
across the globe. Marketers are closely looking for trends in this market so
that they can play a profitable move. Many reports on this market are proved to
be useful for these people.
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| Source: www.dw.de |
For more information about Global Solar Energy
Market Report click on
http://www.prweb.com/releases/solar-power-market/09/prweb11130731.htm
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