Global Solar Photovoltaic Power Market to Reach 277.1 GW by 2020
Solar Photovoltaic (PV) has been transformed into a commercially viable energy-generating technology in the past decade in over forty countries, and has shown robust growth even during economic slowdown, driven by continuous technological advancements, the availability of more effective and reliable equipment and machinery, and continuously improving project economics. The global solar PV market is expanding rapidly, with PV installations growing by 77% in 2011 over 2010. The global solar PV cumulative installed capacity increased at a Compound Annual Growth Rate (CAGR) of 56.4%, from 4.2 GW in 2005 to 62.2 GW in 2011, of which 27.1 GW was added in 2011.
With the need to reduce dependence on fossil fuels, growing environmental concerns and increasing awareness, governments across the world are taking steps to exploit renewable energy, especially solar and wind. The global cumulative installed capacity for solar PV is expected to reach 277.1 GW by 2020, growing at a CAGR of 15.9% during 2012–2020.