Solar Energy Market Will Reach $75.2 Billion by 2016

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A new report by MarketsandMarkets finds that the solar energy market will reach $75.2 billion by 2016, with annual installations totalling 227 GW.

 

According to a new market research report by MarketsandMarkets, a global market research and consulting company, the global solar market will grow from around $39.6 billion in 2011 to $75.2 billion in 2016. The report, “Solar Power Market by PV, CSP Technologies by Installations, Price, Cost, Trade Trends & Global Forecasts (2011 – 2016),” predicts a compound annual growth rate of 13.7% during that period. Annual installations are expected to reach 227 GW.

The report segments the global solar 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.

MarketsandMarkets cites some of the drivers of this increase as increasing environmental concerns, growing energy consumption, especially in emerging countries, increasing investment in renewable energies, and low operating and maintenance cost of solar power plants.  

North America, the report says, is the fastest-growing market. It’s expected to 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 in annual installations, with an estimated market size of $14.8 billion. The growth of North America is led by the U.S., with both PV and CST/CSP. Asia-Pacific is the second fastest growing market and will be pushed forward by increasing installations in China.