The dependence on fossil fuels and the associated volatility of their international prices, coupled with increasing concerns over the greenhouse gas emissions worldwide, has led to the evolution of the concept of renewable energy during the past few years. The industry has qualified as the most feasible solutions and has been increasingly gaining considerable attention among industry players all around the world. With the growing demand for clean energy sources, the manufacturing and deployment of solar PV cells and photovoltaic arrays have dramatically expanded during the past few years, resulting in the augmented market competition and abolishment of monopoly.
According to our latest research report “Global Photovoltaic Market Forecast to 2013”, growth in the global PV industry has been triggered by favorable government policies and investments worth billions of dollars made in European countries, followed by Japan, and the US. Thus, Europe captured nearly 70% of the total annual installed PV capacity in 2010, with Germany and Spain leading the front.
The solar cell manufacturing is gaining significant momentum on the back of surging demand for PV systems installations around the world. Besides developments in the developed countries, some fast growing Asian economies have shown notable improvements in the overall PV industry progress.
Our research has inferred that, traditionally high deployment cost of PV cells had been the major hurdle for the development of the global PV industry. However, with rapid technological developments in the PV industry and government initiatives, PV production cost has considerably declined. Now, the developing countries are also actively participating in the deployment of this technology and are considering it to reduce their dependency on fossil fuels.
The report focuses on the growing marketplace for PV industry at the global as well as the country level and analyzes the current market trends along with future growth prospects of the industry. It contains detail data on cumulative installed PV capacity, annual installed PV capacity, and the future market potential of the key countries, thereby helping clients in identifying factors critical to their successful market penetration and gain early entry advantages. Besides, the report analyzes the current prevailing trend in the market, which will further help the experts to decide the growth rate in the coming years.
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