“Solar Photovoltaic (PV) Power – Global Market Size, Installation Prices, Module Market Shares, Market Segmentation, Regulations and Key Country Analysis to 2020” is the latest report from GlobalData, the industry analysis specialists that offer comprehensive information and understanding of the global solar PV power market. The research provides an understanding of the technology, key drivers and challenges in global solar PV power market. It also provides historical and forecast data to 2020 for installed capacity and power generation. The report provides detailed analysis on average installation prices for solar PV power and market segmentation by end user application globally and in major countries. The report analyses solar PV power initiatives with policy framework in key countries such as Germany, Italy, France, the US, Canada, Japan, China and India. The research provides major solar parks (active and upcoming) and module market share for global and major markets. The report is built using data and information sourced from proprietary databases, primary and secondary research and inhouse analysis by GlobalData’s team of industry experts.
Global Solar Photovoltaic Market Will Sustain its Growth Momentum
From being an emerging fuel source 10 years ago, solar Photovoltaic (PV) has transformed into a commercially viable energy-generating technology in over forty countries, thanks to technological advances and the availability of more effective and reliable equipment and machinery. The global solar PV market is expanding rapidly, with PV installations growing by 73% in 2010 over 2009. The global solar PV cumulative installed capacity increased at a Compound Annual Growth Rate (CAGR) of 42.8% from 1,790 MW in 2001 to 63,529 MW in 2011, of which 24,000 MW has been added in 2011.
The global solar PV market witnessed high growth in 2009 and 2010, with 23,874 MW of annual installed capacity coming online in these two years compared to the 8,675 MW installed collectively in 2007 and 2008. The cumulative installed solar PV capacity has more than doubled in the past two years. Installed capacity increased from 15,655 MW in 2008 to 39,529 MW in 2010. With the continuing revival of the global economy the growth momentum has continued in 2011,. It is estimated that 24 GW of new capacity has been added in 2011. With continued advancement in technology and improvements in project economics, the growth momentum of this sector is expected to continue in the coming years. The global cumulative installed capacity for solar PV is expected to reach 330,424 MW by 2020, growing at a CAGR of 23.7% during 2011-2020. Europe is the leading solar PV market, with a share of 76.5% of the total cumulative installed capacity, followed by the Asia-Pacific region, accounting for a share of 15.8% in 2010.
German Solar PV Market – Feed-In Tariff (FIT) Cuts Expected to Lead to a Decline in the Annual Solar PV Market Demand
The German solar PV market displayed remarkable growth during the past decade in terms of cumulative installed capacity, which has grown from 195 MW in 2001 to around 17,370 MW by the end of 2010. The growth in installed capacity can be largely attributed to a supportive policy framework, in the form of the Feed-in-Tariffs (FITs). However, in the recent past the government has started reducing the tariffs given to the solar PV power plants. The solar PV capacity addition is expected to decline in the forecast period due to the dip in the FITs for solar PV projects. The consequences of this reduction in the tariffs can be observed in the first half of 2011, wherein the FITs cut led to a decrease in the installation of new capacity. It is further expected that from 2012, the government will increase the digression rate if the annual installed capacity exceeds 3.5 GW; this is further expected to impact the annual solar PV capacity installed in the country.
Italian Solar PV Market – High Returns Despite Feed-in Tariff Cuts to Drive the Italian Solar PV Market
There has been a major impact from government policy on the solar PV market in Italy, which has resulted in a rapid growth in solar PV installations. The cumulative installed capacity grew from 20 MW in 2001 to 3,506 MW in 2010 at a CAGR of 77.5%.
In May 2011, the solar PV FITs were further reduced as part of the Fourth Conto Energia law, but despite this dip in FITs the solar PV market is expected to grow and add total annual capacity of 8,494 MW in 2011. During the forecast period, the cumulative installed solar PV capacity of Italy is expected to reach 34,000 MW by 2020, at a CAGR of 25.5%.
The US Solar PV Market – Federal and State-Level Programs to Continue Driving the Solar PV Market Demand
With the strong policy support mechanisms introduced by the US government at the federal and state levels, the cumulative solar PV power installed capacity in the country increased from 168 MW in 2001 to 2,561 MW in 2010 at a CAGR of 35.4%. During the forecast period, the cumulative installed capacity is expected to grow from 2,561 MW by 2010 to 50,107 MW by the end of 2020, growing at a CAGR of 34.6%. The solar PV market is expected to continue to be driven by investment tax credits (due to expire in 2016) at the federal level and other, state-level programs.
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