The last decade witnessed an unprecedented boom in the Photovoltaic industry, leading to a rise in renewable energy generation the world over. Rising crude oil prices and growing environmental awareness prompted many economies to develop a cleaner alternative source of energy. Among renewable energy industries, the PV industry has been one of the fastest growing industries in the last decade with large scale installations in developed and developing economies. Since 2000, cumulative PV installations have grown at a CAGR of 35% reaching 40 GW in 2010, and we estimate the market to touch 400 GW by 2020. The majority of the installations are centered in EU countries with Germany, Italy, Czech Republic, Spain, France, Belgium and Greece constituting the major share. A series of restrictions by the governments and curtailing of subsidies to offset the growing budget deficits are likely to impact future growth in EU markets. In the next decade we expect a shift in PV growth markets to the non-EU countries of North America (US and Canada) and Asia, led by China and India.
PV components production and shipments grew in perfect correlation with the PV industry growth. The unsustainable industry growth of the last decade resulted in a widening supply and demand gap and rising prices. Technological changes and the emergence of disruptive technologies coupled with capacity expansions of major players led to falling prices of PV components.
Our report on the PV component market has a detailed analysis on PV cells, modules, wafers, polysilicon and inverters. The main focus of the study is on PV inverters, which is currently valued between $5.5- 5.8 Billion and we estimate the market to touch $7.5 Billion in 2015. This market research report also provides information on historical developments in PV inverter markets as well as on growth, size, volume of business and general trends in technological developments.
Global Solar Inverter Markets
November 01, 2011
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