New York, NY - 20 October 2011 - Return on investment from solar power is higher than any other renewable energy source, thanks to large scale technological improvements which are expected to bring down the cost of power generation to $1 per watt by 2020. The payback period for a typical PV project has also come down to 3-5 years from the earlier 7-10 years.
Global Solar Inverters Markets, a new report released by SBI Energy, asserts that the cost of solar power production will decrease by half every ten years, reaching as low as $0.50 per watt by 2030. Large scale adoption of PV technology and the emergence of low cost production sites in China, Taiwan and other Asian markets would further reduce the cost of production in coming years.
Solar inverters convert solar power from DC power to AC power and as such are integral devices to any grid-tied PV installation. The PV industry has been one of the fastest growing renewable energy 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 globally in 2010, and the market is estimated to reach 400 GW by 2020. Meanwhile, SBI Energy estimates that the global PV inverters market, currently valued between $5.5- 5.8 billion, will touch $7.5 billion in 2015.
"During 2011-2012, we expect a short-term lull in the European Union PV market, primarily due to FiT rate cuts and regulations on farm land usage for ground mount installations," states Arun Kumar, SBI Energy analyst and author of the report. "But this will be offset by installations in the high growth markets of North America and Asia, and China in particular."
China is the other fast growing market, which is likely to reach the 1 GW cumulative installation mark in 2011. India and the rest of the Asia-Pacific region hold long-term growth potential with clear government road maps for increasing the share of renewable energy generation to reach 2020 targets.
The report, Global Solar Inverters Markets, covers the PV component market, with a detailed analysis on PV cells, modules, wafers, polysilicon and inverters. It 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.
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