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Global Solar Power Market
Frost & Sullivan, July 2011, Pages: 114
This Frost & Sullivan research service titled Global Solar Power Market provides an analysis of the main market drivers, restraints, and industry challenges. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: solar photovoltaic (PV) (crystalline silicon, thin film, and concentrator PV) and concentrating solar power (CSP) (solar power towers, solar dish generation, and compact lens Fresnel reflectors).
Market Overview
Solar Power Enjoys its Moment in the Sun as it Gains Acceptance Globally as a Clean Alternative to Conventional Fuels
Total Installed CSP and PV Capacities Projected to Touch 15,554 MW and 188,461 MW, Respectively, by 2017
Over the last 50 years, solar PV has evolved into a mature, sustainable, and adaptive technology, which is rapidly gaining acceptance as a cost-effective and clean alternative to conventional energy sources. Solar energy is now the second-fastest growing renewable energy market, after wind power. PV technology's rising popularity partly stems from the increasing efficiency of its solar cells and partly from the improved aesthetics of its modules. The solar PV technology has the solid backing of the federal government and various state governments, which have instituted numerous renewable energy policies and programs, incentives, and mandates. “In the United States, Renewable Portfolio Standards (RPSs) and the economic stimulus package provided by the American Recovery and Reinvestment Act, 2009 is expected to be a major diver for the solar power market from 2011 to 2017,” says the analyst of this research. “Similarly, in Europe, governments have passed several renewable energy laws and incentives such as feed-in tariffs for solar PV-generated power in countries such as Germany, Spain, Italy, France, Switzerland, and Portugal to support the growing renewable energy industry both financially and technologically.”
Although PV is riding a popularity wave, its module prices experienced a sharp decline in 2009 and 2010 due to an increase in manufacturing capacity and higher silicon supply. Further, the emergence of Chinese PV cell manufacturers that can produce cells at much lower costs placed considerable pressure on American and European manufacturers to lower their prices. To save their margins, European and American companies have to produce high-quality and high-efficient solar panels. The governments in the West are also showing an urgency to increase the domestic supply of energy to reduce their dependence on imports. This rising need for energy security translates to greater opportunities for solar power companies.
Countries' commitment to reduce carbon emissions by boosting the percentage of renewable energy in the energy mix has given a boost to the solar energy markets all over the world. A variety of applications can make solar energy competitive with conventional sources of electricity generation and already, a concentrated solar power (CSP) plant can replace conventional power plants used during times of peak demand. “When backed up by thermal storage facilities and combustible fuel, a solar power plant offers utilities electricity that can be dispatched when required, enabling it to be used for base, shoulder, and peak loads,” notes the analyst. “For off-grid applications, solar energy can provide cost-competitive, reliable, and clean electricity to remote homes and villages.” As of 2010, there were 641 MW of CSP capacity globally and more than 18 GW of CSP projects in development. PV installation experienced tremendous growth during the last three years, reaching 38,149 MW in 2010. The global solar power market had 1,279 MW of cumulative installed CSP capacity and 38,149 MW of PV capacity by the end of 2010. The cumulative CSP capacity is projected to reach 15,505 MW by 2017.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
By Product Segments:
Solar photovoltaic (PV)
Crystalline silicon
Thin film
Concentrator PV
Concentrating solar power (CSP)
Solar power towers
Solar dish generation
Compact lens Fresnel reflectors
By End User:
Industrial
Electricity companies
Power producers
Commercial
Residential
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