Global crystalline solar panel market to grow to USD 118bn by 2017
Oct 4, 2011 - Global crystalline solar photovoltaic (PV) panel market value is expected to increase to USD 118 billion (EUR 89.6m) by 2017 from USD 28.3 billion in 2010, a report by market researcher WinterGreen Research projects.
According to the report, Crystalline Solar Photovoltaics PV Panel Systems Market Shares, Strategies, and Forecasts, Worldwide, 2011 to 2017, the fast growth of the crystalline solar market by now has been driven by the high efficiency of crystalline panels at low cost per watt.
Advanced manufacturing processes have been developed, higher efficiencies and economies have been reached. The average conversion efficiency rates of monocrystalline and multicrystalline silicon PV cells as at December 31, 2010 was 17.9% and 15.9% respectively, while the aggregate PV cell production capacity in 2010 reached 1,800 MW per year for vendors, the report says.
The lead author of the report, Susan Eustis, expects the considerable growth in the crystalline solar markets to continue. Crystalline PV systems have already reached grid parity in many areas, she adds.
Crystalline is expected to be used mainly in very northern or very southern regions that have less sunshine.
The report adds that the global demand for solar energy is doubling every 15 years but the growth of solar markets will depend on further government investment in energy infrastructure.