Solar technology market to eventually reach $1 trillion

Press Release   •   Aug 10, 2012 09:52 BST

In 2010 the solar technology market reached a value of $32.1 billion, and by 2017 is set to grow at a staggering rate to reach a market value of $338.2 billion. Over the next decade the market is expected to reach an eventual valuation of $1 trillion.

Growth within the industry is being driven by the fact that solar energy is seen as a clean, renewable alternative to limited fossil fuels. Therefore the recognition of the need to reduce reliance on coal and fossil fuels is driving interest in solar technology.

The solar market is booming in the US due to strong consumer demand and financial incentives from the federal government, states and utilities. Over 124,000 new solar heating, cooling, and solar electric installations were completed in 2010, an increase of 22% compared to the number of systems installed in 2009.

The Chinese solar technology market contributes approximately 50 million solar panels a year -- over half the world's supply in 2010 -- and includes four of the world's top five solar technology manufacturers.

Further growth of the solar technology market will depend on continued investment in energy infrastructure by governments which shouldn't prove a problem as there is no better investment a government can make than in achieving development of low cost, reliable solar energy.

In the future, solar energy, now at less than 1% of world electrical generation, will quickly go to 92% of what is used as a source to generate electricity

For more information on the solar technology market, see the latest research: Solar Technology Market Report

Follow us on Twitter @CandMResearch issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.