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
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