Global solar power market to grow at 18.7% CAGR by 2016

Sep 22, 2011 - Global solar power market is expected to rise with a compound annual growth rate (CAGR) of 18.7% reaching 46.8 GW of installed annual capacity in 2016 from 19.8 GW in 2011, according to a report by research firm Marketsandmarkets.

The report, Solar Power Market by PV, CSP Technologies by Installations, Price, Costs, Trade Trends & Global Forecasts (2011-2016), expects the concentrated solar power (CSP) market to grow at 44.9% CAGR to a cumulative capacity of 8.6 GW, topping the growth pace of the photovoltaic (PV) market, which is the largest solar market currently. PV installations are projected to grow at CAGR of 29.9%, reaching cumulative installed capacity of 219 GW by 2016.

Solar PV market had an annual growth rate of 60% in the past five years, while the growth rate of CSP was 8%. However, markets such as China, India, Brazil, Canada, Germany and France are expected to drive the forecast growth in CSP installations.

Europe is the market leader at present, with only Germany accounting for 44% of the global PV market. Next are Asia-Pacific and North America. The rest of the world, including Brazil, Israel and the Middle East, is attracting attention and is expected to have a CAGR of 18.8% in solar installations by 2016.

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