HVAC Breaking News / News

Sept. 19, 2011: Global Solar Energy Market to Reach $75.2 Billion by 2016

September 19, 2011
KEYWORDS renewable
/ Print / Reprints /
/ Text Size+
DALLAS — According to a new report, “Solar Power Market by PV, CSP Technologies by Installations, Price, Cost, Trade Trends & Global Forecasts (2011-2016),” published by MarketsandMarkets, the global solar energy market is forecasted to grow from around $39.6 billion in 2011 to $75.2 billion in 2016 with a compound annual growth rate of 13.7 percent during that period.

Increasing environmental concerns such as greenhouse gas emissions, growing energy consumption especially from emerging countries, increasing investment in renewable energy, and the low operating and maintenance cost of solar power put the world at cumulatively 40.7 GW of solar photovoltaic and concentrated thermal power installed capacity at the end of 2010. In 2010, the estimated market size for photovoltaic and concentrated solar thermal technologies was $36.6 billion.

North America is the fastest growing market and is expected to grow by a compound annual growth rate of 30.7 percent in annual installations during 2011-2016. By 2016, the solar energy market in North America is forecasted to be at 5.1 GW of annual installations with an estimated market size of $14.8 billion. The growth of North America is led by the United States, where both solar photovoltaic and concentrated solar thermal technologies are getting investments.

Asia-Pacific is the second fastest growing market, only after North America, which is expected to grow by a compound annual growth rate of 20.5 percent in annual installations during 2011-2016. The region’s growth will be pushed by increasing installations in China.

Publication date: 09/19/2011

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.



Image Galleries

Mini Split Installation

Twin Cities contractor Aabott Ferraro helped retrofit an older St. Paul home.


NEWSMakers: Jeff Nusz

Jeff Nusz, president, Reitmeier HVAC Services, Tualatin, Oregon, joins the program to discuss how he modernized his website and gained new clients and more money because of it. We’ll go through the process of the change and much more.  Posted on Aug. 1.

More Podcasts


NEWS 07-28-14 cover

2014 July 28

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe


Some in the industry are calling for the EPA to halt production of R-22 as of 2015. What do you think?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con