Report Description:
Solar energy is amongst the most reliable and clean energy resources, and proves to be a viable alternative to fossil fuels that are currently responsible for polluting the environment and contributing to global warming. Solar energy is generated through various technologies viz. solar PV, solar thermal, concentrated solar thermal/power, and concentrated PV.
In all the four technologies mentioned above, solar PV is the biggest market; followed by concentrated solar thermal (CSP/CST). In the last five years, solar PV registered 60% average annual growth rate and CSP achieved 8%. Currently, the market for solar PV is bigger than CSP; thanks to huge investment, research and development, initiatives taken by the governments, and a number of projects in the pipeline. However, CSP technologies are expected to grow at a faster rate in future as new markets such as China, India, Brazil,Canada, Germany, and France open up. During 2011 – 2016, the CSP market is expected to grow at a CAGR of 44.9% and the solar PV market by 29.9%. At the end of 2016, cumulative installed capacity of CSP and solar PV is expected to be 8.6 GW and 219 GW respectively.
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