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Industry and Market Trends
Thomas Edison, the legendary inventor who famously exclaimed “I’d put my money on the sun and solar energy.” Many decades’ later venture capitalists are heeding that call. Conditions have never been better because electricity, oil and gas prices are increasing at rates not seen since the early seventies. There is also commitment from governments to reduce carbon emissions and encourage the use of renewable energy. This has resulted in the availability of loans and grants to convert to solar and other renewable sources of energy.
The use of solar PV goods, products that convert sunlight/daylight to electricity saw a rapid growth last year. The total market grew more than 50% in 2006/07 according to Clean Edge, an energy research firm.
Commercial development of solar energy has become a worldwide trend. The EU, Japan and the United States have focused their energy supply security on the development of renewable energy sources like solar energy. Since mid 1990s there has been a rapid growth in solar power production. Solar energy demand has increased rapidly with the worldwide photovoltaic installation increased by 2, 826MW in 2007, up from 1,744MW installed in the previous year. Solar energy demand has grown at about 30% per annum over last 15 years. The US market had the highest growth of 57% in 2007. Solar market sales volume reached around US $15bn per annum at the end of 2006, and is conservatively projected to increase to around US $36 billion in 2010.
Solar Energy prices have declined on average 4% per annum over last 15 years. World energy consumption is projected to increase by 59% by 2020. Much of the growth in worldwide energy use is expected in the developing countries.
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