New analysis from business consulting firm Frost & Sullivan shows that the global solar power market earned revenues of nearly $60 billion in 2013, and estimates that by 2020 this figure will double to $137.02 billion.
According to the report, “Frost & Sullivan estimates that global solar market revenues will grow between 2014 and 2020 despite the economic uncertainty in the global markets” — a statement that needs to be awarded a big ol’ “No kidding!” for its absolute lack of insight.
While more research investigating the role renewable energies will play on the future global power supply are always interesting, one does sort of walk away from this most recent analysis with a strong feeling of déjà vu.
“The global solar power market is benefiting from various incentive schemes in the form of tradable green energy certificates, FiTs, subsidies, and tax rebates for the use of renewable energy for power generation,” said Frost & Sullivan Energy & Environmental Industry Analyst Pritil Gunjan.
“However, these incentive schemes continue to be very heterogeneous, making solar PV penetration rates vary widely based on local and regional policies.”
Frost & Sullivan note that the primary sales volume is and will be concentrated within the Asia-Pacific region, but allow that “there is a definite upward growth trend across other markets too.”
The Asia-Pacific region has been steadily growing for several years now, making larger and larger increases in deployment and capacity. Back at the beginning of 2012 I reported on the news that Asia-Pacific solar markets had grown by 165% throughout 2011, thanks primarily to China’s massive 500% growth. Just over a year later another report came out suggesting that the Asia-Pacific renewable energy market was estimated to hit 535.2 GW by 2020, while later in 2013 SolarBuzz analysis predicted that the region would account for half of global PV demand in 2014.
Frost & Sullivan’s analysis make a similar prediction as Solarbuzz, suggesting that the Asia-Pacific region will account for approximately 46% of annual installed solar PV capacity. The top four countries expected to continue staying atop the pile are China, Japan, India, and Australia — though Australia’s recent decisions to minimise their renewable energy focus may impact them in the standings over the next 6 years.
The report recycles a lot of information already floating around in one form or another, making it a little unnecessary in the overall scope of things. However, focusing attention back onto the renewable energy sector in the face of so many countries reevaluating green energy policies can only be a good thing for industries like the solar energy industry.