Global 2016 solar market reaches 75.2 billion U.S. dollars

The latest report issued by the research institution MarketsandMarket shows that new solar technologies such as solar thermal power (CSP) and the opening up of emerging markets will become a powerful engine for the development of the solar industry. In general, by 2016, the solar market will reach US$75.2 billion and the installed capacity will be 227 GW.
At the same time, by 2016, the installed capacity of the global solar market will increase from 19.8 GW per year in 2011 to 46.8 GW per year in 2016, with a compound annual growth rate (CAGR) of 18.7% over the same period.
Similarly, there are also forecasts for the slow development of the short-term market. In 2010, the cumulative installed capacity of solar energy systems increased by 70%. In 2011, the government's intervention in subsidies for on-grid tariffs and the impact of the global economic environment are expected to increase by only 50%.
The report pointed out that these unfavorable factors are only temporary. With the recovery of the global economy and the improvement of technology, the solar energy market will once again usher in a new outbreak.
In the next five years, remote areas, replacement of nuclear reactors with renewable energy, and technological innovations such as space-based solar power generation will become the main opportunities for market development. The compound annual growth rate of solar installation systems will reach 30.3%.

CSP growth The report specifically mentions that solar thermal power generation technology will become the main development force of the future market. The research and development of this technology will make it a viable alternative to traditional photovoltaic power generation technology.
Since the rise of emerging markets such as China, India, Brazil, and Canada, as well as established markets such as Germany and France also hope to use the latest technology to develop markets, the growth rate of solar thermal power generation technology is expected to surpass the photovoltaic power generation technology.
During the period from 2011 to 2016, the compound annual growth rate of the solar thermal power generation market is expected to reach 44.9%, compared with 29.9% for the photovoltaic power generation market.
However, this level of growth is still insufficient to enable it to surpass the PV market. By 2016, the cumulative installed capacity of the solar thermal power generation market is expected to be 8.6 GW, while the photovoltaic power generation market is expected to be 219 GW.

The global trend MarketsandMarkets pointed out that North America will become the fastest growing market. From 2011 to 2016, the compound annual growth rate of installed solar energy systems reached 30.7%, and the market size is expected to reach 14.8 billion US dollars. The development of the North American market is driven primarily by the U.S. market. Photovoltaic and solar thermal power generation technologies have all achieved substantial investment.
The Asia-Pacific market is close behind. The compound annual growth rate of installed capacity is expected to reach 20.5%, which is mainly driven by the increasing investment and development in the Chinese market.
From 2011 to 2016, the compound annual growth rate of solar energy in the markets of the rest of the world, consisting of Brazil, Israel, and the Middle East, is expected to reach 18.8%.
Europe will continue to be the main body of global photovoltaic power output, and it will maintain its position as the world's first, mainly driven by the German and Spanish markets.