The global market for photovoltaics is expected to be worth $12.9 billion in 2007 and anticipated to increase to more than $32.3 billion by 2012, representing a compound average annual growth rate (CAGR) of 14.9%.
According to BCC Research's new technical market research report, ‘Photovoltaics: Global Markets & Technologies’ (report number EGY014F), global shipments of PV cells/modules reached 2,875.1 MW in 2007. Shipments are projected to grow by a CAGR of 30% to reach 13,724.4 MW by 2013.
Silicon technology, which accounted for about 89% of the market in 2007, will continue to dominate through the end of the forecast period, the company reports. Multicrystalline silicon will grow at a 285% rate through 2013. Recent improvements in this traditional technology and its reliability will keep it in the forefront, but silicon will represent only 79% of the market by 2013.
Thin films, while currently only 10% of the market, will grow at a 45% rate through 2013, BCC Research says. Improvements in efficiencies and the use of these materials on flexible substrates will account for their rapid growth. Thin films will account for almost 19% of the PV market by the end of the forecast period.
New technologies, such as nanostructured thin films and silicon and dye-sensitized solar cells, accounted for just under 0.5% of the market in 2007 but will grow at a 34% rate to reach 19.2 MW in 2008 and then exhibit 50% annual growth to achieve 145.7 MW by 2013. Research and development efforts on these new materials have been constant, and results are just now starting to appear, the company notes.
More information can be found by visiting BCC Research at www.bccresearch.com.