The global PV industry has seen considerable development over the past few years due to various factors, such as government incentives for solar energy, international efforts to boost research and development activities, increasing environmental concern and looming emissions regulations.
With the same trends expected to continue in the near future, the cumulative installed PV capacity worldwide will grow at a compound annual growth rate (CAGR) of around 28% in 2009-2013, according to new research report from RNCOS.
The report, titled ‘Global Photovoltaic Market Forecast to 2013,’ projects rapid growth in all solar PV industry applications, including on-grid, off-grid and consumer applications. The current PV application base is dominated by the grid-connected sector, which represents roughly 85% of the market.
However, this segment will lose its share to off-grid applications, according to RNCOS. Due to its immense potential, rural electrification, in particular, will experience considerable growth.
The future development of the PV market will vary by region, the report says. Although markets such as the U.S., Japan and Europe will dominate the global market through 2013, much faster development is expected to take place in other regions, especially in South Asia and China.
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