On January 23rd, 2012 Lucintel LLC (Irving, Texas, U.S.) announced the release of a report which predicts that the global solar photovoltaic (PV) market will reach 33.6 GW in 2016, representing a 14% compound annual growth rate (CAGR) over the next five years, and represent a USD 105 billion annual market.

"Growth Opportunities in Solar Photovoltaic Market 2011-2016: Trends, Forecast, and Market Share Analysis" also forecasts that China will be the largest global PV market by 2016, with North American and Asia-Pacific markets growing significantly by that date.

"The favorable trends for high (double-digit) growth in solar PV energy are fueled by the urgent need to reduce fossil fuel dependence for electricity generation," declared Lucintel in a press statement.

"Coupled with increased government incentives and more competitive – or even favorable economics – this movement is expected to continue, and in some (regional) cases accelerate over the next five years."


U.S. to become second-largest PV market by 2016

Lucintel further predicts that the United States will surpass Germany by 2016 to become the world's second largest PV market after China.

In the report, Lucintel provides trend scenarios and forecast statistics for 2011-2016. The report also explores industry drivers and challenges as well as manufacturing capacities for several parts of the PV value chain.

2012-01-26| Courtesy: Lucintel LLC | solarserver.com © Heindl Server GmbH

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