866-997-4948(US-Canada Toll Free)

Published on : Jan 20, 2015

As per recent trend, it has been observed that investment in solar energy is rising all across the globe. Last year, the total sale of solar cells had risen by almost twenty percent. German solar manufacturers are quite positive despite the fact that they are struggling quite a bit with their Asian competitors. With the continuing fall in the cost of solar energy production, the energy industry is witnessing a certain type of economic boom. In several parts of the world the production of solar power as against diesel oil, nuclear energy, coal, and gas is a cheaper proposition. 

Previous statistical figures show that in 2014, the generation of solar energy had increased by 45 GW and the output thus generated was equivalent to eleven huge nuclear or large coal power stations. However, industry experts have expressed that the big economic boom is yet to be achieved and have also predicted a rise of 50 GW by 2015 and a continually rising trajectory in the forthcoming years.

According to Eicke Weber, head of the Fraunhofer Institute for Solar Energy Systems, by 2020 it can be anticipated that increase will be ranging from 100 GW to about 150 GW. This will ensure that the market witnesses high growth. Also, if this takes place, about 4% of the entire world’s demand for energy could be fulfilled with solar power. 

The global solar market today is undergoing change, which was not there earlier wherein this market was essentially a European venture. However, in 2013, the prosperity of the solar market had reached countries like the U.S., Japan, and China. And then by 2014, other Latin American, African, and Middle Eastern countries joined the league.