Sunday, February 24, 2013

Photovoltaic demand to grow in 2013

The year 2012 was kind of a disappointment for global solar energy industry because in 2012 photovoltaic demand grew increased just 5% as compared to 2011 to reach 29 GW. The Solarbuzz reports that this is the first time in more than ten years that annual growth has fallen to under 10%.

The decline in 2012 was mostly down to the decreased demand for photovoltaics in Europe. EU still remained the largest regional market in 2012, accounting for 16.48 GW, or nearly 60% of the 29 GW demand. However, this was a significant decline from 68% and 82% in 2011.

The year 2013 is expected to be characterized with better numbers, with photovoltaic growth coming from fast emerging markets of Latin America, the Middle East, Africa, and Asia. The exact number of total demand is difficult to predict due to uncertainties in the regions, but there have been reports about global photovoltaic demand reaching around 45 GW demand at the end of 2013.

This would put global PV demand back on track with previous years, and enhance the position of solar industry as one of the fastest growing in the world.

Of course, the global PV market still needs to find the balance between the supply and demand. Otherwise, even the largest players on market will be yet again experiencing significant operating losses.

The global popularity and new emerging PV markets means that solar energy industry can look forward to a very bright future. The proper financing, cost-effectiveness and new research are keys for future solar energy domination.