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Solar power is maturing as a key energy source globally

News Solar power becomes key energy globally

Jan 4, 2017

A recent analysis from Frost & Sullivan reveals that the market revenues in the solar power sector stand at $113.75 billion in 2015, and will grow at a CAGR of 9.5% to reach USD 179.13 billion in 2020. Furthermore, the installed capacity will grow from 50,780 MW to 76,600 MW at a CAGR of 8.6% for the same period. These figures confirm that the solar power is finally maturing as a key energy source on the global stage.

A recent analysis from Frost & Sullivan reveals that the market revenues in the solar power sector stand at $113.75 billion in 2015, and will grow at a CAGR of 9.5% to reach USD 179.13 billion in 2020. Furthermore, the installed capacity will grow from 50,780 MW to 76,600 MW at a CAGR of 8.6% for the same period. These figures confirm that the solar power is finally maturing as a key energy source on the global stage. In addition to green targets, energy independence, and distributed energy, a crucial market accelerator has been the defining of the structure of feed-in tariff (FiT) for solar photovoltaic (PV)-generated power. According to the organisation’s Energy & Environment analyst, “Pro solar incentives and the recently made pledges at the COP 21 summit will ensure that the market for solar PV continues to grow exponentially over the next five years.”

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