Solar PV to outpace growth rate of green energy rivals

Another report about the global green energy market has predicted solar PV will lead the way.

The Green Energy Market – Industry Analysis, Market Size, Share, Growth, Trends and Forecast, 2013-19 report predicts the global green energy market, worth $470.1 billion in 2012, will be worth $831.99 billion in four years’ time.

The report, by Transparency Market Research says green energy overall will enjoy a compound annual growth rate (CAGR) of 8.3 per cent up to 2019 and the overall figure will be significantly outpaced by PV, which will boast a CAGR of 14.6 per cent, thanks to falling system prices.

The reports authors say PV will lead biofuel, wind, hydro and geothermal, looking ahead, although hydro accounted for the lion’s share of renewable generation in 2012, the last year for which the report’s figures are complete, thanks to the large amount of pre-existing hydropower infrastructure at that point.

Although another piece of encouraging news for the renewables lobby, the Transparency report’s authors leave themselves open to the charge the existing figures are already out of date, following a year of retrenchment in 2013 and a rebound last year, driven largely by the Asian powerhouses.

Using 2012 as its baseline, the report cites an inverter market worth $7.15 billion, lists North America as having the largest share of the world’s green energy generation, with 32.2 per cent, and numbers U.S. thin film manufacturer First Solar as the world’s leading PV player, with 6.9 per cent of the world market.