From Guest Blogger Mathias: New Report Suggests Solar Will Grow 50% in the Next 3 Years

The new study published by Infiniti Research this month has found that the worldwide solar panel market likely will grow at a CAGR (compound annual growth rate) of 15.3 percent from 2011 to 2015.

In other words, the study suggests that the solar market will grow 15.3% every year until 2015 – or a total of about 50% in a three-year time. The study has assessed the solar market in America, Europe, Asia, as well as the Middle East and Africa. This leaves Australia out of the report, a country that has seen a tenfold increase in their total PV capacity between 2009 and 2011.

According to the report, new technological advancements and innovation are key contributors to the growth in the solar market.

“The increase in research and development was another major prevailing trend in the Global Solar Panels market. In addition to reduction in policies, there were also favorable policies and procedures that existed for boosting the Global Solar Panels market,” stated one of the analysts behind the report

The solar market is currently dominated by First Solar Inc., Suntech Power Holdings Co. Ltd., Trina Solar Ltd., and Yingli Green Energy Holding Co. Ltd. Chinese manufacturers make about 50 million solar panels annually, which corresponds to about half of the world`s supply in 2010.

Source: Infiniti Research Ltd

Guest post by Mathias who writes more about solar at Energy Informative