In 2011, global solar photovoltaic installations have increased by 77 percent over 2010, with the addition of 27.1 GW of capacity, according to GBI Research. The global cumulative installed capacity is expected to reach 277.1 GW by 2020.

Solar photovoltaic technology has been transformed into a commercially viable energy-generating technology in the past decade due to continuous technological advancements and growing demand for clean energy, and has shown robust growth even during economic slowdown, according to the report.

In 2011, Europe led the global solar PV market with a share of 76.2 percent and has become the most developed solar PV market in the world, accounting for nearly 40 percent of the total global solar PV market in 2011.

However, GBI estimates that Europe will lose market share to emerging markets in the Asia-Pacific region as increasing government support, growing electricity demand, and government targets to reduce dependence on conventional power resources drive the future Asia-Pacific solar PV market.

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