A lot can happen in a decade: Virtually non-existent solar market forecast to skyrocket
Bloomberg New Energy Finance and the World Bank Group's Lighting Global platform is forecasting the off-grid solar market to reach a $3.1 billion by 2020.
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Credit: Salvatore Vuono/freedigitalphotos.net |
The market is currently worth around $700 million and was
virtually non-existent a decade ago.
The report associates the rising demand for reliable energy
sources to a fast growing global population and found that 95
percent of the off-grid solar market live in developing parts of
Asia and sub-Saharan Africa.
The research predicts the global solar panels market will reach
a value of $180.7 billion by 2021 -- up from $24.2 billion in
2014 -- a value that could be even higher if the off-grid solar
market is as successful as predicted and the demand for solar
panels increases.
The same can be said for the global solar collector market,
forecast to grow at a CAGR of 24.9 percent over the 2015-2019
period. Solar collectors offer greater power efficiency,
allowing users to capture solar energy and convert it to thermal
energy. This clean and renewable energy source could change the
lives of millions of people living in the developing world --
establishing a dedicated global industry that barely existed 10
years ago.
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