The PV industry registered phenomenal growth in 2009 despite recession. The total photovoltaic and Concentrating Solar Power (CSP) capacities surpassed 2 GW, with a significant increase in industry revenue.
Photovoltaic energy solutions have qualified as the most feasible alternatives and have been increasingly gaining considerable attention of industry players across the nation.
According to our new research report “US Photovoltaic Market Analysis”, the US federal government continued its support and substantially increased solar energy technology budget.
Out of the total US$ 271 Million solar energy investments, 182 solar projects had received treasury grants of US$ 81 Million (as of early February 2010). With the help of notable government efforts and active participation of venture capitalists, the industry is expected to add around 0.87 GW of annual PV installations in 2010.
Among the segments, non-residential has shown the highest growth potential. In 2010, the impact of federal stimulus fund has come in full effect and installations suddenly rebounded with easy credit facilities and various state governments’ tax incentives programs. Another interesting trend seen in the non-residential segment was the usage of Power Purchase Agreements (PPA’s). Various companies have now started signing PPA’s to make these installations more profitable and long term viable.
The report focuses on the growing marketplace for the PV industry at the national and state level and analyzes the current market trends along with future growth prospects. It evaluates all prominent market segments including residential, utilities and non-residential.