Market research Future Solar Panels Market To Set Phenomenal Growth Rate | Page 4

Solar panel market Research Report- Forecast to 2023
3 Market Research Analysis
The global solar panel market is increasing tremendously in influence of major drivers such as global
environmental concerns, future energy supply security, increasing investment in clean energy, and low
operating cost of a solar power plant. In the last five years (2011-2016), solar PV registered 34.1% average
annual growth rate and CSP achieved 22%. Currently, the market for solar PV is bigger than CSP, mainly
due to huge investment, research and development, and initiatives taken by the government. However, CSP
technologies are expected to grow at a faster rate in future as new markets such as China, India, Brazil,
Canada, Germany, and France open up. At the end of 2016, cumulative installed capacities of CSP and
solar PV were 4.8 GW and 303 GW, respectively.
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