Solar Industry Growth Prediction: US Largest Market by 2011
photo: Getty Images
Despite an unstable regulatory environment—renewable energy tax incentives are stalled in the senate, BLM policy has been inconsistent— the United States will surpass Germany to be the largest market for solar power in the world by 2011, according to a report by JP Morgan, cited in Greentech Media.
By 2011, the US will have an installed capacity of 1.6 gigawatts (with 920 MW in California alone), surpassing Germany’s expected capacity of 1.35 gigawatts. The third largest market by this time will be South Korea with 957 megawatts of capacity.
In terms of market growth, the fastest growing market is expected to be Greece (135% growth), followed by South Korea (89%), and then Italy (65%).
Confluence of forces driving market growth
The report goes on the say that a confluence of social, economic and technological trends are driving growth in the solar market: environmental/global warming concerns, issues of national security and energy independence, reduction of the relative cost of solar technologies. Not that these forces are probably news to the average TreeHugger reader.
Didn't we just have a speech saying something similar?
And they sound an awful like the reasons why Al Gore wants the United States to generate all of its electricity from renewable sources in the next ten years. Obviously, if Gore’s vision is to be realized it is US solar growth will have to be even more than JP Morgan predicts: 1.6 gigawatts is a bit more than the capacity of a single nuclear power plant.