Solar energy advocates rejoice. Photovoltaics are heating up.
According to a new research report from BCC Research Analysis, the global photovoltaics market is projected to be worth $32.3 billion by 2012. Such numbers mean a compound average annual growth rate of 14.9%.
Photovoltaics, or PV for short, are solar power panels that convert light into electricity. Rising oil prices, depleting fossil fuels and an general increased interest in renewable energy (not to mention some government subsidies) are believed to be inciting the recent increase in photovoltaic sales.
Third world development is also boosting solar application. Remote rural areas are creating independent solar operations as photovoltaics present a cheap alternative to the high cost for power lines to distant grids. As demand increases, prices for solar photovoltaics are expected to drop.
BCC Research is a market research firm that surveys and produces industry analyses and economic forecasts for industrial, pharmaceutical, and high technology organizations. The firm tends to focus on high-tech systems as well as novel processing methods in energy, environmental technology, fuel cells, and transportation.
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