Solar PV energy sector opportunity analysis

Abstract

As the energy demand continues to increase due to industrialization in emerging world countries (Exhibit 1), supplies of the main fossil fuels used in power generation are becoming more expensive and more difficult to extract. Moreover, the need to minimize carbon footprints is driving countries across the world to reduce their consumption of fossil fuels to prevent climate changes. To balance these conflicting needs, the world needs to explore different renewable energy technologies such as wind, solar, biopower and geothermal. Keeping in view of these demands, the global installed renewable energy has increased considerably. The global renewable power installed capacity (excluding hydro) has increased from 67,383 MW in 2001 to 316,656 MW in 2010 at a CAGR of 18.8%.