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Germany is the largest solar PV market in the world. It accounts for 60.4% of the European PV market.
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Germany is the largest solar PV market in the world. It accounts for 60.4% of the European PV market. The growth of the PV industry in Germany is a result of government support in the form of various programs aimed at meeting increased energy needs through renewable sources. The country currently has a target of meeting 30% of its energy needs from renewable sources by 2020. This policy support, coupled with advancements in PV technology, has helped Germany emerge as the biggest solar PV market in the world.
The annual PV installation forecasts predict that Germany will have a significant growth potential and will remain the most important PV market. In 2009, Germany installed the maximum PV systems globally, totaling 3,000 MW. It is forecast to maintain the largest portion of the global annual PV installation pie in the short-term, with its annual installed capacity in 2013 expected to be 5.651 MW.
The German solar PV market has grown at a remarkable rate over the past few years. The cumulative solar PV installed capacity has increased from 194.70 MW in 2001 to 9,140 MW in 2009, at a CAGR of 61.8%. This dramatic growth observed by the German market is fundamentally due to the substantial investment and government subsidies received in recent years.
This analysis was taken from a research paper published by GlobalData, to download the full Research Paper for free, click below:
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