Global PV market emerging from sluggish period5th Jul 2013
The global solar PV sector has taken some interesting twists and turns over the last couple of years, and one industry expert expects upward momentum will shortly hit the market once again.
Michael Barker, Solarbuzz senior analyst, said solar panels experienced a worldwide surge in popularity when they first burst onto the scene - largely due to heavy investment.
However, with every boom there is usually a bust, and manufacturers quickly felt the bite as oversupply, lowering component prices and the withdrawal or watering down of lucrative incentive schemes (eg Australian feed-in tariffs) created a backward pull.
But Barker claims the solar rollercoaster isn't over yet, and with installation costs for solar power systems plummeting due to cheaper panels, there continues to be light at the end of the tunnel for the industry.
"Many markets - previously closed to PV development due to cost - have now been opened up and have the potential to offer long-term growth opportunities," he explained.
"The pain of the last few years is now set to be replaced by a period of recovery, with the industry entering a period of slower, but steadier, growth."
Not only this, but the Asia Pacific region could be set to spearhead this upsurge, with Barker pointing to China and Japan as already showing early dominance in this part of the world.
Posted by Mike Peacock