According to a new research report from BCC Research Analysis, the global photovoltaics market is projected to be worth $32.3 billion by 2012, resulting in a compound average annual growth rate (CAGR) of 14.9%.
The market research firm said that 89 percent of the current PV market in 2007 was silicon-based and would slowly decline to 79 percent of the market by 2013, while multicrystalline silicon will grow at a rate of 285 percent through 2013.
Thin film technologies are expected to grow 45 percent per annum through 2013 and held 10 percent of the market in 2007, according to BCC Research. Thin films will account for almost 19% of the PV market by the end of our forecast period.
Nanostructured thin films and silicon and dye-sensitized solar cells will also see a pick-up, growing 34 percent rate to reach 19.2MW by the end of 2008, and will then exhibit 50 percent annual growth to achieve 145.7MW by 2013.
Global shipments of PV cells/modules reached 2,875.1MW in 2007, according to the market research firm. These are projected to have a CAGR of 30 percent to reach 13,724.4MW by 2013.