DUBLIN, March 3, 2016 /PRNewswire/ --
The global residential solar energy storage market is set to grow at a CAGR of 67.6% by 2019, according to an industry report available from Research and Markets. The report accredits this strong growth to a number of factors such as the availability of integrated PV inverters and an increasing number of energy production payments. This estimation was supported today by the findings of another report, one which predicts 100 million households worldwide could be powered by solar energy by 2020.
The report, a collaborative effort between Bloomberg New Energy Finance and the World Bank Group's Lighting Global platform, forecasts the off-grid solar market to reach a value of USD 3.1 billion by 2020. The market is currently worth around USD 700 million, and was virtually non-existent a decade ago. The report associates the rising demand for reliable energy sources to a fast growing global population, and found that 95% of the off-grid solar market live in developing parts of Asia and sub-Saharan Africa.
The global solar panels market is expected to reach a value of USD 180.7 billion by 2021 , up from USD 24.2 billion in 2014, as stated in a recent report. This value could be even higher if the off-grid solar market is as successful as predicted, as the demand for solar panels will increase.
The same can be said for the global solar collector market, forecast to grow at a CAGR of 24.9% over the 2015-2019 period as noted in a market report. Solar collectors offer greater power efficiency, allowing users to capture solar energy and convert it into thermal energy. This clean and renewable energy source could change the lives of millions of people living in the developing world, establishing a dedicated global industry that barely existed ten years ago.
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SOURCE Research and Markets