The global photovoltaic market – as a sub-division of the whole solar technology – has more than tenfold in the last years. In 2014 alone, 14.6 billion US dollars were invested in solar power technologies (photovoltaic and concentrated solar power). This corresponds to a record growth rate of 25%. Recently installed photovoltaic systems make up the major part, with a total output of about 46 GW.
The study elaborated by the German Federal Ministry for Economic Affairs and Energy ranks photovoltaic in first place in the world and in third place in growing markets. The European Photovoltaic Industry Association (EPIA) also confirmed a shift of the largest markets from Europe to other regions of the world. EPIA said that the future growth will be driven mainly by Southeast Asia, Latin America, China, India, and the MENA region; by the middle of this century, solar energy will be the main source of energy.