After three years of continuous upswing in solar power revenues, topping $3.8 billion in 2007, will its future be just as bright? A new report from SBI, The U.S. Solar Energy Market, indicates that several factors favorable to the industry will propel the market to triple digit growth, to reach nearly $12 billion by 2012. Although growth may prove to have some bumps along the road, factors such as solar power's technological momentum, increasing private-sector solar investment and growing public-sector support will carry it overall.
Despite strong factors favoring the solar energy market, major obstacles must still be overcome before it reaches the mainstream. Perhaps the biggest challenge is economic. Pricing, affordability, financing and lack of investment are preventing solar energy from advancing as explosively as it could. Other obstacles include potential supply shortages, unfavorable legal structures, utility barriers and lack of skilled laborers.
"Solar energy is a rapidly growing industry, particularly now that the U.S. government seems to be getting behind solar energy," comments Tatjana Meerman, Publisher of SBI. "In the past, there was little support; however, recent incentives from Capitol Hill provide users of solar energy with tax credits and rebates on solar systems. Another significant movement was in 2006 when President Bush declared a Solar America Initiative, which provided solar energy manufacturers with funding to accelerate research and development and creating new technologies."
The U.S. Solar Energy Market examines the dynamics both pushing solar forward and holding it back. Comprehensive data on shipments, along with sales estimates and five-year projections are offered for the two major solar categories: photovoltaic and solar thermal with a special focus on concentrating solar power. Key trends are analyzed and major competitors in the marketplace are profiled. The report is available from SBI by visiting: https://www.sbireports.com/Solar-Energy-1610062/