Spain’s solar industry may be about to fall apart, but the same can’t be said for the U.S. solar market, which is expected to balloon from $9.8 billion today to $78.1 billion by 2015. During the same time period, solar investments will jump from $22.4 billion to $61.1 billion, according to a new report from Environmental Leader Insights.
The report lists some other encouraging statistics for the industry: global solar generation will increase from 17.0 billion kilowatt hours in 2010 to 95.0 billion kw/hour in 2015, and U.S. solar generation will increase from 4.4 billion kilowatt hours in 2010 to 15.3 billion kW/hour in 2015. And despite Spain’s imminent loss of solar subsidies, European countries still have some good news to look forward to–market parity for solar is expected in parts of Spain by 2012 and in Germany by 2015.
Not everything is looking up. The German solar market could drop by 57% thanks to reductions in subsidies. That lack of subsidies may also affect the world market. But overall, we’re encouraged by EL Insights’ research–as long as the smart grid can keep pace with solar growth. If it doesn’t, we might end up with a power grid that can’t handle all the solar energy being tossed its way.