Solar Industry Set For Global Recovery
After the setback caused by the global economic crisis, the solar energy business will rally again sharply as early as next year thanks to the growing interest in the Middle East for solar power, according to a recent report. Bank Sarasin in its report published under the title “Solar industry 2009: the first green shoots of recovery,” said the Middle East region with its vast amount of sunshine is the ideal place for solar energy.
There has been a growing interest in the Middle Eastern countries for solar power as both governments and companies start thinking beyond petroleum, the report added.
Some of the recent initiatives in the region such as Abu Dhabi being named as the headquarters of Irena as well as the Masdar initiative point towards the Middle East region’s inclination towards solar power, it said.
According to the report, the global outlook for the photovoltaics (generation of electricity from solar energy) PV market would touch 46 per cent in 2010.
For the Middle East, this would hopefully lead to attractive and soon cost competitive PV-installations for the high electricity demand of air conditioners or desalination plants.
The latest report from Bank Sarasin predicts an annual growth rate of more than 50 per cent over the coming five years for this attractive region.
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