Report: Asian-Pacific solar market grows 130% in 2011

Solarbuzz, a market research and analysis firm focused on solar energy, has released a new report showing promising growth in the Asian-Pacific solar market.

Solar energy has been gaining momentum in the region, along with other alternative energies. Solarbuzz’s report, Asia Pacific Major PV Markets, shows that solar energy is beating out other alternatives to oil by a large margin. This is largely due to the popularity of the energy in China, where the government has taken an aggressive stance on alternative energy in general.

The report shows that the market has grown by a total of 130%. This trend will continue well into 2012 as more nations begin to adopt solar power as a supplemental fuel. At present, China accounts for 45% of all solar energy generated in the Asian-Pacific region. In terms of global solar energy generation, China is second only to the U.S. and may even surpass the nation as early as 2015.

The report shows that the Indian market is also quite promising.

India is home to one of the world’s fastest growing economies, and has been looking for ways to adopt alternative energy as a means to continue growth and support a rapidly swelling population. As new technologies emerge into the field of solar power, methods of energy harvest are becoming more efficient and effective. This will further stimulate growth and, perhaps, ensure that much of the Asian continent gets its energy from the sun.