THE GLOBAL Solar PV industry looks set to grow by a staggering 26-fold over the next twenty years, perhaps even more so, according to the International Energy Agency.
Incredibly, the group said if the world acted to meet its climate change forecasts, the rate of increase could be even higher.
The 2012 World Energy Outlook, published by the IEA, also said by 2035 we could see a third of our energy coming from renewable sources, including wind and solar.
This would mean an increase from 32 terrawatt hours of solar PV in 2010 to 846 terrawatt hours in 2035.
The report also highlighted how the European Union accounted for over three-quarters of global solar PV capacity in 2011, though this looks to be challenged by China, the US, India and Japan in the coming years.
Along with many industry experts the IEA suggest solar PV costs will continue to drop, however they also predicted the days of the generous feed-in-tariffs are over.
They suggested that as the cost of materials needed to construct solar panels have dropped, so have the actual modules.
However, they also made reference to the over-production of panels which lead to many companies (especially in China) collapsing as demand failed to exceed the product.
Other key notes from the report made reference to the ups and downs in trade relationships between the US and China, and most recently the import tariffs the US have put on Chinese solar panels.
The study concludes that while there may continue to be difficulties in the short term, if the demand for solar PV matches the supply China can provide, there could be a huge potential for the market.
