According to a Solarbuzz report, the United States solar market grew by 36% in 2009 and is expected to increase tenfold by 2014.
Last year's growth numbers are impressive, however, the numbers also reflect the tough economic climate the solar industry is dealing with -- the industry experienced a 62% growth period in 2008, almost twice the size of last year's rate.
Currently the United States is the third largest photovoltaic solar market in the world, only Germany and Italy stand ahead of it. The state driving the U.S. solar industry is California. The Sunshine State accounted for 53% of on-grid installations last year.
Cuts in the cost of installing residential solar systems has led to serious growth in the residential solar installations. This sector grew by 40% last year.
The report states that by 2014 the United States will have a solar capacity of between 4.5-5.5 gigawatts. This is roughly ten times the country's current capacity, and represents an annual industry growth rate of 30%.
Read the full story at Renewable Energy World: Solarbuzz: US Solar Market To Grow Tenfold by 2014
Energy Boom content is for informational purposes only and is not intended to be advice regarding the investment merits of, or a recommendation regarding the purchase or sale of, any security identified on, or linked through, this site.