Market
Solar-electric technology solutions, specifically known as photovoltaic's, or PV for short, have a distinct advantage over other Renewable Energy options in that they are based upon an energy source readily available worldwide, the Sun. In acknowledgement of this, the photovoltaic marketplace logged a brisk $22B of activity in 2007 alone, with nearly 3,700 megawatts (MW) of solar products sold and deployed. The compound annual growth rate (CAGR) of the solar PV market continues at the more than 35% level experienced since the beginning of this decade.
The demand for clean electricity from renewable resources such as solar energy is accelerating rapidly as a consequence of several concurrent factors:
- Increases in demand for primary energy in rapidly developing economies such as China and India are putting increasing pressure on global energy supplies
- New supplies of traditional energy resources are oftentimes coming from unstable regions, while elsewhere the emergence of sudden wealth from new energy supplies is often a destabilizing force in these regions
- The global climate change debate has now transitioned from a dispute about its actuality to a careful consideration by all parties of the magnitude and scope of the problem and its potential solutions.
Overall, worldwide demand for electricity is expected to increase from approximately 19,000 terawatt hours (or 19 trillion kwh) in 2006 to approximately 27,000 terawatt hours (or 27 trillion kwh) in 2025, according to the Energy Information Administration. In North America, the demand is expected to increase from 4,600 to 6,400 terawatt hours over the same period. Presently, all non-hydro renewable resources account for only 2% of the electricity generation mix. Within the renewable mix, solar PV accounts for a mere 0.03% of electricity generated. Clearly, there is a significant opportunity for long-term growth in the utilization of solar energy products.
The production and deployment of solar photovoltaic products represents definitive action towards a cleaner energy future. After 20 years of single digit growth, the past seven years has seen an industry CAGR of over 40%. Recent projections suggest a CAGR for the coming 3-5 years of nearly 80%.
Skypoint Solar has been formed to capitalize on these expansive business opportunities. With the emergence of profitable operations and new turnkey offerings for the manufacture of thin film PV, the Company is well positioned to execute on its multi-faceted strategy for success in an increasingly competitive industry.