Global photovoltaic installations increased by 62% year over year, from 1,744 MW in 2006 to 2,826 MW in 2007, with the US market showing 57% growth. This makes the solar industry the fastest growing industry in the world.

The global PV market is expected to reach a production level of about 6 GW by 2010. The main driver will be the grid-connected commercial and residential segment, which is expected to experience tremendous growth. The U.S. ranks among the solar markets with the world's largest potential for growth.

The potential for the grid-connected residential segment is enormous. In 2003, it was expected that the technical potential for PV on residential and commercial rooftops was 640 GW. New construction and higher-efficiency are expected to double this potential by 2025. Even if the industry continues to expand at the recent 30% growth rates (annualized over the past 15 years) for the next 10-20 years, significant space remains for expansion. Industry experts project an installed capacity of 36 GW by 2020, accounting for technological improvements and federal subsidies. This capacity would still only account for less than 5% of technical capacity.

"The sun provides the Earth with more energy in an hour than the globe consumes in fossil energy in a year."
- James Barber, professor of biochemistry at Imperial College, London