The solar photovoltaic industry is proving to be even more of a shining example to renewable technology, as reports suggest it is set to break the 100GW global capacity mark this year.

A report entitled 'Snapshot of Global PV in 1992-2012' used data from 23 countries, including the top global solar markets, in order to come up with the estimate.

The International Energy Agency (IEA) report has come shortly after the revelation that Australia has reached its own milestone of having one million solar panels installed across the country.

At present, the research has said that some 89.5GW of solar PV capacity is now present in the core markets, with 7GW present elsewhere.

With a number of installations in the UK and worldwide having been completed, it is expected that the current standing of 96.5GW in total will have topped the 100GW mark in the first quarter of 2013.

The snapshot report is a precursor for a coming report from the IEA which will examine the state of the global solar market.
Further findings from the snapshot study have indicated that the solar market has stabilised following years of growth. The 28.4GW that were reported in 2012 came just below the 28.9GW recorded in the previous year.

"While Europe still represents 59 per cent of this global market, 2012 saw the rapid growth of the Asia-Pacific region and the Americas. The Middle East and Africa remains a region in development," the report said.

Furthermore, the report suggested that while European development is slowing after vigorous growth, the Asia-Pacific region is now in a perfect position to be one of the major regions for solar PV growth.

It terms of the energy produced, the report suggested that currently installed systems will produce a staggering 110 TWh of electricity during 2013, putting the solar industry as a major player in the energy generation market, and contributing a huge amount to global carbon reduction targets.