The sun is far from setting on the solar panel industry, as sales in the technology have seen a global rise in 2012.

Last year, the deployment for carbon-saving technology saw an increase, with wind, solar and biofuels experiencing growth.

The Clean Energy Trends 2013 report, released by research firm Clean Edge,  has found that the total revenue for these particular technologies saw a one per cent global increase in revenue to $229 billion (£151 million) in 2012.

Ron Pernick, founder of Clean Edge, said that as the sector expands, the prices of systems fall. In 2012, installations saw an expansion to 31GW, but revenues decreased by 19 per cent to $80 billion (£53 billion).

"We always knew each doubling of [solar PV] installation would reduce prices about 18%," he told the Guardian.

Since 2000, solar costs have seen a decrease from $7.50 (£4.95) per watt to $2.50 (£1.65). Within five years, it is expected to drop to $1.50 (£0.99) per watt – a figure which Mr Pernick says is "the holy grail".

Renewable energy saw an overall increased market share globally, with new investments rising from the 1.1 per cent in 2001 to 19 per cent in 2012. In the US, renewable energy made up almost half of all new generating capacity.

Examples of large schemes across the pond, include Warren Buffet's Mid-American Energy Holdings, which added some 500MW in acquisitions including the purchase of Antelope Valley Solar Project for a cool $2 billion (£1.32 million).  

Further plummeting prices could prove beneficial to the UK market, as companies and households look to increase the solar capacity, cut down on energy bills and reduce carbon emissions.

The falling prices could also contribute to the growing installation of solar panels in the UK market, week-on-week in February – as reported by the Department of Energy and Climate Change.