KUALA LUMPUR, 12 Jan (Bernama) -- The photovoltaic market in the Asia- Pacific region is forecast to grow 130 per cent year-over-year in the fourth quarter of this year, says NPD Solarbuzz.
The global research and business consulting firm said Asia-Pacific was set to register installations of more than 2GW (Gigawatt) of PV capacity in the fourth quarter of this year.
This would significantly increase the region's global market share, it said in a statement.
Photovoltaic refers to the technology which uses a device, usually a solar panel, to convert sunlight to electricity.
The company said Asia-Pacific was poised to grow an additional 45 per cent this year as Asian governments introduced new installation targets.
As the European market was stagnating, the Asian market was now the focus of international companies looking to expand, it said.
Global solar companies wanting to drive growth in the Asian photovoltaic market are meeting for three days at EXPO Solar 2012 (http://www.exposolar.org) at the South Korea International Exhibition Centre in Gyeonggi-Do from Feb 15.
As Asia's platform for the international photovolatic industry, EXPO Solar focuses on forging new contacts and expanding existing company networks.
Over 500 exhibitors and some 45,000 visitors from all over the world are expected to flock to KINTEX near Seoul.
"We have worked hard to create an environment that offers the opportunity to spend three highly productive days conducting business and networking with a high concentration of qualified regional and international buyers," said Jeongsik Choi, said EXPO Solar organising committee chairman.
"Their presence paired with roughly 500 other manufacturers and distributors should prove to be a great EXPO Solar event," he added.