Suchitra Sriram, program manager at Frost & Sullivan, explained that countries such as Japan, Taiwan and South Korea have fixed targets in terms of the reduction of carbon emissions and renewable energy from solar PV devices could be their preferred method of combating climate change.
The company noted that there has been government support for such devices and market-earned revenues reached $1,951.6 million (£1,223.1 million) during 2009.
This figure could reach $3,582.5 million by 2016 if market conditions remain favourable and the price of installation drops, added the firm.
Mr Sriram commented: "The presence of attractive feed-in-tariffs in Japan and South Korea and the introduction of the Renewable Energy Development Act in Taiwan are expected to propel the market for on-grid solar PV system installations."
Frost & Sullivan recently claimed that solar PV systems could be successfully deployed in rural areas of Australia and New Zealand, where grid extension is not feasible.
