Europe's solar market is in good shape despite the global financial crisis, a new study by Lux Research shows. Small European markets will show favorable returns in the near term, the study predicts, while Asian markets will rise over the next few years. Portugal's market is currently the hottest — for solar investors able to undertake projects under the nation's installations cap. The Portuguese internal rate of return (IRR) remained high in 2011 and is projected to push the annual market to nearly 400 MW in 2016. At number two is the solar market in Cyprus, followed by Hawaii, Greece and Israel.