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San Francisco, CA, Mar. 17, 2008 -- World solar photovoltaic (PV) market installations reached a record high of 2,826 megawatts (MW) in 2007, representing growth of 62 percent over the previous year, said an annual PV market report issued by Solarbuzz LLC, a San Francisco-based solar energy consultancy.
The PV industry generated $17.2 billion in global revenues in 2007, according to the report. Germany's PV market reached 1,328 MW in 2007 and now accounts for 47 percent of the world market. Spain grew by over 480 percent to 640 MW, while the United States increased by 57 percent to 220 MW. It became the world's fourth largest market behind Japan, once the world leader, which declined 23 percent to 230 MW.
World solar cell production reached a consolidated figure of 3,436 MW in 2007, up from 2,204 MW a year earlier. Japanese producers continue to lose ground, only accounting 26 percent of global production. Chinese manufacturers raised their share from 20 percent in 2006 to 35 percent in 2007.
Despite total polysilicon production rising 30 percent in 2007, it remained the most capacity constrained part of the PV chain. 21 new entrants started manufacturing polysilicon during the year.
Meanwhile, thin film production more than doubled from 181 MW in 2006 to 400 MW in 2007, accounting for 12 percent of total PV production.
The 320-page report concludes with three forecast scenarios, "Balanced Energy," "Green World" and "Production Led" for the 2008-2012 period. The scenarios address the issues of market growth, supply capacity expansion, pricing through the PV chain, manufacturing costs and gross margins, together with the key commercial and policy challenges that will define the pathway of the industry over the next five years, according to the report.
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