Global Solar Cells and Modules Market to Reach US$67.8 Billion by 2015, According to a New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Solar Cells and Modules market. The global market for Solar Cells and Modules is forecast to reach US$67.8 billion by the year 2015. Rising electricity costs, growing popularity of green energy, increased regulatory support for solar power, and emergence of novel solar PV technologies, represent the key factors driving growth in the solar cells and modules market worldwide. In addition, growing concerns over CO2 emissions and volatile oil prices, coupled with the need to attain grid parity would create increased demand for solar PV cells and PV arrays.

Solar Cells and Modules: A Global Strategic Business Report

Following several years of perpetual increase, growth in the Photovoltaics industry slowed for a brief period in 2009 on account of the global economic downturn, and the government ceiling on new Photovoltaic installations to 500 MWp in Spain, which represented the largest solar market in 2008. Sluggish demand resulted in a significant inventory build-up, starting from raw material silicon and PV cells to complete PV systems. Massive capacity, but limited utilization, plunged the prices of crystalline silicon solar cells, panels, and modules significantly in most of the markets. Price decline of solar cells and modules was also attributable to sharp decline in silicon price to as low as US$50 per kg. The falling prices, however, ushered in a period of cost-effective solar systems, bringing down the cost of entire PV systems.

The PV market rebounded quickly, backed by the economic upturn in developing countries of Asia, including China and India, industrial subsidy policies across most of the countries, and the expansionary monetary policy adopted by the central banks in 2009. The growing prominence of Asia in the sector is primarily attributed to the colossal solar cell production in China and Taiwan, which together accounted for about 49% of the global solar cell production in 2008. Going forwards, the global photovoltaics market is poised to exhibit robust growth, owing to the rapid adoption of solar energy across various regions.

Driven mostly by government initiatives and other incentives, the solar power industry is spurred by remote power generation, and growing on-grid applications. In addition, assistance in the form of grants and loans to fund novel technologies, would enable the industry to grow further. These factors, coupled with the declining prices of solar cells and solar modules backed by extensive innovation, R&D activities and political support, herald a promising future for solar energy. Developments are also on for the production of solar cells that are cheap and more efficient.
Government incentives, including subsidies and grants, are expected to remain the mainstay for future market growth. A look at the various regions delineates the growing support from governments across the world. In the US, the PV industry is supported through economic stimulus package, and Investment Tax Credits, which were renewed in 2008. Further, in 2009, the Obama government pledged substantial investments in the area of energy efficiency and renewable energy, through the American Recovery and Reinvestment Act of 2009. The Japanese government also restored the investment subsidy for rooftop PV installations in 2009, and further extended the program in 2010 with increased budget. This, coupled with a feed-in-tariff introduced during November 2009, provides opportunities for the solar industry in Japan. Besides, the recent years also witnessed the introduction of government subsidies in additional countries, including Canada, India, and China, contributing for the global volume growth.

Europe represents the largest as well as fastest growing regional market worldwide, as stated by the new market research report on Solar Cells and Modules. Amongst the European nations, Germany emerged as a leader for solar cells and modules. Photovoltaic market in Germany is reaching new heights with active support from the government. Germany installed a record 3.4 GW of solar PV in 2009. Spain represents another major solar market. Backed by government initiatives, production capacity in Spain increased faster than in other European countries, and helped the country to emerge as the largest solar power market globally in the year 2008. The key reason for the dramatic market expansion was also due to the approval in 2005 of the Plan de Energías Renovables en España (PER) for 2005-2010. However, the Spanish market collapsed in 2009 due to the official cap for solar power in Spain, which increased from 400 MW to 500MW for 2009 and 2010, enabling Germany to regain its market leadership.

In terms of production, China emerged as the world’s largest producer of solar cells outstripping Japan, which had the massive solar cell capacity worldwide until 2007. Chinese solar companies established new facilities and infused huge sum in production facilities since 2005, and emerged as a strong market contender in terms of solar cells production by 2008. China’s solar cells output totaled 2,278.6 MW in 2008, making it the number one producer in the world. Europe, Japan, Taiwan, and the US are the other major producers of PV cells worldwide.

Major players profiled in the report include BP Solar, Bosch Solar Energy AG, Canadian Solar, Inc., EniPower S.p.A., First Solar, Inc., GE Energy, Gintech Energy Corp., Global Solar Energy, Inc., Hanwha SolarOne Co., Ltd., Isofotón, JA Solar Holdings Co., Ltd., Kaneka Corp., Kyocera Corp., Mitsubishi Heavy Industries, Photowatt International, Q-Cells SE, SCHOTT Solar GmBH, Sharp Corporation, SolarWorld AG, Suntech Power Holdings Co., Ltd., SunPower Corp., Trina Solar Ltd., United Solar Ovonic LLC, among others.

The research report titled “Solar Cells and Modules: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the solar cells and modules market, impact of recession on the PV industry, discusses the prevailing trends and issues, market drivers, government support policies in individual countries (at state & federal level), prevailing feed-in tariffs of solar PV in select countries, largest PV power plants (constructed/under construction) worldwide, world’s largest BIPV power plants, trends in solar cells/module production, and competitive analysis. The study also enumerates production statistics, cumulative PV installed capacity, annual PV installations, technological advancements/developments, recent developments, mergers, acquisitions, and other strategic industry activities, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for solar cells and modules market for the years 2007 through 2015 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, the Middle East, and Latin America. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.

For more details about this comprehensive market research report, please visit –

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
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