Bringing an end to eight consecutive years of growth, global revenue for PV panels is expected to plunge by nearly 20% in 2009 as a massive oversupply causes prices to drop, according to a report from market research firm iSuppli Corp.
Worldwide revenue from shipments of panels is predicted to decline to $12.9 billion in 2009 – down 19.1% from $15.9 billion in 2008. The plunge in revenue will come despite an 9.6% rise in GW installations of solar panels in 2009 – growing to 4.2 GW for the year, up from 3.8 GW in 2008.
However, 11.1 GW worth of panels will be produced in 2009 – up 62% from 7.7 GW in 2008, the company says. This means that supply will exceed demand by 168% in 2009 – up from 102% in 2008.
SOURCE: iSuppli Corp.
