Global solar photovoltaic market installations reached a record high of 5.95 GW in 2008, representing growth of 110% over the previous year, according to an annual PV market report issued by Solarbuzz LLC, a San Francisco-based solar energy consultancy.
The report details that the PV industry generated $37.1 billion in global revenues in 2008, while successfully raising over $12.5 billion in equity and debt, up 11% from the prior year.
Europe accounted for 82% of world demand, while Spain was the global leader, with a 285% growth in PV installations. Germany placed second in the market rankings, followed by the U.S., South Korea, Italy and Japan.
‘Twelve months ago, we projected that as early as the fourth quarter of 2008, the PV industry would no longer be constrained by solar module supply, but instead, by market demand,’ says Craig Stevens, president of Solarbuzz LLC.
‘Now, the PV industry will need to navigate major changes in the regional demand mix, with new markets emerging, while addressing excess supply positions and significant adjustments to industry pricing,’ he adds.
SOURCE: Solarbuzz LLC