World solar PV market growth 62pc in 2007

USA: 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, according to Solarbuzz.

Germany's PV market reached 1,328 MW in 2007 and now accounts for 47 percent of the world market. Spain soared 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 polysilicon production for both solar and semiconductor use rising 30 percent in 2007, it remained the most capacity constrained part of the PV chain. As many as 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 PV industry raised nearly $10 billion in 2007. 84 identified financial transactions accounted for $7.5 billion in 2007, Of this amount, $5.3 billion came in the form of equity financing, while $2.2 billion came from debt financing. The PV industry generated $17.2 billion in global revenues in 2007.

The 320-page report from Solarbuzz concludes with three forecast scenarios: "Balanced Energy", "Green World" and "Production Led".