Report says World Solar Energy Market Grew 34% in 2003

The star performer among the top three country markets was Germany showing 76% growth. In combination, the Japanese, German and United States markets accounted for 75% of the world solar photovoltaic market.

The major driver of demand was the strong grid-connect sector, up 57% globally to account for 77% of the total market. Japan's PV market reached 219 Megawatts, Germany 145 Megawatts and the United States market increased to 66 Megawatts, spurred on by grid-connect applications in California. Other countries in Europe, outside Germany, recorded a very healthy 109% growth rate in 2003.

"The strong growth resulted in a worldwide solar photovoltaic market worth over $4 billion last year," said Craig Stevens, President of Solarbuzz Inc. He added, "this encouraging industry picture also led to significant investment in additional manufacturing capacity, particularly in Japan."

World solar cell production rose 40% in 2003 to 742 Megawatts. Japanese manufacturers increased their share to 49% of world production, while the U.S. share fell to only 12%. Multicrystalline silicon cell technology continued to take market share, now almost two-thirds, from monocrystalline silicon.

Analysis of the growing world demand for silicon to serve the PV and microelectronics industries shows that there is now a pressing case for early investment decisions on additional silicon feedstock production capacity, in order to meet projected requirements for 2005 and beyond.

The 140 page Marketbuzz 2004 report (at www.solarbuzz.com) analyzes the key trends that took place in the PV industry in 2003, includes the annual survey of solar energy installers, and a detailed review of price movements in the major markets of the world. It concludes with the implications of the 2004 solar cell supply/demand forecast.