The PV industry generated $17.2 billion in global revenues in 2007. Germany's PV market reached 1,328 MW in 2007 and now accounts for 47% of the world market. Spain soared by over 480% to 640 MW, while the United States increased by 57% to 220 MW. It became the world's fourth largest market behind Japan, once the world leader, which declined 23% 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% of global production. Chinese manufacturers raised their share from 20% in 2006 to 35% in 2007.

Despite total polysilicon production rising 30% in 2007, it remained the most capacity constrained part of the PV chain. 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% of total PV production.

"There has been massive investment in new production capacity across the PV chain over the past 12 months," said Craig Stevens, President of Solarbuzz LLC. "In addition to this, PV companies raised nearly $10 billion in equity and debt during 2007 to support industry expansion."

The 320-page report concludes with three forecast scenarios, "Balanced Energy," "Green World" and "Production Led" for the 2008-2012 period. The scenarios address the key issues of market growth, supply capacity expansion, pricing through the PV chain, manufacturing costs and gross margins, together with the key commercial and policy challenges that will define the pathway of this industry over the next five years.

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Marketbuzz 2008 report
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