Overall market growth in 2011 was boosted by strong second half demand ahead of further deep cuts in solar incentives. This followed a period of over-production in the first half that triggered the sustained price decline through the PV chain that came to characterize 2011. The dominance of Chinese manufacturers in crystalline silicon wafers, cells and modules grew, the share of thin film declined, and demand in Asian markets grew rapidly.
The PV industry generated $93 billion in global revenues in 2011, up 12% Y/Y, while the industry successfully raised more than $8 billion in corporate equity and debt.
Major PV Country Markets (GW):
Of the more than 100 countries worldwide covered in Marketbuzz, the top five PV markets were Germany, Italy, China, the United States, and France—74% of global demand in 2011. China soared 470% Y/Y, rising from to third place from seventh in 2010.
Over the next five years, factory-gate module prices are projected to drop between 43% and 53% from 2011 levels. Average c-Si factory-gate prices in 2012 will be at least 29% lower than the 2011 average.