solar pv modules – market size, annual ...solar pv modules – market size, annual production,...

REFERENCE CODE GDAE1078MAR | PUBLICATION DATE AUGUST 2013

SOLAR PV MODULES – MARKET SIZE, ANNUAL PRODUCTION, AVERAGE PRICE, COMPETITIVE

LANDSCAPE AND KEY COUNTRY ANALYSIS TO 2020

Solar PV Modules – Market Size, Annual Production, Average Price, Competitive Landscape and Key Country Analysis to 2020 2 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.



Executive Summary

Global Solar PV Module Installed Capacity will Grow until 2020 but with Small Annual Additions

Solar module installations witnessed immense

growth during the 2006–2011 period, with a Year-

On-Year (Y-O-Y) growth rate of cumulative

capacity of more than XX% each year from 2008 to

2011. The annual installations increased from XX

GW (Gigawatts) in 2006 to XX GW in 2011 with

increasing economies of scale, emerging

technologies, and policy-based governmental and

institutional support for the industry. However, the

growth in 2012 was much lower compared to the

growth in the preceding years, as the industry

started to adjust away from the initial spur, and

also due to the reduction and/or elimination of

support from a few governments of key

geographies for the industry. Annual installations of

XX GW took place in 2012, which was only a slight

improvement from the XX GW installed in 2011.

Annual installations are set to fall slightly to XX GW

in 2013, due to reduced government support in

several countries including Spain, Italy and

Germany. From 2014 onward, annual additions are

expected to be stable until 2020.

The following figure shows the annual and

cumulative capacity of solar modules installed

globally for the 2006–2012 period and the forecast

installations for the 2013–2020 period.

Solar Photovoltaic Module Market, Global, Installed Capacity, GW, 2006–2020

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Inst

alle

d C

apac

ity (G

W)

Y-O

-Y G

row

th

Annual Installation Cumulative Installation Y-O-Y Growth Source: GlobalData, Alternative Energy eTrack [Accessed on 26 June, 2013]

Germany, China and Italy were the Largest Consumers of Solar PV Modules in 2012

Germany was the largest consumer of solar

modules in 2012, with annual installations of XX

GW. In spite of an Feed-in Tariff (FIT) structure

that is subject to digression on a monthly basis, the

annual installations in Germany were the highest in

the world as the FITs still kept the business

profitable. China became the second largest

consumer of modules overtaking Italy and the US.

Annual installations in China grew from XX GW in

2011 to XX GW in 2012.




Table of Contents

1 Table of Contents

1 Table of Contents ....................................................................................................................... 5

1.1 List of Tables ........................................................................................................................ 10

1.2 List of Figures ....................................................................................................................... 13

2 Introduction ............................................................................................................................... 16

2.1 Solar Photovoltaic Technology ............................................................................................. 16

2.2 Types of Solar Modules ........................................................................................................ 16

2.2.1 Crystalline Silicon Modules ............................................................................................. 16

2.2.2 Thin-film Technology ...................................................................................................... 17

2.2.3 New Emerging Solar PV Technology .............................................................................. 18

2.3 GlobalData Report Guidance ................................................................................................ 19

3 Solar PV Modules Market, Global ............................................................................................. 20

3.1 Solar PV Modules Market, Global, Overview ........................................................................ 20

3.2 Solar PV Modules Market, Global, Installed Capacity, 2006–2020 ....................................... 21

3.3 Solar PV Modules Market, Global, Power Generation, 2006–2020 ....................................... 24

3.4 Solar PV Modules Market, Global, Production by Country, 2012 .......................................... 25

3.5 Solar PV Modules Market, Global, Module Price, 2006–2012 ............................................... 28

3.6 Solar PV Modules Market, Global, Market Size, 2006–2012 ................................................. 31

3.7 Solar PV Modules Market, Global, Production Share of Companies, 2012 ........................... 32

3.8 Solar PV Modules Market, Global, Competitive Analysis, 2012 ............................................ 36

3.9 Solar PV Market, Global, Market Drivers .............................................................................. 38

3.9.1 FITs and Other Financial Incentives Guarantee Return on Investment to Solar Power

Producers and Drive the Solar Module Market ................................................................ 38




Table of Contents

3.9.2 Renewable Laws, Mandates and Policy Support Enable Global PV Market Development

....................................................................................................................................... 38

3.9.3 Capital and Financial Support Drive PV Installations ...................................................... 39

3.10 Solar PV Market, Global, Market Restraints.......................................................................... 40

3.10.1 PV Incentive Cuts in some of the Major PV Markets Expected to Hinder Market Growth in

Europe ............................................................................................................................ 40

3.10.2 Supply–Demand Imbalance may Cause Oversupply Harming Module Manufacturers or

Undersupply Affecting Project Proponents ...................................................................... 41

3.10.3 Lack of Sufficient Grid Infrastructure could Hamper Growth in the PV Market ................. 42

4 Solar PV Module Market, The US ............................................................................................. 43

4.1 Solar PV Module Market, the US, Overview ......................................................................... 43

4.2 Solar PV Module Market, the US, Installed Capacity, 2006–2020 ......................................... 44

4.3 Solar PV Module Market, the US, Solar PV Power Generation, 2006–2020 ......................... 46

4.4 Solar PV Modules Market, the US, Average Module Price, 2006–2020 ................................ 48

4.5 Solar PV Modules Market, the US, Market Size, 2006–2020 ................................................ 50

4.6 Solar PV Modules Market, the US, Module Production, 2006–2012 ..................................... 52

4.7 Solar PV Modules Market, the US, Share of Major Producers, 2012 .................................... 53

5 Solar PV Module Market, Germany........................................................................................... 57

5.1 Solar PV Module Market, Germany, Overview ...................................................................... 57

5.2 Solar PV Module Market, Germany, Installed Capacity, 2006–2020 ..................................... 58

5.3 Solar PV Module Market, Germany, Solar PV Power Generation, TWh, 2006–2020 ............ 61

5.4 Solar PV Modules Market, Germany, Average Module Price, 2006–2020 ............................ 63

5.5 Solar PV Modules Market, Germany, Market Size, 2006–2020 ............................................ 65




Table of Contents

5.6 Solar PV Modules Market, Germany, Module Production, MW, 2006–2012 ......................... 67

5.7 Solar PV Modules Market, Germany, Share of Major Producers, 2012................................. 69

6 Solar PV Module Market, Italy ................................................................................................... 73

6.1 Solar PV Module Market, Italy, Overview .............................................................................. 73

6.2 Solar PV Module Market, Italy, Installed Capacity, 2006–2020 ............................................. 73

6.3 Solar PV Module Market, Italy, Solar PV Power Generation, 2006–2020 ............................. 76

6.4 Solar PV Modules Market, Italy, Average Module Price, 2006–2020 .................................... 78

6.5 Solar PV Modules Market, Italy, Market Size, 2006–2020 .................................................... 80

6.6 Solar PV Modules Market, Italy, Module Production, 2006–2012 .......................................... 82

6.7 Solar PV Modules Market, Italy, Share of Major Producers, 2012 ......................................... 83

7 Solar PV Module Market, China ................................................................................................ 86

7.1 Solar PV Module Market, China, Overview ........................................................................... 86

7.2 Solar PV Module Market, China, Installed Capacity, 2006–2020 .......................................... 87

7.3 Solar PV Module Market, China, Solar PV Power Generation, 2006–2020 ........................... 88

7.4 Solar PV Modules Market, China, Average Module Price, 2006–2020 .................................. 90

7.5 Solar PV Modules Market, China, Market Size, 2006–2020 .................................................. 93

7.6 Solar PV Modules Market, China, Module Production, 2006–2012 ....................................... 95

7.7 Solar PV Modules Market, China, Share of Major Producers, 2012 ...................................... 96

8 Solar PV Module Market, Japan ............................................................................................. 100

8.1 Solar PV Module Market, Japan, Overview......................................................................... 100

8.2 Solar PV Module Market, Japan, Installed Capacity, 2006–2020 ........................................ 101

8.3 Solar PV Module Market, Japan, Solar PV Power Generation, TWh, 2006–2020 ............... 103

8.4 Solar PV Modules Market, Japan, Average Module Price, 2006–2020 ............................... 105




Table of Contents

8.5 Solar PV Modules Market, Japan, Market Size, 2006–2020 ............................................... 107

8.6 Solar PV Modules Market, Japan, Module Production, 2006–2012 .................................... 109

8.7 Solar PV Modules Market, Japan, Share of Major Producers, 2012 ................................... 110

9 Solar PV Module Market, Republic of Korea ........................................................................... 113

9.1 Solar PV Module Market, Republic of Korea, Overview ...................................................... 113

9.2 Solar PV Module Market, Republic of Korea, Installed Capacity, 2006–2020 ..................... 114

9.3 Solar PV Module Market, Republic of Korea, Solar PV Power Generation, 2006–2020 ...... 116

9.4 Solar PV Modules Market, Republic of Korea, Average Module Price, 2006–2020 ............. 118

9.5 Solar PV Modules Market, Republic of Korea, Market Size, 2006–2020 ............................. 120

9.6 Solar PV Modules Market, Republic of Korea, Module Production, 2006–2012 .................. 122

9.7 Solar PV Modules Market, Republic of Korea, Share of Major Producers, 2012 ................. 123

10 Solar PV Module Market, Taiwan ............................................................................................ 125

10.1 Solar PV Module Market, Taiwan, Overview ....................................................................... 125

10.2 Solar PV Module Market, Taiwan, Installed Capacity, 2006–2020 ...................................... 126

10.3 Solar PV Module Market, Taiwan, Solar PV Power Generation, 2006–2020....................... 128

10.4 Solar PV Modules Market, Taiwan, Average Module Price, 2006–2020 ............................. 130

10.5 Solar PV Modules Market, Taiwan, Market Size, 2006–2020 ............................................. 132

10.6 Solar PV Modules Market, Taiwan, Module Production, 2006–2012 ................................... 134

10.7 Solar PV Modules Market, Taiwan, Share of Major Producers, 2012 .................................. 135

11 Solar PV Module Market, India ............................................................................................... 139

11.1 Solar PV Module Market, India, Overview .......................................................................... 139

11.2 Solar PV Module Market, India, Installed Capacity, 2006–2020 .......................................... 140

11.3 Solar PV Module Market, India, Solar PV Power Generation, GWh, 2006–2020 ................ 143




Table of Contents

11.4 Solar PV Modules Market, India, Average Module Price, 2006–2020 ................................. 145

11.5 Solar PV Modules Market, India, Market Size, 2006–2020 ................................................. 147

11.6 Solar PV Modules Market, India, Module Production, 2006–2012 ...................................... 149

11.7 Solar PV Modules Market, India, Share of Major Producers, 2012 ..................................... 150

12 Appendix................................................................................................................................. 152

12.1 Abbreviations...................................................................................................................... 152

12.2 Bibliography........................................................................................................................ 153

12.3 Research Methodology ....................................................................................................... 154

12.3.1 Secondary Research .................................................................................................... 154

12.3.2 Primary Research ......................................................................................................... 155

12.3.3 Market Estimates and Assumptions .............................................................................. 155

12.4 Disclaimer .......................................................................................................................... 156




Table of Contents

1.1 List of Tables

Table 1: Solar Photovoltaic Module Market, Global, Installed Capacity, GW, 2006–2020 .......................... 23

Table 2: Solar Photovoltaic Module Market, Global, Power Generation, TWh, 2006–2020 ........................ 25

Table 3: Solar Photovoltaic Module Market, Module Production by Country, MW, 2012 ............................ 27

Table 4: Solar Photovoltaic Module Market, Global, Module Price, $/W, 2006–2020 ................................. 30

Table 5: Solar Photovoltaic Module Market, Global, Market Size, $bn, 2006–2020 ................................... 32

Table 6: Solar Photovoltaic Module Market, C-Si Module Production by Company, MW, 2012.................. 34

Table 7: Solar Photovoltaic Module Market, Thin-film Module Production by Company, MW, 2012 ........... 35

Table 8: Solar Photovoltaic Module Market, Competitive Analysis, 2012................................................... 36

Table 9: Solar Photovoltaic Module Market, The US, Installed Capacity, GW, 2006–2020 ........................ 45

Table 10: Solar Photovoltaic Module Market, The US, Power Generation (TWh), 2006–2020 ..................... 47

Table 11: Solar Photovoltaic Module Market, The US, Average Module Price, $/W, 2006–2020 ................. 49

Table 12: Solar Photovoltaic Module Market, The US, Market Size, $bn, 2006–2020 ................................. 51

Table 13: Solar Photovoltaic Module Market, The US, Module Production, MW, 2006–2012 ...................... 53

Table 14: Solar Photovoltaic Module Market, The US, C-Si Module Production Share, MW, 2012 .............. 54

Table 15: Solar Photovoltaic Module Market, The US, Thin FIlm Module Production Share, MW, 2012 ...... 56

Table 16: Solar Photovoltaic Module Market, Germany, Installed Capacity, GW, 2006–2020 ...................... 60

Table 17: Solar Photovoltaic Module Market, Germany, Power Generation (TWh), 2006–2020 .................. 62

Table 18: Solar Photovoltaic Module Market, Germany, Average Module Price, $/W, 2006–2020 ............... 64

Table 19: Solar Photovoltaic Module Market, Germany, Market Size, $bn, 2006–2020 ............................... 66

Table 20: Solar Photovoltaic Module Market, Germany, Module Production, MW, 2006–2012 .................... 68

Table 21: Solar Photovoltaic Module Market, Germany, C-Si Module Production Share, MW, 2012 ............ 70

Table 22: Solar Photovoltaic Module Market, Germany, Thin-film Module Production Share, MW, 2012 ..... 72

Table 23: Solar Photovoltaic Module Market, Italy, Installed Capacity, GW, 2006–2020.............................. 75




Table of Contents

Table 24: Solar Photovoltaic Module Market, Italy, Power Generation, TWh, 2006–2020 ............................ 77

Table 25: Solar Photovoltaic Module Market, Italy, Average Module Price, $/W, 2006–2020....................... 79

Table 26: Solar Photovoltaic Module Market, Italy, Market Size, $bn, 2006–2020 ....................................... 81

Table 27: Solar Photovoltaic Module Market, Italy, Module Production, MW, 2006–2012 ............................ 83

Table 28: Solar Photovoltaic Module Market, Italy, C-Si Module Production Share, MW, 2012.................... 84

Table 29: Solar Photovoltaic Module Market, Italy, Thin Film Module Production Share, MW, 2012 ............ 85

Table 30: Solar Photovoltaic Module Market, China, Installed Capacity, GW, 2006–2020 ........................... 88

Table 31: Solar Photovoltaic Module Market, China, Power Generation, TWh, 2006–2020 ......................... 90

Table 32: Solar Photovoltaic Module Market, China, Average Module Price, $/W, 2006–2020 .................... 92

Table 33: Solar Photovoltaic Module Market, China, Market Size, $bn, 2006–2020 .................................... 94

Table 34: Solar Photovoltaic Module Market, China, Module Production, MW, 2006–2012 ......................... 96

Table 35: Solar Photovoltaic Module Market, China, C-Si Module Production Share, MW, 2012 ................. 98

Table 36: Solar Photovoltaic Module Market, China, C-Si Module Production Share, MW, 2012 ................. 99

Table 37: Solar Photovoltaic Module Market, Japan, Installed Capacity (GW), 2006–2020 ....................... 102

Table 38: Solar Photovoltaic Module Market, Japan, Power Generation (TWh), 2006–2020 ..................... 104

Table 39: Solar Photovoltaic Module Market, Japan, Average Module Price, $/W, 2006–2020.................. 106

Table 40: Solar Photovoltaic Module Market, Japan, Market Size, $bn, 2006–2020 .................................. 108

Table 41: Solar Photovoltaic Module Market, Japan, Module Production, MW, 2006–2012 ....................... 110

Table 42: Solar Photovoltaic Module Market, Japan, C-Si Module Production Share, MW, 2012 .............. 111

Table 43: Solar Photovoltaic Module Market, Japan, Thin Film Module Production Share, MW, 2012 ....... 112

Table 44: Solar Photovoltaic Module Market, Republic of Korea, Installed Capacity, GW, 2006–2020 ...... 115

Table 45: Solar Photovoltaic Module Market, Republic of Korea, Power Generation, TWh, 2006–2020 .... 117

Table 46: Solar Photovoltaic Module Market, Republic of Korea, Average Module Price, $/W, 2006–2020 119

Table 47: Solar Photovoltaic Module Market, Republic of Korea, Market Size, $bn, 2006–2020 ................ 121




Table of Contents

Table 48: Solar Photovoltaic Module Market, Republic of Korea, Module Production, MW, 2006–2012 ..... 123

Table 49: Solar Photovoltaic Module Market, Republic of Korea, C-Si Module Production Share, MW, 2012

................................................................................................................................................ 124

Table 50: Solar Photovoltaic Module Market, Taiwan, Installed Capacity, MW, 2006–2020....................... 127

Table 51: Solar Photovoltaic Module Market, Taiwan, Power Generation, GWh, 2006–2020 .................... 129

Table 52: Solar Photovoltaic Module Market, Taiwan, Average Module Price, $/W, 2006–2020 ................ 131

Table 53: Solar Photovoltaic Module Market, Taiwan, Market Size, $m, 2006–2020 ................................. 133

Table 54: Solar Photovoltaic Module Market, Taiwan, Module Production, MW, 2006–2012 ..................... 135

Table 55: Solar Photovoltaic Module Market, Taiwan, C-Si Module Production Share, MW, 2012 ............. 136

Table 56: Solar Photovoltaic Module Market, Taiwan, Thin Film Module Production Share, MW, 2012 ..... 138

Table 57: Solar Photovoltaic Module Market, India, Installed Capacity, MW, 2006–2020 .......................... 142

Table 58: Solar Photovoltaic Module Market, India, Power Generation, GWh, 2006–2020 ........................ 144

Table 59: Solar Photovoltaic Module Market, India, Average Module Price, $/W, 2006–2020 ................... 146

Table 60: Solar Photovoltaic Module Market, India, Market Size, $m, 2006–2020..................................... 148

Table 61: Solar Photovoltaic Module Market, India, Module Production, MW, 2006–2012 ......................... 150

Table 62: Solar Photovoltaic Module Market, India, C-Si Module Production Share, MW, 2012 ................ 151

Table 63: Solar Photovoltaic Module Market, India, Power Generation (TWh), 2006–2020 ....................... 152




Table of Contents

1.2 List of Figures

Figure 1: Solar Photovoltaic Module Market, Global, Installed Capacity, GW, 2006–2020 .............................. 22

Figure 2: Solar Photovoltaic Module Market, Global, Power Generation, TWh, 2006–2020 ............................ 24

Figure 3: Solar Photovoltaic Module Market, Module Production by Country, %, 2012 .................................... 27

Figure 4: Solar Photovoltaic Module Market, Global, Module Price, $/W, 2006–2020 ..................................... 29

Figure 5: Solar Photovoltaic Module Market, Global, Market Size, $bn, 2006–2020 ........................................ 31

Figure 6: Solar Photovoltaic Module Market, C-Si Module Production by Company, %, 2012 ......................... 33

Figure 7: Solar Photovoltaic Module Market, Thin-film Module Production by Company, %, 2012 ................... 35

Figure 8: Solar Photovoltaic Module Market, The US, Installed Capacity, GW, 2006–2020 ............................. 44

Figure 9: Solar Photovoltaic Module Market, The US, Power Generation (TWh), 2006–2020 ......................... 46

Figure 10: Solar Photovoltaic Module Market, The US, Average Module Price, $/W, 2006–2020 .................... 48

Figure 11: Solar Photovoltaic Module Market, The US, Market Size, $bn, 2006–2020 .................................... 50

Figure 12: Solar Photovoltaic Module Market, The US, Module Production, MW, 2006–2012 ......................... 52

Figure 13: Solar Photovoltaic Module Market, The US, C-Si Module Production Share, %, 2012 .................... 54

Figure 14: Solar Photovoltaic Module Market, The US, Thin FIlm Module Production Share, %, 2012 ............ 55

Figure 15: Solar Photovoltaic Module Market, Germany, Installed Capacity, GW, 2006–2020 ........................ 59

Figure 16: Solar Photovoltaic Module Market, Germany, Power Generation (TWh), 2006–2020 ..................... 61

Figure 17: Solar Photovoltaic Module Market, Germany, Average Module Price, $/W, 2006–2020 ................. 63

Figure 18: Solar Photovoltaic Module Market, Germany, Market Size, $bn, 2006–2020.................................. 65

Figure 19: Solar Photovoltaic Module Market, Germany, Module Production, MW, 2006–2012....................... 68

Figure 20: Solar Photovoltaic Module Market, Germany, C-Si Module Production Share, %, 2012 ................. 70

Figure 21: Solar Photovoltaic Module Market, Germany, Thin-film Module Production Share, %, 2012 ........... 71

Figure 22: Solar Photovoltaic Module Market, Italy, Installed Capacity, GW, 2006–2020 ................................ 74

Figure 23: Solar Photovoltaic Module Market, Italy, Power Generation, TWh, 2006–2020 .............................. 76




Table of Contents

Figure 24: Solar Photovoltaic Module Market, Italy, Average Module Price, $/W, 2006–2020 ......................... 78

Figure 25: Solar Photovoltaic Module Market, Italy, Market Size, $bn, 2006–2020 ......................................... 80

Figure 26: Solar Photovoltaic Module Market, Italy, Module Production, MW, 2006–2012 .............................. 82

Figure 27: Solar Photovoltaic Module Market, Italy, C-Si Module Production Share, %, 2012 ......................... 84

Figure 28: Solar Photovoltaic Module Market, Italy, Thin Film Module Production Share, %, 2012 .................. 85

Figure 29: Solar Photovoltaic Module Market, China, Installed Capacity, GW, 2006–2020 ............................. 87

Figure 30: Solar Photovoltaic Module Market, China, Power Generation, TWh, 2006–2020............................ 89

Figure 31: Solar Photovoltaic Module Market, China, Average Module Price, $/W, 2006–2020....................... 91

Figure 32: Solar Photovoltaic Module Market, China, Market Size, $bn, 2006–2020 ....................................... 93

Figure 33: Solar Photovoltaic Module Market, China, Module Production, MW, 2006–2012 ............................ 95

Figure 34: Solar Photovoltaic Module Market, China, C-Si Module Production Share, %, 2012....................... 97

Figure 35: Solar Photovoltaic Module Market, China, Thin Film Module Production Share, %, 2012 ............... 99

Figure 36: Solar Photovoltaic Module Market, Japan, Installed Capacity, GW, 2006–2020 ........................... 101

Figure 37: Solar Photovoltaic Module Market, Japan, Power Generation, TWh, 2006–2020 ......................... 103

Figure 38: Solar Photovoltaic Module Market, Japan, Average Module Price, $/W, 2006–2020 .................... 105

Figure 39: Solar Photovoltaic Module Market, Japan, Market Size, $bn, 2006–2020 .................................... 107

Figure 40: Solar Photovoltaic Module Market, Japan, Module Production, MW, 2006–2012 ......................... 109

Figure 41: Solar Photovoltaic Module Market, Japan, C-Si Module Production Share, %, 2012 .................... 110

Figure 42: Solar Photovoltaic Module Market, Japan, Thin Film Module Production Share, %, 2012 ............. 111

Figure 43: Solar Photovoltaic Module Market, Republic of Korea, Installed Capacity, GW, 2006–2020 ......... 114

Figure 44: Solar PV Module Market, Republic of Korea, Power Generation, TWh, 2006–2020 ..................... 116

Figure 45: Solar Photovoltaic Module Market, Republic of Korea, Average Module Price, $/W, 2006–2020 .. 118

Figure 46: Solar Photovoltaic Module Market, Republic of Korea, Market Size, $bn, 2006–2020 .................. 120

Figure 47: Solar Photovoltaic Module Market, Republic of Korea, Module Production, MW, 2006–2012 ....... 122




Table of Contents

Figure 48: Solar Photovoltaic Module Market, Republic of Korea, C-Si Module Production Share, %, 2012 .. 124

Figure 49: Solar Photovoltaic Module Market, Taiwan, Installed Capacity, MW, 2006–2020 ......................... 126

Figure 50: Solar Photovoltaic Module Market, Taiwan, Power Generation, GWh, 2006–2020 ....................... 128

Figure 51: Solar Photovoltaic Module Market, Taiwan, Average Module Price, $/W, 2006–2020 .................. 130

Figure 52: Solar Photovoltaic Module Market, Taiwan, Market Size, $m, 2006–2020.................................... 132

Figure 53: Solar Photovoltaic Module Market, Taiwan, Module Production, MW, 2006–2012 ........................ 134

Figure 54: Solar Photovoltaic Module Market, Taiwan, C-Si Module Production Share, %, 2012 .................. 136

Figure 55: Solar Photovoltaic Module Market, Taiwan, Thin-film Module Production Share, %, 2012 ............ 137

Figure 56: Solar Photovoltaic Module Market, India, Installed Capacity, GW, 2006–2020 ............................. 141

Figure 57: Solar Photovoltaic Module Market, India, Power Generation, GWh, 2006–2020 .......................... 143

Figure 58: Solar Photovoltaic Module Market, India, Average Module Price, $/W, 2006–2020 ...................... 145

Figure 59: Solar Photovoltaic Module Market, India, Market Size, $m, 2006–2020 ....................................... 147

Figure 60: Solar Photovoltaic Module Market, India, Module Production, MW, 2006–2012 ........................... 149

Figure 61: Solar Photovoltaic Module Market, India, C-Si Module Production Share, %, 2012 ...................... 151




Introduction

2 Introduction

2.1 Solar Photovoltaic Technology

Solar Photovoltaics (PV) is the conversion of energy stored in sunlight into electrical energy, which

is consequently supplied either to the electric grid or to the consumer of electricity directly. This

conversion is done by photosensitive semiconducting material assembled in the form of modules,

usually referred to as solar PV modules or just solar modules. Since a single module will produce

only a small amount of electricity in the order of a few hundred Watts (W), multiple PV modules are

usually connected to form a PV array that can produce greater output. Direct Current (DC)

produced from PV arrays can be used to power equipment and recharge batteries. In order to be

grid-connected, DC needs to be converted into Alternating Current (AC) using specifically designed

inverters. A PV array can be installed on the roof of a building, on the ground, as a building façade,

or integrated into the building itself.

2.2 Types of Solar Modules

2.2.1 Crystalline Silicon Modules

The Crystalline Silicon (C-Si) cell was the first generation of PV technology, made from a single

crystal or a polycrystalline wafer of silicon. C-Si cells are combined together to form a C-Si solar

module.

Monocrystalline silicon cells have a uniform structure and an average wafer thickness of about

XXmm. These cells are made from a single silicon crystal and are therefore uniform in color, which

ranges from dark blue to black. Monocrystalline cells are the most efficient solar PV cells, with a

high-energy conversion efficiency varying from XX% to XX%.

Polycrystalline PV cells contain small crystals arranged in various directions and with an average

wafer thickness varying from XX to XXmm. This type of solar cell is blue in color, lighter than

monocrystalline cells. Polycrystalline PV cells have an efficiency level varying from XX% to XX%.




Introduction

2.3 GlobalData Report Guidance

The report begins with an executive summary that gives a snapshot of the key indicators in the

solar PV module market.

The “Introduction” chapter is an introduction to the market and provides a brief overview of

solar PV module technology and the different types of solar PV modules.

The “Global Solar PV Modules Market” chapter provides an overview of the global market for

solar PV modules and examines several parameters of the global solar PV market, such as

annual installations, the average global price of a solar PV module, market size over the years,

global production of C-Si and thin-film modules, major manufacturers, market drivers and

market restraints.

The remaining chapters give the historical (2006–2012) and forecast (2013–2020) annual

additions, market size, average module price, market size, production of C-Si and thin-film

modules and major producers and their share of production in 2012 for eight major countries –

the US, Germany, Italy, China, Japan, Republic of Korea, Taiwan and India.




Solar PV Modules Market, Global

3.3 Solar PV Modules Market, Global, Power Generation, 2006–2020

With increasing cumulative installed capacity, the annual power generation from solar PV

installations has also been increasing since 2006. In 2006, XX Terawatt-hours (TWh) of power was

generated globally through solar PV modules. With increased installed capacity and increased

efficiency in the modules used for the newer capacity, generation increased to XX TWh in 2012.

Power generation from solar PV installations is expected to increase further to around XX TWh in

2013 and steadily increase over the next five years to reach over XX TWh in 2020.

The following chart shows the power generation from solar PV installations globally for the period

2006–2012 and the forecast generation for the 2013–2020 period.

Figure 2: Solar Photovoltaic Module Market, Global, Power Generation, TWh, 2006–2020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Pow

er G

ener

atio

n (T

Wh)

Source: GlobalData, Alternative Energy eTrack [Accessed on 26 June, 2013]




Solar PV Module Market, The US

4 Solar PV Module Market, The US

4.1 Solar PV Module Market, the US, Overview

The solar PV market in the US has grown strongly in recent years and policies to promote solar

power are increasing at both the federal and state level. Solar energy has established itself as a

proven technology to improve US national energy security and boost the economy. The US federal

government and numerous states have shown support for solar energy in recent years. The

individual states have taken the lead in ensuring that incentives are properly structured to keep

costs declining, while regulatory processes have become more easily navigable for businesses and

consumers. These government initiatives aim to:

Increase R&D investments to significantly reduce the cost of PV systems by lowering the costs

of materials, manufacturing and installation

Increase market opportunities, including the reduction of institutional barriers such as the lack

of interconnection standards and net metering provisions for distributed energy

The US, apart from being a major market for solar modules, is also a center for the research and

production of modules. There is significant production of both C-Si and thin-film modules in the

country, amounting to around 1 GW of modules produced annually. Most of the C-Si modules

produced cater to the domestic demand, while the thin-film module production led by First Solar

caters to the export market especially in India and Middle Eastern countries, where thin-film

modules are more popular than C-Si modules.




Solar PV Module Market, The US

4.2 Solar PV Module Market, the US, Installed Capacity, 2006–2020

The cumulative installed capacity of solar PV in the US increased from XX GW in 2006 to XX GW

in 2012, with increasing annual additions during this period and a significant addition of XX GW in

2012 alone. Annual additions are expected to continue increasing and reach XX GW in 2016,

followed by a steep fall in 2017 with a capacity addition of XX GW due to the expiry of ITC. Annual

additions are expected to be lower during 2017–2020 unless the ITC is renewed.

The following chart shows the cumulative installed capacity, annual additions and year-on-year

growth of cumulative capacity in the US for the 2006–2012 period and the forecasts for the 2013–

2020 period.

Figure 8: Solar Photovoltaic Module Market, The US, Installed Capacity, GW, 2006–2020

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Inst

alle

d C

apac

ity (G

W)

Y-O

-Y G

row

th

Annual Installation Cumulative Installation Y-O-Y Growth

Source: GlobalData, Alternative Energy eTrack [Accessed on 26 June, 2013]




Solar PV Module Market, India

The following chart shows the production share of C-Si module manufacturing in India in 2012.

Figure 61: Solar Photovoltaic Module Market, India, C-Si Module Production Share, %, 2012

Vikram Solar Pvt. Ltd.12%

Solar Semiconductor Ltd

11%

Emmvee Solar Systems Private Limited

11%

Moser Baer Solar Limited

11%Waaree Solar11%

Tata Power Solar Systems Limited

10%

Titan Energy Systems Ltd.6%

Websol Energy Systems Ltd.6%

Reliance Solar Group3%

HHV Solar Technologies Pvt. Ltd

3%

Sun Solar Techno Limited

2%

Surana Ventures Limited

2%Others12%

Source: GlobalData

Table 62: Solar Photovoltaic Module Market, India, C-Si Module Production Share, MW, 2012

Company Module Production (MW)

Vikram Solar Pvt. Ltd. 100

Solar Semiconductor Ltd 90

Emmvee Solar Systems Private Limited 85

Moser Baer Solar Limited 83

Waaree Solar 83

Tata Power Solar Systems Limited 75

Titan Energy Systems Ltd. 50

Websol Energy Systems Ltd. 45

Reliance Solar Group 24

HHV Solar Technologies Pvt. Ltd 20

Sun Solar Techno Limited 17

Surana Ventures Limited 15

Others 94

Total 780 Source: GlobalData




Appendix

12 Appendix

12.1 Abbreviations

Table 63: Solar Photovoltaic Module Market, India, Power Generation (TWh), 2006–2020 Abbreviation Expanded form

$ US Dollar

AC Alternating Current

A-Si Amorphous Silicon

BIPV Building Integrated Photovoltaics

bn Billion

CNY Chinese Yen

CPV Concentrated Photovoltaics

C-Si Crystalline Silicon

DC Direct Current

DtA Deutsche Ausgleichsbank

EC European Commission

EEG Erneuerbare Energien Gesetz

FIT Feed-in Tariff

GBI Generation Based Incentives

GHG Green House Gases

GW Gigawatt

GWh Gigawatt-hour

ITC Investment Tax Credit

KfW Kreditanstalt für Wiederaufbau

kW Kilowatt

kWh Kilowatt-hour

LCOE Levelized Cost of Energy

m Million

MNRE Ministry of New and renewable Energy

MW Megawatt

MWh Megawatt-hour

NSM National Solar Mission

PTC Production Tax Credit

PV Photovoltaics

R&D Research and Development

RES Renewable Electricity Standards

RPO Renewable Purchase Obligation




Appendix

RPS Renewable Portfolio Standards

SEIAC Solar Energy Industry Advisory Council

T&D Transmission and Distribution

TWh Terawatt-hour

W Watt

Y-O-Y Year on Year

Source: GlobalData

12.2 Bibliography

IRENA (2012). Renewable Energy Technologies: Cost Analysis Series – Solar Photovoltaics.

International Renewable Energy Agency. Available from:

http://www.irena.org/DocumentDownloads/Publications/RE_Technologies_Cost_Analysis-

SOLAR_PV.pdf

NREL (2011). Quantum Dots Promise to Significantly Boost Photovoltaic Efficiencies. National

Renewable Energy Laboratory. Available from: http://www.nrel.gov/docs/fy10osti/47571.pdf

JPEA (2013). Shipment of Photovoltaic modules in Japan. Japan Economic Policy Association.

Available from: http://www.jpea.gr.jp/pdf/qlg2010_eng.pdf

Channell J et al., (2012). Shale & renewables: a symbiotic relationship. Citigroup. Available

from: http://www.ourenergypolicy.org/wp-content/uploads/2013/04/citigroup-renewables-and-

natgas-report.pdf

EIA (2013). Annual Energy Outlook 2013. United States Energy Information Administration.

Available from: http://www.eia.gov/forecasts/aeo/pdf/0383(2013).pdf

Harvey F (2011). Connie Hedegaard seeks renewable energy targets for 2030. The Guardian.

Available from: http://www.theguardian.com/environment/2011/may/02/connie-hedegaard-

renewable-targets-2030 [Accessed July 15, 2013]

METI (2013). Settlement of FY2013 Purchase Prices for Newcomers and FY2013 Surcharge

Rates under the Feed-in Tariff Scheme for Renewable Energy. Ministry of Economu Trade and

Industry. Available from: http://www.meti.go.jp/english/press/2013/0329_01.html [Accessed

July 15, 2013]




Appendix

MNRE (2013). Solar RPO and REC Framework. Ministry of New and Renewable Energy.

Available from: http://www.mnre.gov.in/information/solar-rpo/ [Accessed July 15, 2013]

PC (2012). Twelfth Five Year Plan. Planning Commission – Government of India. Available

from: http://planningcommission.gov.in/plans/planrel/12thplan/pdf/vol_1.pdf

12.3 Research Methodology

GlobalData’s dedicated research and analysis teams consist of experienced professionals with a

pedigree in marketing and market research, a background in consulting, and advanced statistical

expertise in the energy industry.

GlobalData’s research methodology for the solar PV report mainly consists of primary and

secondary research.

12.3.1 Secondary Research

The research process begins with exhaustive secondary research on internal and external sources

carried out to source qualitative and quantitative information relating to the global market and the

market in each country.

The secondary research sources that are typically used include, but are not limited to:

Company websites: whitepapers, press releases, news and annual reports

Industry trade journals, magazines and other literature: news articles and research studies

Industry associations, energy agencies and other government bodies

Internal proprietary databases such as our alternative energy eTrack and power eTrack.

Information related to average module price in each country, has been obtained through extensive

secondary and research.




Appendix

12.3.2 Primary Research

GlobalData conducts extensive primary interviews with industry participants and commentators in

order to validate its data and analysis.

A typical research interview is conducted to fulfill the following functions:

To get the interviewee’s perspective on the market size, market trends, growth trends,

competitive landscape, and future outlook.

To validate secondary research findings.

To further develop the analysis team’s expertise and market understanding.

Key representatives of solar PV module manufacturing companies have been interviewed in order

to perform the cost analysis of solar PV and also to validate the data and analysis of average

module price, production capacity and production numbers of companies.

12.3.3 Market Estimates and Assumptions

The following are the data points that are estimated or sourced through primary and secondary

research.

Installed Capacity and Power Generation

The installed capacity and power generation values have been extracted from GlobalData’s

proprietary database, which is continuously updated. These updates are made through extensive

primary and secondary research and by contacting several industry associations and government

energy agencies.

Average Module Price and Market Size

Global and country wise average module prices up to mid 2013 were determined through primary

and secondary research. The future module price forecasts till 2020 are made based on the

estimates of silicon prices and the market size globally and in each key country is calculated by

multiplying the module price and the estimated annual additions of each year.




Appendix

12.4 Disclaimer

All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any

form by any means, electronic, mechanical, photocopying, recording or otherwise without the prior

permission of the publisher, GlobalData.

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