GBI Research’s “Solar Photovoltaic (PV) Modules Market to 2020 - Significant Cost Advantages in Asia Set to Increase Manufacturing Capabilities” report gives an in-depth analysis of Global Solar PV Modules market and provides forecasts up to 2020. The research analyzes the growth, evolution of Solar PV Modules market up to 2010 and gives historical and forecast statistics for the period 2001-2020. This research also gives detailed analysis of the market structures of the technology and regulatory policies that govern it. The report analyses the shift of the manufacturing base to the Asian countries. The report also gives an insight about emergence of many countries such as France, the US etc. and talks about the strategies and policies formulated by them to promote the growth of solar pv module industry. The report also provides an in-depth analysis of the changing dynamics of solar pv module industry.

Report Highlights
GBI Research's new report, “Solar Photovoltaic (PV) Modules Market to 2020 - Significant Cost Advantages in Asia Set to Increase Manufacturing Capabilities " provides key information and analysis on the market opportunities in the solar PV module market. The report provides the latest information on the demand, production, production capacity and average module price of the various geographies. It gives detailed assessment of the market forces influencing the modules market. The report also provides analysis of key countries in various geographies which includes India, Republic of Korea, Japan, China, Taiwan, Germany, Italy, France, the US and Canada. It also provides information on the crystalline silicon and thin film based modules.

This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research's team of industry experts

Solar Energy: An Attractive Alternative

The oil crisis of the 1970s prompted serious plans to reduce our dependency on fossil fueled power plants for generating electricity. Solar power generation has emerged as an alternative to fossil fuels in power generation. The solar power industry witnessed a growth of around 36% per annum from 2001 to 2009. The recent fluctuations in oil prices have further raised the focus in this sector.

Solar energy was traditionally considered as an expensive and less-efficient alternative to fossil fuels. Despite advancements in technology it is still far behind in terms of efficiency compared to wind and fossil fuels. Government-supported solar energy programs have been driving the increasing growth rate of solar on-grid installations, which in turn has prompted solar power companies to invest heavily in Research and Development (R&D). R&D activity in the solar industry is mainly focused on increasing efficiency and reducing the cost of Photovoltaic (PV) modules. This has resulted in improvements in the efficiency of PV cells and modules and also led to a decrease in PV cell and module prices over the years.

Furthermore, around one-third of the world’s population has limited access to power grids, and they could significantly benefit from local energy production harnessing some of the Sun's enormous power, which in an hour produces enough energy to power all the world's energy needs for one year. The campaign to replace non-renewable sources of energy with non-polluting renewable energy has gained momentum in recent years around the world, meaning that there is very high growth potential for the solar energy industry.

Highly Fluctuating Oil Prices Instigating Investments in Renewable Power Industry

The global capacity of renewable power has increased in recent years. The global renewable power capacity was 1,085GW in 2007 that has increased to 1,230GW in 2009. There has been an increase in the renewable power capacity to reduce the dependency on the non-renewable energy sources. Even during the period of global economic slowdown the production capacity and the investments in the new renewable capacity witnessed strong growth. The highly fluctuating oil prices have also instigated governments to look for feasible alternatives to traditional sources of energy.

Renewable Power Capacity, Global (GW), 2007–2009

Source: GBI Research

Solar PV Module Price Continues to Witness Downward Trend

The price of solar PV modules has witnessed a downward trend in recent years and the price is expected to decline further in the years to come. The global average solar PV module price witnessed a compound annual growth rate (CAGR) of -16.7% to reach $1.8/Watt in 2010 as compared to $4.5/W in 2005. Cost has become the basis of competition in the solar PV module market due to the production of low-cost modules by Asian producers. As a result of this cost-based competition, the average module price is expected to decline further. However, with the possibility of the emergence of new markets, the cost of modules is expected to reduce at a slower pace after a few years. GBI Research expects the average cost of modules to experience a negative growth rate of 5.5% for the forecast period 2011–2020 to reach $1/Watt in 2020.

Solar PV Module Market, Global, Module Price ($/Watt), 2005–2020

Source: GBI Research

Thin Film Modules Gaining Share in the Production Mix of Solar PV Modules

Since 2005 thin film technology has accounted for a growing share of the PV market and this trend is expected to continue until 2020. The production mix of different module manufacturing technologies is shown in the diagram below. Crystalline silicon technology is losing market share to thin film technologies. A lot of R&D activities are going on to develop new emerging technologies for module production. Emerging technology includes advanced thin film and organic cells. The emerging technologies are expected to be commercially available from 2015 onwards. They are expected to carve out a market share of approximately 7% in 2020.

Solar PV Module Market, Global, Production Mix of Different Technologies (%), 2005–2020

Source: GBI Research
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1 Table of Contents
1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6
2 Introduction 8
2.1 GBI Research Report Guide 8
3 Global Energy Consumption Overview 9
3.1 The Breadth of Global Electricity Consumption 9
4 Global Renewable Power Industry – Overview 12
4.1 Global Renewable Power, Overview 12
4.2 Global Renewable Power, Major Trends 14
4.2.1 Emergence of China as the Top Installer of Wind Power Capacity 14
4.2.2 Europe Witnessing Increase in the Use of Biomass for Power Production 16
5 Global Solar PV Modules Industry to 2020 17
5.1 Solar PV Modules Market, Overview 17
5.2 Market Definition 17
5.2.1 Classification of solar PV module market on the basis of Geography 18
5.2.2 Classification on the Basis of Technology 18
5.3 Solar PV Modules Market, Value Chain 18
5.4 Solar PV Module Market, Key Drivers 19
5.4.1 Government Incentives 19
5.4.2 Emission regulations 19
5.4.3 Decreasing Cost Differential Between Solar Energy and Other Conventional Sources 19
5.4.4 Increasing Environmental Concerns 19
5.5 Solar PV Module Market, Key Restraints 19
5.5.1 Reduction in FiT in the European Countries 19
5.5.2 Fall in PV Module Prices 19
5.5.3 Lack of Sufficient Grid Infrastructure 19
5.6 Solar PV Modules Market, Technology Analysis 20
5.6.1 Crystalline Silicon 20
5.6.2 Thin Film Solar PV Module 20
5.6.3 Solar PV Technologies, Value Chain Analysis 21
5.6.4 Solar PV Technologies, Conversion Efficiency 22
5.7 Solar PV Technologies, Market Penetration 23
5.8 Global Solar PV Modules Market, Demand and Forecast 24
5.9 Global Solar PV Modules Market, Production and Production Capacity 26
5.9.1 Global Solar PV Modules, Average Module Price 28
5.9.2 Global Crystalline Silicon Solar PV Module Market, Production, 2005–2020 30
5.9.3 Global Thin Film Solar PV Module Market, Production, 2005–2020 32
6 Asia-Pacific Solar PV Modules Industry to 2020 35
6.1 Asia-Pacific, Solar PV Modules Market, Demand and Forecast 35
6.2 Asia-Pacific, Solar PV Modules Market, Production and Production Capacity 37
6.3 Asia-Pacific, Solar PV Modules Market, Key Countries Analysis 39
6.3.1 India 39
6.3.2 Japan 45
6.3.3 Republic of Korea 51
6.3.4 China 57
6.3.5 Taiwan 63
7 Europe Solar PV Modules Industry to 2020 69
7.1 Europe, Solar PV Modules Market, Demand and Forecast 69
7.2 Europe, Solar PV Modules Market, Production and Production Capacity 71
7.3 Europe Solar PV Modules Market, Key Countries Analysis 73
7.3.1 Germany 73
7.3.2 Italy 79
7.3.3 France 83
8 Americas Solar PV Modules Industry to 2020 87
8.1 Americas, Solar PV Modules Market, Demand and Forecast 87
8.2 Americas, Solar PV Modules Market, Production and Production Capacity 89
8.3 Americas, Solar PV Modules Market, Key Countries Analysis 91
8.3.1 The US 91
8.3.2 Canada 96
9 Appendix 100
9.1 About GBI Research 100
9.2 Abbreviations 100
9.3 Methodology 100
9.3.1 Coverage 101
9.3.2 Secondary Research 101
9.3.3 Primary Research 101
9.3.4 Expert Panel Validation 102
9.4 Contact Us 102
9.5 Disclaimer 102
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1.1 List of Tables
Table 1: Electricity Consumption Trajectory, Global, Energy Consumption (Quadrillion Btu), 1990–2035 9
Table 2: World Energy Consumption by Fuel Type, Energy Consumption (Quadrillion Btu), 1990–2035 10
Table 3: Electricity Generation by Fuel Type, Global, (Trillion kWh), 2007–2035 11
Table 4: Renewable Power Capacity, Global, Total Capacity (GW), 2007–2009 12
Table 5: Share of Global Electricity From Renewable Energy, 2009 13
Table 6: Wind Power Capacity, Top Ten Countries, Power Capacity (GW), 2010 15
Table 7: Biomass Power Cumulative Installed Capacity, By Region, 2010 16
Table 8: Solar PV Module Market, Crystalline Silicon versus Thin Film Solar PV Module, Conversion Efficiency (%), 2009-2020 22
Table 9: Solar PV Module Market, Global, Demand (GW), 2004–2020 25
Table 10: Solar PV Module Market, Global, Production and Production Capacity (GW), 2005–2020 27
Table 11: Solar PV Module Market, Global, Module Price ($/Watt), 2005–2020 29
Table 12: Solar PV Module Market, Global, Crystalline Silicon Module Production, (GW) and Production Share(%), 2005–2020 31
Table 13: Solar PV Module Market, Global, Thin Film Module Production (GW) and Production Share (%), 2005–2020 33
Table 14: Solar PV Module Market, Global, Production Mix of Different Technologies (%), 2005–2020 34
Table 15: Solar PV Module Market, Asia-Pacific, Demand (GW), 2004–2020 36
Table 16: Solar PV Module Market, Asia-Pacific, Production and Production Capacity (GW), 2005–2020 38
Table 17: Solar PV Module Market, India, Production and Production Capacity (GW), 2005–2020 40
Table 18: Solar PV Module Market, India, Average Module Price ($/Watt), 2005–2020 42
Table 19: Solar PV Module Market, India, Crystalline Module Company Share (%), 2009 43
Table 20: Solar PV Module Market, India, Thin Film Module Company Share (%), 2009 44
Table 21: Solar PV Module Market, Japan, Production and Production Capacity (GW), 2005–2020 46
Table 22: Solar PV Module Market, Japan, Average Module Price ($/Watt), 2005–2020 48
Table 23: Solar PV Module Market, Japan, Crystalline Module Company Share (%), 2009 49
Table 24: Solar PV Module Market, Japan, Thin Film Module Company Share (%), 2009 50
Table 25: Solar PV Module Market, Republic of Korea, Production and Production Capacity (MW), 2005–2020 52
Table 26: Solar PV Module Market, Republic of Korea, Average Module Price ($/Watt), 2005–2020 54
Table 27: Solar PV Module Market, Republic of Korea, Crystalline Module Company Share (%), 2009 55
Table 28: Solar PV Module Market, Republic of Korea, Thin Film Module Company Share (%), 2009 56
Table 29: Solar PV Module Market, China, Production and Production Capacity (GW), 2005–2020 58
Table 30: Solar PV Module Market, China, Average Module Price ($/Watt), 2005–2020 60
Table 31: Solar PV Module Market, China, Crystalline Module Company Share (%), 2009 61
Table 32: Solar PV Module Market, China, Thin Film Module Company Share (%), 2009 62
Table 33: Solar PV Module Market, Taiwan, Production and Production Capacity (MW), 2005–2020 64
Table 34: Solar PV Module Market, Taiwan, Average Module Price ($/Watt), 2005–2020 66
Table 35: Solar PV Module Market, Taiwan, Crystalline Module Company Share (%), 2009 67
Table 36: Solar PV Module Market, Taiwan, Thin Film Module Company Share (%), 2009 68
Table 37: Solar PV Module Market, Europe, Demand (GW), 2004–2020 70
Table 38: Solar PV Module Market, Europe, Production and Production Capacity (GW), 2005–2020 72
Table 39: Solar PV Module Market, Germany, Production and Production Capacity (GW), 2005–2020 74
Table 40: Solar PV Module Market, Germany, Average Module Price ($/Watt), 2005–2020 76
Table 41: Solar PV Module Market, Germany, Crystalline Module Company Share (%), 2009 77
Table 42: Solar PV Module Market, Germany, Thin Film Module Company Share (%), 2009 78
Table 43: Solar PV Module Market, Italy, Production and Production Capacity (MW), 2005–2020 80
Table 44: Solar PV Module Market, Italy, Average Module Price ($/Watt), 2005–2020 81
Table 45: Solar PV Module Market, Italy, Crystalline Module Company Share (%), 2009 82
Table 46: Solar PV Module Market, France, Production and Production Capacity (MW), 2005–2020 84
Table 47: Solar PV Module Market, France, Average Module Price ($/Watt), 2005–2020 85
Table 48: Solar PV Module Market, France, Crystalline Module Company Share (%), 2009 86
Table 49: Solar PV Module Market, Americas, Demand (GW), 2004–2020 88
Table 50: Solar PV Module Market, Americas, Production and Production Capacity (GW), 2005–2020 90
Table 51: Solar PV Module Market, The US, Production and Production Capacity (GW), 2005–2020 92
Table 52: Solar PV Module Market, The US, Average Module Price ($/Watt), 2005–2020 93
Table 53: Solar PV Module Market, The US, Crystalline Module Company Share (%), 2009 94
Table 54: Solar PV Module Market, The US, Thin Film Module Company Share (%), 2009 95
Table 55: Solar PV Module Market, Canada, Production and Production Capacity (GW), 2005–2020 97
Table 56: Solar PV Module Market, Canada, Average Module Price ($/Watt), 2005–2020 98
Table 57: Solar PV Module Market, Canada, Crystalline Module Company Share (%), 2009 99
Table 58: Abbreviations 100
1.2 List of Figures
Figure 1: Electricity Consumption Trajectory, Global, Energy Consumption (Quadrillion Btu), 1990–2035 9
Figure 2: World Energy Consumption by Fuel Type, Energy Consumption (Quadrillion Btu), 1990–2035 10
Figure 3: Electricity Generation by Fuel Type, Global, Energy Consumption (Trillion kWh), 2007–2035 11
Figure 4: Renewable Power Capacity, Global, Total Capacity (GW), 2007–2009 12
Figure 5: Share of Global Electricity From Renewable Energy, 2009 13
Figure 6: Wind Power Capacity, Top Ten Countries, Power Capacity (GW), 2010 14
Figure 7: Biomass Power Cumulative Installed Capacity, By Region (%),, 2010 16
Figure 8: Classification of Solar PV Module Market 17
Figure 9: Solar PV Module Market, Value Chain 18
Figure 10: Solar PV Module Market, Types of Module 20
Figure 11: Solar PV Module Market, Value Chain Analysis 21
Figure 12: Solar PV Module Market, Crystalline Silicon versus Thin Film Solar PV Modules, Conversion Efficiency (%), 2009-2020 22
Figure 13: Solar PV Module Market, Market Penetration of PV Technologies 23
Figure 14: Solar PV Module Market, Global, Demand (GW), 2004–2020 24
Figure 15: Solar PV Module Market, Global, Production and Production Capacity (GW), 2005–2020 26
Figure 16: Solar PV Module Market, Global, Module Price ($/Watt), 2005–2020 28
Figure 17: Solar PV Module Market, Global, Crystalline Silicon Module Production, (GW) and Production Share (%), 2005–2020 30
Figure 18: Solar PV Module Market, Global, Thin Film Module Production (GW) and Production Share (%), 2005–2020 32
Figure 19: Solar PV Module Market, Global, Production Mix of Different Technologies (%), 2005–2020 34
Figure 20: Solar PV Module Market, Asia-Pacific, Demand (GW), 2004–2020 35
Figure 21: Solar PV Module Market, Asia-Pacific, Production and Production Capacity (GW), 2005–2020 37
Figure 22: Solar PV Module Market, India, Production and Production Capacity (GW), 2005–2020 39
Figure 23: Solar PV Module Market, India, Average Module Price ($/Watt), 2005–2020 41
Figure 24: Solar PV Module Market, India, Crystalline Module Company Share (%), 2009 43
Figure 25: Solar PV Module Market, India, Thin Film Module Company Share (%), 2009 44
Figure 26: Solar PV Module Market, Japan, Production and Production Capacity (GW), 2005–2020 45
Figure 27: Solar PV Module Market, Japan, Average Module Price ($/Watt), 2005–2020 47
Figure 28: Solar PV Module Market, Japan, Crystalline Module Company Share (%), 2009 49
Figure 29: Solar PV Module Market, Japan, Thin Film Module Company Share (%), 2009 50
Figure 30: Solar PV Module Market, Republic of Korea, Production and Production Capacity (MW), 2005–2020 51
Figure 31: Solar PV Module Market, Republic of Korea, Average Module Price ($/Watt), 2005–2020 53
Figure 32: Solar PV Module Market, Republic of Korea, Crystalline Module Company Share (%), 2009 55
Figure 33: Solar PV Module Market, Republic of Korea, Thin Film Module Company Share (%), 2009 56
Figure 34: Solar PV Module Market, China, Production and Production Capacity (GW), 2005–2020 57
Figure 35: Solar PV Module Market, China, Average Module Price ($/Watt), 2005–2020 59
Figure 36: Solar PV Module Market, China, Crystalline Module Company Share (%), 2009 61
Figure 37: Solar PV Module Market, China, Thin Film Module Company Share (%), 2009 62
Figure 38: Solar PV Module Market, Taiwan, Production and Production Capacity (MW), 2005–2020 63
Figure 39: Solar PV Module Market, Taiwan, Average Module Price ($/Watt), 2005–2020 65
Figure 40: Solar PV Module Market, Taiwan, Crystalline Module Company Share (%), 2009 67
Figure 41: Solar PV Module Market, Taiwan, Thin Film Module Company Share (%), 2009 68
Figure 42: Solar PV Module Market, Europe, Demand (GW), 2004–2020 69
Figure 43: Solar PV Module Market, Europe, Production and Production Capacity (GW), 2005–2020 71
Figure 44: Solar PV Module Market, Germany, Production and Production Capacity (GW), 2005–2020 73
Figure 45: Solar PV Module Market, Germany, Average Module Price ($/Watt), 2005–2020 75
Figure 46: Solar PV Module Market, Germany, Crystalline Module Company Share (%), 2009 77
Figure 47: Solar PV Module Market, Germany, Thin Film Module Company Share (%), 2009 78
Figure 48: Solar PV Module Market, Italy, Production and Production Capacity (MW), 2005–2020 79
Figure 49: Solar PV Module Market, Italy, Average Module Price ($/Watt), 2005–2020 81
Figure 50: Solar PV Module Market, Italy, Crystalline Module Company Share (%), 2009 82
Figure 51: Solar PV Module Market, France, Production and Production Capacity (MW), 2005–2020 83
Figure 52: Solar PV Module Market, France, Average Module Price ($/Watt), 2005–2020 85
Figure 53: Solar PV Module Market, France, Crystalline Module Company Share (%), 2009 86
Figure 54: Solar PV Module Market, Americas, Demand (GW), 2004–2020 87
Figure 55: Solar PV Module Market, Americas, Production and Production Capacity (GW), 2005–2020 89
Figure 56: Solar PV Module Market, The US, Production and Production Capacity (GW), 2005–2020 91
Figure 57: Solar PV Module Market, The US, Average Module Price ($/Watt), 2005–2020 93
Figure 58: Solar PV Module Market, The US, Crystalline Module Company Share (%), 2009 94
Figure 59: Solar PV Module Market, The US, Thin Film Module Company Share (%), 2009 95
Figure 60: Solar PV Module Market, Canada, Production and Production Capacity (GW), 2005–2020 96
Figure 61: Solar PV Module Market, Canada, Average Module Price ($/Watt), 2005–2020 98
Figure 62: Solar PV Module Market, Canada, Crystalline Module Company Share (%), 2009 99
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