World solar photovoltaic (PV) market installations grew 62% to 927 MW in 2004, according to a SolarBuzz annual PV market report. Growth of 152% to 366 Megawatts in Germany gave it global PV market leadership ahead of Japan, following aggressive Federal initiatives to raise renewable energy use in the country. Japanese and US markets both grew by 27%.
Annual production of PV cells increased to a consolidated level of 1146 MW in 2004. Japanese manufacturers contributed 48% of world PV cell production, with the US contributing 11%, compared to 26% five years ago.
Silicon feedstock use by PV manufacturers increased 55% in 2004, but the report data shows that limited growth in its supply will constrain PV market expansion this year.
Said Craig Stevens, President of Solarbuzz Inc., “Undoubtedly, the major short term industry challenge will be to pace solar cell capacity expansion with silicon feedstock availability.”
The worldwide PV industry is on a path to annual revenues of $18.5bn by 2010, according to the report.
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