The global market for photovoltaic solar power expanded 110% in 2008, despite a downturn that began in the fourth quarter, according to a report released Monday.
Spain’s surging growth led the sector, which reached a record of 5.95 gigawatts (GW) of photovoltaic installation in 2008, up from 2.83 GW in 2007. The report was released by solar energy consultancy Solarbuzz LLC.
The industry generated $37.1 billion in revenue worldwide, compared to $17.2 billion in 2007, and Europe was responsible for the vast majority of the demand (82%).
Spain surpassed Germany to become the world leader in installed capacity, thanks to strong government incentives. Germany now ranks second, followed by the United States, Korea, Italy and Japan.
World solar cell production reached 6.85 GW in 2008, up from 3.44 GW a year earlier. China and Taiwan increased their share of global solar cell production to 44% in 2008, rising from 35% in 2007. Meanwhile, thin film production grew 123% to 0.89 GW, according to the report.
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