Renewable Energy Focus - Global solar PV demand up 54% in Q2

Renewable Energy Focus - Global solar PV demand up 54% in Q2

Solar energy market research company Solarbuzz says global solar photovoltaic (PV) demand escalated to 82 GW in Q2, up 54% quarter on quarter.
Craig Stevens, President of Solarbuzz, explains this growth in solar PV demand as a product of improved financing conditions and a rush to beat feed-in tariff cuts in Europe: “The rush to install in Germany ahead of tariff declines in mid-2010, combined with strong incentive programmes across Europe (especially in Italy, France and the Czech Republic) and an improved financing environment, drove the global PV market over three times the level in Q2’09.”

Germany, at 2.30 GW, accounted for 60% of global solar PV demand in Q2’10. The next largest country market was Italy, which grew 127% quarter on quarter, was still just 11% of the size of the German market. France and the US also put in strong performances.

Total solar PV industry revenues were approximately US$17.2 billion in Q2’10, compared to US$12bn in Q1’10 and US$6.2bn in Q2’09. This growth in solar PV demand means that the solar PV industry remains on target to deliver over 15 GW installations this year and has also led to Solarbuzz raising its five year demand scenario forecasts in its report.