The state of the global solar PV market in a few numbers
According to Bloomberg demand for solar PV grew at a CAGR of 39.1% between 2008 and 2014. This is a remarkable growth rate considering that 2012 was a year of demand stagnation for the industry. This year global demand for solar PV should grow one third over 2013 and six countries; China, Japan, The United States, Germany, Italy and India represent 74% of the global demand, and roughly half of the world’s population.
Demand in China should grow almost 90% from 8 GW in 2013 to 14GW in 2014. The United States is the second most dynamic market with a 60% growth forecasted for 2014 where demand should reach 8GW against 5GW last year. India is the fastest growing market between 2008 and 2014 with an amazing 176.5% CAGR. But solar energy is just starting to develop in this country.
According to IHS, Yingli Green Energy remained the leading global solar PV module supplier in 2013 with 3.25 GW of capacity delivered. Then come Trina Solar and Canadian Solar. Six of the top ten solar PV manufacturers are Chinese companies.
Total solar PV shipments reached 38.7 GW, a 24% growth over 2012. Yingli’s market share is therefore 8.4%. Altogether the top ten manufacturers represent less than 17 GW, less than 44% of the global market. No surprise, solar PV is a young industry.