A record number of solar panels will be shipped by solar manufacturers this year, with an expected 52% increase in sales from 2013.
Quarterly profit reports from major solar distributors like Trina Solar Ltd, First Solar Inc and JinkoSolar Holding CO from across the globe have confirmed the industry’s expected growth and triumph for this year.
Due to a surge in demand in markets like the US, China and Japan, the industry is expected to develop a total of 50.3 gigawatts of electricity, up from 40.3 last year, according to Bloomberg data.
The top seven makers currently account for 20 gigawatts of the market’s output, with the US market to push expected growth by half this year alone. Germany’s largest solar distributer, Solarworld AG, shipped record modules in July and is seeing reflective growth this month too – regardless of its previous shortfall.
“Demand from both the China and overseas markets has picked up dramatically,” including the US, said Gao Jifan, CEO and chairman of Trina Solar.
An expected shortage in photovoltaic panels, due to a hike in global demand, is also expected to grow the market’s worth, as prices follow the availability of the product. Larger companies are expected to benefit the most, but the smaller, more vulnerable domestic market is predicting to go into a rapid decline as it is still reliant on subsidies.
The US, China and Japan solar markets have predicted a 14 gigawatt, 11.9 gigawatt and 5.6 gigawatt increase, respectively.
Photo source: Michael Mees via Flickr