According to market research firm Gartner, the PV industry has hit a wall in 2009, due to the credit crisis, ‘jittery customers’ and currency fluctuations. The net effect will be a revenue decline of 1% for the year. Revenue from the PV market was reported to be US$16 billion in 2008.
However, putting the short-term challenges aside, the PV industry is expected to grow to US$34 billion in worldwide revenue by 2013, generating an annual growth rate of 17% through to 2013. Lower ASPs on PV modules will play their part in suppressing revenue growth rather than actual demand.
On a gigawatt basis, Gartner forecasts the overall PV market will grow 24%, reaching 6.4GW in 2009 and reach 23.4GW by 2013.