Kyocera has increased the annual sales target for its solar module business from 1GW to 1.2GW.
In the company’s first half results for the 2014 fiscal year, it recorded a 15% sales increase from US$6.2 billion to US$7.1 billion.
Kyocera, which works in a number of electronic and industrial markets, said its solar business had performed especially well citing the expansion of the Japanese solar sector as a key contributor.
“In the first half, consolidated sales increased significantly in our solar energy, telecommunications equipment and information equipment businesses. Combined with the effects of the yen's depreciation against the dollar and euro, we achieved a 15% revenue increase year-on-year and recorded our highest half-year sales to date,” said Goro Yamaguchi, president, Kyocera Corporation said in a statement.
“We also expect to see continued strong sales of solar products in the second half, and have thus upwardly revised our previously announced solar sales target of 1GW to 1.2GW for the fiscal year,” added Yamaguchi.
Bloomberg quoted Shoichi Aoki, a director and managing executive officer at Kyocera saying that it expected demand for solar to continue to be strong but with the geographical focus moving from Asia to the Middle East.
“There is pretty strong demand in Asia and the next will be Middle East. The market keeps shifting from one place to the next,” said Aoki.