The global PV market is set to soar higher than previously expected, according to solar inverter market leader, SMA Solar Technology. As a result, the company has raised its revenue guidance for the year, the second time it has done so in 2010. SMA Solar now expects the global photovoltaics market to reach approximately 17GW of new installations in 2010 and with more than 40% of the inverter market, is guiding revenue of between €1.7 and €1.9 billion. Previously, SMA Solar had forecasted the PV market would reach 14GW and company revenue of €1.5 to €1.8 billion.
SMA Solar said that Germany would remain the largest single PV-market with new installations reaching 8GW. South European markets and the U.S are also fuelling growth.
However, forecasting growth for 2011 is proving more difficult, according to the company.
On the one hand, it expects PV global growth of 20% in 2011 but uncertainties surrounding various FiT changes and possible negative impacts on the market could in another scenario see the PV market decline 10% next year.
Key countries that could dictate growth levels for 2011 were identified as the U.S. and Italy, which could become very important growth markets next year.