This report determines the current status of the global market for photovoltaics (PV) and assesses their growth potential over a 6 year period from 2009 to 2010 and then to 2015. PV technology dates back to the 1950s and the advent of the space program, but the concerted effort to develop this technology for industry and consumer use began during the oil embargoes of the 1970s. The eventual stabilization of oil prices had a dampening effect on investment, tax credits, and government funding for research and development.
 
Despite these challenges, the development of PV and its materials continued and, in the late 1990s, R&D funding, cost-shared programs, and industry activity once again increased. The growth rate of this technology has been exceptionally high reaching annual growth rates of 30% to 40% and higher over the past two decades. In the first decade of the 21st century, oil prices surged as demand rose at unprecedented rates. PV once again took the spotlight as an emerging technology. Companies in the PV business have focused on reaching grid parity—the meeting of cost for fossil fuel and solar energy—as a way to broaden the scope of PV. Nations and individual states began to offer serious incentives such as tariffs and tax credits for solar customers.
 
This report presents current and emerging technologies, details the industry structure, (e.g., the leading players in equipment and materials) and analyzes the competitive environment, major applications, current and future markets, growth factors and detail shipments of cells and modules for 2009, 2010 and 2015. This study will be of interest to those who make semiconductor thin film manufacturing equipment, thin films, electrical connectors, optical devices, and materials such as silicon, steel, polymers and ceramics. It will also be of interest to those companies engaged in nanotechnology and materials for flexible substrates. In addition, utility companies, construction firms and those involved with the space program will find its contents to be of value.
 
The scope of this study encompasses the major PV technologies monocrystalline silicon, multicrystalline silicon, thin films (e.g., amorphous silicon, cadmium telluride, copper indium diselenide), compound semiconductor materials (e.g., gallium arsenide) and emerging approaches such as nanostructured films, dye-sensitized solar cells and organic technologies. This report analyzes each technology, examines its current and potential efficiency, assesses the current market status of each, examines its future market impact, and presents shipments of PV cells and their values for 2009, 2010 and 2015. Various technical issues are discussed and a thorough economic analysis of each technology and its impact on future growth is presented.
 
In this report, the PV industry is analyzed on a global basis, including manufacturing capacity and consumption by various regional markets. It examines government funding and support, industry involvement, standards, the environmental impact of solar energy, and the impact of incentives to use PV. It also discusses the potential for applications—both grid-connected and standalone. Projections of cell and module shipments by major applications are also presented for the 3 years covered in the study.

Highlights:

• Global shipments of photovoltaic cells/modules reached 11,102 megawatts in 2010, and are expected to reach 55,621 megawatts by 2015, a compound annual growth rate (CAGR) of 38%.
• The value of materials was estimated at $21.8 million in 2009 and $26.5 million in 2010. Improved manufacturing methods and efficiencies will reduce the actual quantities of materials used in solar cells and the value of materials will grow at a compound annual growth rate (CAGR) of 12.3% through 2015 to reach a value of $47 million.
• The value of global module shipments was estimated at $32.4 million in 2009 and $41.2 million in 2010. The value of shipments will grow at a compound annual growth rate (CAGR) of 13.6% from 2010 to 2015 because of economies of scale and more efficient PV production methods, reaching a value of nearly $78 million.

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION 
STUDY GOALS AND OBJECTIVES
REASONS FOR DOING THIS STUDY
INTENDED AUDIENCE 
SCOPE OF REPORT 
METHODOLOGY
INFORMATION SOURCES
ANALYST’S CREDENTIALS
DISCLAIMER

CHAPTER TWO: SUMMARY 
SUMMARY 
SUMMARY TABLE GLOBAL PHOTOVOLTAIC MARKET: MODULE
SHIPMENTS AND MATERIALS, THROUGH 2015 (MEGAWATTS, $
MILLIONS) 
SUMMARY FIGURE VALUE OF GLOBAL PHOTOVOLTAIC MARKET:
MODULE SHIPMENTS AND MATERIALS, 2009-2015 ($ MILLIONS) 

CHAPTER THREE: OVERVIEW 
BACKGROUND 
CURRENT ENVIRONMENT
TABLE 1 THE GLOBAL ENERGY PROBLEM
DEMAND FOR ENERGY CONTINUES TO GROW
CLIMATE CHANGE NEEDS ALTERNATIVE ENERGY
INADEUQATE FUEL RESERVES CALL FOR RENEWABLE
ENERGY
Carbon Sequestration 
Nuclear Power
THE NEED FOR SOLAR POWER 
TABLE 2 ADVANTAGES OF SOLAR ENERGY 
PV TECHNOLOGIES
TABLE 3 MAJOR PHOTOVOLTAIC TECHNOLOGIES 
BALANCE OF SYSTEMS 
Module Frames 
Interconnections 
Encapsulation 
PV APPLICATIONS
TABLE 4 KEY APPLICATIONS OF PHOTOVOLTAICS 
PV APPLICATIONS (CONTINUED) 

CHAPTER FOUR: PHOTOVOLTAIC INDUSTRY STRUCTURE 
LEADING PHOTOVOLTAIC MANUFACTURERS
TABLE 5 LEADING MANUFACTURERS OF PV CELLS, MODULES
AND SYSTEMS
TABLE 5 (CONTINUED) 
TABLE 5 (CONTINUED) 
PV MANUFACTURING BY REGION
TABLE 6 GLOBAL SHARES OF PV PRODUCTION BY REGION, 2009-
2015 (%) 
FIGURE 1 GLOBAL PV CELL/MODULE MANUFACTURING BY
REGION 2009-2015 (%)
PV CONSUMPTION BY REGION
TABLE 7 GLOBAL CONSUMPTION OF PV CELLS BY REGION, 2009-
2015 (%) 
FIGURE 2 GLOBAL CONSUMPTION OF PV CELLS BY REGION,
2009-2015 (%)
MARKET SHARES
TABLE 8 ESTIMATED TOP TEN GLOBAL PV PRODUCTION BY
COMPANY, 2009 (MEGAWATTS/%)
DEVELOPING ADVANCED PV TECHNOLOGY
TABLE 9 SELECTED ORGANIZATIONS DEVELOPING SOLAR CELLS
AND RELATED TECHNOLOGIES 
COMPANY PROFILES 
AMONIX COMPANY
ASCENT SOLAR TECHNOLOGIES 
BP SOLAR US 
CHINA SUNERGY
CONERGY AG 
ENXCO
EVERGREEN SOLAR INC
FIRST SOLAR INC.
ISOFOTON SOLAR
JA SOLAR PV TECHNOLOGY
KYOCERA SOLAR
MIASOLE
MITSUBISHI ELECTRIC CORP.
MOTECH INDUSTRIES, INC.
OERLIKON SOLAR
Q-CELLS
SCHOTT SOLAR PV INC.
SHARP SOLAR CORPORATION 
SOLARIA CORPORATION
SUNPOWER CORPORATION 
SUNTECH POWER HOLDINGS CO. LTD.
TATA BP SOLAR, BANGALORE
UNITED SOLAR OVONIC LLC 
WURTH SOLAR GMBH & CO. KG 
YINGLING GREEN ENERGY HOLDINGS CO. LTD. 
SUMMARY 

CHAPTER FIVE: PHOTOVOLTAIC TECHNOLOGY 
THE PV EFFECT 
SILICON AND THE PV EFFECT
Creating Charge Carriers
Forming the Electric Field 
Driving the Charge Carriers
Energy Band Gaps
TABLE 10 IMPORTANCE OF SELECTING MATERIALS WITH
PROPER BAND GAP ENERGY
MONOCRYSTALLINE SILICON TECHNOLOGY
PRODUCING A MONOCRYSTALLINE SOLAR CELL 
TABLE 11 ELEMENTS COMMON TO ALL PV CELLS
The Importance of Electrical Contacts
TABLE 12 MAJOR PARAMETERS FOR SOLAR CELL MATERIALS
MULTICRYSTALLINE SOLAR CELLS 
MANUFACTURING MULTICRYSTALLINE CELLS
Cast Process
Ribbon Crystal Silicon
The Evergreen Solar Approach 
THIN FILM SOLAR CELLS 
TABLE 13 OBJECTIVES OF THIN FILM SOLAR CELLS 
AMORPHOUS SILICON
Properties of Amorphous Silicon
TABLE 14 MAJOR ADVANTAGES OF AMORPHOUS SILICON
Early Problems 
Solution Efforts 
TABLE 15 AMORPHOUS SILICON R&D ACTIVITIES 
TABLE 16 TYPICAL STRUCTURE OF A TRIPLE JUNCTION A-SI
CELL.
COPPER INDIUM DISELENIDE
TABLE 17 CELL STRUCTURE OF POLYCRYSTALLINE THIN FILM
Fabricating CIS Cells 
CIS R & D 
CADMIUM TELLURIDE CELLS
Manufacturing Cadmium Telluride Cells 
Environmental Concerns
Research Activities 
TABLE 18 RESEARCH ACTIVITIES FOR CADMIUM TELLURIDE
CELLS 
SOLAR CELL EFFICIENCIES 
PHOTOVOLTAIC CONVERSION EFFICIENCY DEFINED
TESTING DEVICE PERFORMANCE 
Typical Procedures 
Spectral Responsivity Systems
TABLE 19 SYSTEMS FOR MEASURING SPECTRAL RESPONSE
Features and Advantages 
Current versus Voltage Systems 
TABLE 20 INSTRUMENTS FOR CELL I-V MEASUREMENTS 
Features and Advantages of I-V Systems 
Standard Outdoor Measurement Systems
TRADITIONAL SILICON AND THIN FILM SOLAR CELL
EFFICIENCIES 
TABLE 21 TYPICAL AND MAXIMUM CELL CONVERSION
EFFICIENCIES FOR THE TRADITIONAL PV MATERIALS 
Single Solar Cell Efficiency Limit
ADDITIONAL MATERIALS AND MODULE STRUCTURES
GALLIUM ARSENIDE SOLAR CELLS
TABLE 22 KEY PROPERTIES OF GALLIUM ARSENIDE 
GaAs Challenges 
MULTIJUNCTION DEVICES 
Advantages of Multijunction Devices
TABLE 23 MAJOR BENEFITS OF MULTIJUNCTION SOLAR CELLS 
Triple Junction Cell Design 
TABLE 24 COMPOSITION AND PROJECTED EFFICIENCIES OF A
TRIPLE JUNCTION CELL 
CONCENTRATORS
TABLE 25 TECHNICAL CHARACHTERISTICS OF FLAT PLATE VERSUS
SOLAR CONCENTRATORS
BALANCE-OF-SYSTEMS 
MOUNTING STRUCTURES
STORAGE DEVICES
POWER CONDITIONERS 
EMERGING PV TECHNOLOGIES
OBJECTIVES OF EMERGING TECHNOLOGIES
TABLE 26 KEY GOALS OF EMERGING PV TECHNOLOGIES
BACK CONTACT CELL 
TABLE 27 KEY ADVANTAGES OF BACK CONTACT CELL 
Importance of Lasers
DYE-SENSITIZED CELLS 
Properties of the Dye-sensitized Cell 
TABLE 28 SCHEMATIC OF DYE-SENSITIZED CELL
Cell Efficiencies
Classification
Fabrication
Advantages of Dye-Sensitized Cells 
TABLE 29 KEY BENEFITS OF DYE-SENSITIZED CELLS 
QUANTUM DOTS FOR SOLAR CELLS 
Properties
Synthesis of Quantum Dots 
TABLE 30 METHODS OF SYNTHESIZING QUANTUM DOTS
Advantages of QD Solar Cells
TABLE 31 ADVANTAGES OF COLLOIDAL QDS OVER ORGANIC
DYES USED IN PV CELLS
FLEXIBLE VERSUS RIGID SUBSTRATES 
TABLE 32 ADVANTAGES OF FLEXIBLE POLYMER-BASED CELLS
OVER CONVENTIONAL SOLAR CELL DESIGNS
ORGANIC PHOTOVOLTAICS 
SILICON WIRE ARRAYS 
PROSPECTS FOR EMERGING TECHNOLOGIES
TABLE 33 PROSPECTS FOR EMERGING SOLAR TECHNOLOGIES 
PATENT ANALYSIS 
PATENTS BY TECHNICAL CATEGORY 
TABLE 34 PHOTOVOLTAIC PATENTS BY TECHNOLOGY, 2007–2015 
PATENTS BY REGION
TABLE 35 PV PATENTS BY REGION
PATENTS BY COMPANIES
TABLE 36 COMPANIES THAT WERE AWARDED TWO OR MORE PV
PATENTS
TABLE 36 (CONTINUED) 
SAMPLE PATENT ABSTRACTS 
Photovoltaic Module Architecture 
Concentrating Type Solar Collection and Daylight System
within Glazed Building Envelopes 
Planar Solar Concentrator Power Module 
Solution Based Fabrication of Photovoltaic Cells 
Photovoltaic Thin Film Cell Produced from Metallic Blend
using High-temperature Printing 
Metal Contact Structure for Solar Cell and Method of
Manufacture

CHAPTER SIX: INDUSTRY COMPETITIVENESS
U.S. GOVERNMENT PV SUPPORT
THE SOLAR AMERICA (SAI) INITIATIVE
Benefits of the SAI
TABLE 37 MAJOR BENEFITS OF THE SAI 
NATIONAL RENEWABLE ENERGY LABORATORY (NREL) 
The U.S. PV Community
INTERNATIONAL PHOTOVOLTAICS SUPPORT 
EUROPEAN ACTIVITIES
The European Photovoltaic Technology Platform 
TABLE 38 GOALS OF THE PV TECHNOLOGY PLATFORM
EUROPEAN PHOTOVOLTAIC INDUSTRY ASSOCIATION
TABLE 39 BENEFITS OF MEMBERSHIP IN THE EUROPEAN
PHOTOVOLTAIC INDUSTRY ASSOCIATION 
JAPANESE PV EFFORTS
TABLE 40 REASONS FOR JAPANESE INVESTMENT IN
PHOTOVOLTAICS 
The Subsidy Program 
TABLE 41 QUALIFICATIONS FOR JAPANESE PV SUBSIDIES 
OTHER INTERNATIONAL SUPPORT 
TABLE 42 ADDITIONAL SOURCES OF INTERNATIONAL PV
SUPPORT
PV ECONOMICS AND COSTS 
SOLAR REBATES AND INCENTIVES 
TABLE 43 BASIC GLOBAL PV REBATES AND INCENTIVES 
THE U.S. EXAMPLE
Federal and State PV Incentives 
INCENTIVES AND THE ECONOMIC SITUATION
Economic Problems 
Expected Outcome
TABLE 44 PROJECTED ECONOMIC OUTCOMES FOR PV 
STANDARDS AND SAFETY
INTERNATIONAL STANDARDS EFFORTS 
The Global Approval Program (PV GAP)
Other Organizations
TABLE 45 STANDARDS AND CONFORMITY ASSESSMENT
ORGANIZATIONS 
PV TECHNOLOGY
BIPV AND UTILITIES BIG MARKETS
CONTINUING GROWTH OF THIN FILM AND ORGANIC
PRODUCTS
PV MARKET GROWTH FACTORS
DRIVING FORCES
IMPACT OF MARKET GROWTH FACTORS 
TABLE 46 IMPACT OF CONTRIBUTING FACTORS ON PV GROWTH

CHAPTER SEVEN: PV MARKETS
PV MARKET CHARACTERISTICS 
PV DEMAND CONTINUES TO GROW
TABLE 47 GLOBAL PV CELL/MODULE SHIPMENTS, THROUGH
2009 (MEGAWATTS)
FIGURE 3 GLOBAL PV CELL/MODULE SHIPMENTS, 2003–2009
(MEGAWATTS) 
AN INCENTIVES-BASED BUSINESS 
TABLE 48 INSTALLED GLOBAL PV CAPACITY BY COUNTRY, 2009
FIGURE 4 INSTALLED GLOBAL PV CAPACITY BY COUNTRY, 2009
(GW) 
Recession and High Prices Threaten Incentives 
Will PV Become Self-Sustaining?
SILICON SUPPLY PROBLEM
TABLE 49 ESTIMATED SILICON USAGE, 2009 (%)
FIGURE 5 SILICON USAGE BY APPLICATION, 2009 (%)
MORE EFFICIENT CAPEX PRODUCTION TOOLS 
More Efficient Capex Production Tools (Continued)
UTILITY INTERACTION 
TABLE 50 CHALLENGES FACING UTILITIES 
Feed-in Tariffs and Net Metering
Solar Electric Power Association 
TABLE 51 MISSION OF THE SOLAR ELECTRIC POWER
ASSOCIATION
REDUCED PV COSTS KEY TO FUTURE
TABLE 52 AVERAGE INSTALLED PHOTOVOLTAIC EFFICIENCIES
AND COSTS 1995–2020 
Cost-Competitive Aspects 
Future Implications
A CONSTANTLY CHANGING INDUSTRY
The Push for New Technologies 
SUMMARY OF PV MARKET CHARACTERISTICS
TABLE 53 SUMMARY OF PV MARKET CHARACTERISTICS
CURRENT AND FUTURE APPLICATIONS 
GRID-CONNECTED APPLICATIONS
Distributed Generation
TABLE 54 BENEFITS OF DISTRIBUTED GENERATION
Rooftop Systems
Panel Capacities
Panel Types
TABLE 55 KEY ADVANTAGES OF ROOFTOP SYSTEMS
Building Integrated Photovoltaics (BIPV) 
TABLE 56 TYPICAL BIPV SYSTEM 
Types of BIPV Systems
Other Exterior Options
TABLE 57 MAJOR ADVANTAGES OF BIPV 
UTILITY APPLICATIONS 
Utility Transmission and Distribution
Utility Scale PV Power 
TABLE 58 BENEFITS OF BUILDING A UTILITY-SCALE PV PLANT
Concentrating Photovoltaic Power (CPV) for Utility
Scale Energy 
TABLE 59 BASICS OF CPV TECHNOLOGY 
OFF-GRID SYSTEMS 
Off-Grid Residential PV 
TABLE 60 TYPES OF OFF-GRID RESIDENTIAL PV SYSTEMS
PV Produced DC Electricity 
Off-Grid Industrialized or Residential PV with Generators 
Off-Grid Communication Systems 
TABLE 61 SOME COMMUNICATIONS SYSTEMS POWERED BY PV
PV with Battery Storage
TABLE 62 ESTIMATED USES OF PV ON NATIONAL PARK LANDS
(%)
Remote Village Electrification 
TABLE 63 MAJOR ADVANTAGES OF OFF-GRID VILLAGE
ELECTRIFICATION
Water Pumping 
SPACE APPLICATIONS
TABLE 64 MAJOR ADVANTAGES OF PV IN SPACE APLICATIONS 
Multijunction and Concentrator Cells 
NEW APPLICATIONS
Advantages of Flexibility
PHOTOVOLTAIC BUYING DECISIONS 
TABLE 65 MAJOR FACTORS IN PV SYSTEM BUYING DECISIONS (%) 
PV MARKET FORCES
POSITIVE FACTORS 
LIMITING FACTORS 
PHOTOVOLTAIC MARKET PROJECTIONS
GROWTH TRENDS
TABLE 66 KEY GROWTH TRENDS IN THE PHOTOVOLTAIC
INDUSTRY 
THE INCENTIVE FACTOR
FORECAST ASSUMPTIONS 
TABLE 67 CURRENT FACTS IMPACTING PV INDUSTRY GROWTH
RATE 
TABLE 68 FORECAST ASSUMPTIONS—GROWTH OF PV CELLS
MARKET FORECASTS 
MONOCRYSTALLINE SILICON SHIPMENTS 
Key Factors in Our Projections
TABLE 69 FORECAST—GLOBAL SHIPMENTS OF
MONOCRYSTALLINE SILICON CELLS/MODULES, THROUGH
2015 (MEGAWATTS)
FIGURE 6 GLOBAL SHIPMENTS OF MONCRYSTALLINE SOLAR
CELLS 2009-2015 (MEGAWATTS) 
MULTICRYSTALLINE SILICON SHIPMENTS
Major Factors in Our Projection
TABLE 70 FORECAST—GLOBAL SHIPMENTS OF
MULTICRYSTALLINE SILICON SOLAR CELLS THROUGH 2015
(MEGAWATTS) 
FIGURE 7 GLOBAL SHIPMENTS OF MULTICRYSTALLINE SOLAR
CELLS, 2009-2015 (MEGAWATTS)
THIN FILM SHIPMENTS
Flexible Cells is a Key Issue
Other Thin Film Considerations
Amorphous Silicon 
Cadmium Telluride
Copper Indium Diselenide 
Compound Semiconductor Materials
TABLE 71 FORECAST—GLOBAL SHIPMENTS OF THIN FILM SOLAR
CELLS BY TYPE, THROUGH 2015 (MEGAWATTS)
FIGURE 8 GLOBAL SHIPMENTS OF THIN FILMS PV CELLS BY
TYPE, 2009-2015 (MEGAWATTS) 
EMERGING TECHNOLOGY SHIPMENTS
Assumptions
TABLE 72 FORECAST—GLOBAL SHIPMENTS OF PV CELLS MADE
FROM EMERGING TECHNOLOGIES, THROUGH 2015
(MEGAWATTS) 
FIGURE 9 GLOBAL SHIPMENTS OF PV CELLS MADE FROM
EMERGING TECHNOLOGY, 2009-2015 (MEGAWATTS)
SHIPMENTS AT A GLANCE 
TABLE 73 GLOBAL SHIPMENTS OF PV CELLS BY MAJOR
TECHNOLOGY, THROUGH 2015 (MEGAWATTS) 
FIGURE 10 GLOBAL SHIPMENTS OF PV CELLS BY TECHNOLOGY,
2009-2015 (MEGAWATTS) 
Percent of Market
TABLE 74 GLOBAL SHARES OF CELL/MODULE SHIPMENTS BY
MAJOR TECHNOLOGY, 2009-2015 (%) 
FIGURE 11 GLOBAL SHARES OF PV CELLS BY TECHNOLOGY, 2009-
2015 (%) 
VALUE OF SHIPMENTS 
Balance of Systems Costs 
TABLE 75 GLOBAL MARKET VALUE OF CELL/MODULE
SHIPMENTS, THROUGH 2015 (MEGAWATTS, AVERAGE PRICE $
MILLIONS) 
Balance of Systems … (Continued) 
FIGURE 12 GLOBAL MARKET VALUE OF CELL/MODULE
SHIPMENTS, 2009-2015 (% MILLIONS/W) 
SHIPMENTS OF PV MODULES BY APPLICATION
TABLE 76 GLOBAL SHIPMENTS OF PV CELLS BY APPLICATION,
THROUGH 2015 (MEGAWATTS)
FIGURE 13 GLOBAL SHIPMENTS OF PV CELLS BY APPLICATION,
2009-2015 (MEGAWATTS) 
PROJECTION SUMMARY 
Projection Summary (Continued)
MATERIALS PROJECTIONS 
MATERIAL CLASSIFICATION 
COST BASIS
VALUE OF PV MATERIALS 
TABLE 77 GLOBAL MARKET FOR PV CELL/MODULE MATERIALS
BY TYPE, THROUGH 2015 ($ MILLIONS)
FIGURE 14 MARKET FOR PV CELL/MODULER MATERIALS, 2009-
2015 ($ MILLIONS)
Value of PV Materials (Continued)

APPENDIX: GLOSSARY