Photovoltaics market hit 5.95 gigawatts in '08

Global photovoltaic installations reached a total capacity of 5.95 gigawatts in 2008, according to a new report from the California-based energy consultancy Solarbuzz.

That marked an increase of 110 percent over the previous year, the report states.

Europe accounted for most of the world’s photovoltaic market — 82 percent — with Spain’s rapid growth rate of 285 percent pushing previous leader Germany into second place, Solarbuzz says. The US took the third-place spot in photovoltaic installations last year, followed by Korea, Italy and Japan.

“Twelve months ago, we projected that as early as the fourth quarter of 2008 the PV industry would no longer be constrained by solar module supply, but instead by market demand,” said Craig Stevens, president of Solarbuzz. “Now, the PV industry will need to navigate major changes in the regional demand mix, with new markets emerging, while addressing excess supply positions and significant adjustments to industry pricing.”