Solar PV industry will see rapid growth in 2014

According to industry experts, the top 50 PV manufacturers will install 10 gigawatts of solar power around the globe, making them profitable for the first time in years. Although there has been an increasing demand for solar power in recent years, the market has been hurt by an overcapacity, with investors coming in all around the same time to meet the demand. This has caused companies to fail rapidly as they could not make the money they put into solar energy back.

This trend is set to turn around in 2014 and into 2015, according to new findings from research company PV Pulse. The increase in this market will be driven by strong growth in major solar energy suppliers, mainly in China, Japan and the United States. Companies will see a profit for the first time since 2011, as the amount of equipment produced and installed will be on par with the demand from consumers. 

"Conditions in the global PV supply chain are shifting rapidly toward a new growth phase for the industry," said Shyam Mehta, Lead Upstream Analyst at PV Pulse. "In contrast to the profitless prosperity of 2011-2013, 2014 will see PV module vendors and their suppliers not only enjoy growth in sales and shipment volumes, but also achieve strong bottom-line profitability as well, with supply constraints leading to major capacity expansions across the PV value chain that will continue into 2015."

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