China's Output of Solar Cells Jumps to 44 Percent of World Total

China's output of solar cells jumped to more than 3 gigawatts (GW) in 2008, accounting for 44 percent of the world's total. Industrial Info Resources (Sugar Land, TX) reports that in 2008, the global output of solar cells reached 6.85 GW, which almost doubled the output of 3.44 GW in 2007.

The market share of Chinese solar cells manufacturers (including manufacturers in Taiwan) has continued to increase in recent years. In 2007, the market share of Chinese solar-cell manufacturers in the global market jumped from 20 percent in 2006 to 35 percent in 2007 and then increased to 44 percent in 2008, making China the top-ranking solar-cell manufacturer in the world for two successive years. According to the latest report issued by the European Photovoltaic Industry Association, Europe remained the most important market in the global solar energy market in 2008. The volume of the global photovoltaic market jumped from 2.4 GW in 2007 to 5.5 GW in 2008. Spain accounted for nearly half of this newly installed capacity. The production value of the global solar energy industry reached $37.1 billion in 2008.

Despite the global economic downturn, China's investment in the new-energy industry maintained a high level. Investment in solar energy showed a more rapid development than other new-energy industries. The latest statistics show that the annual average growth in China's new energy market reached 67 percent from 2006 to 2008. The investment of venture capital in new energy in the Chinese mainland has continuously increased since 2006. In 2007, the investment was just $590 million, which rose to $1.3 billion in 2008, an increase of 120.3 percent. In addition to the support of government policy, the huge growth potential and high profit are important factors for the swift development of the industry.