LOS ANGELES, March 16 (Reuters) - The global market for photovoltaic solar power grew 110 percent last year due to explosive growth in Spain, a report said on Monday.
Solar energy consultancy Solarbuzz LLC said photovoltaic installations reached a record 5.95 gigawatts (GW) in 2008, up from 2.83 GW in 2007.
Europe made up the vast majority of world demand, at 82 percent. Spain, which grew 285 percent thanks to generous government incentives, was the world’s largest solar market. It was followed by Germany, the United States, Korea, Italy and Japan.
Worldwide, the industry generated $37.1 billion in revenue, up from $17.2 billion the previous year, Solarbuzz said.
Solar cell production rose to 6.85 GW in 2008, up from 3.44 GW a year earlier. In addition, supplies of polysilicon to the solar industry grew by 127 percent. Polysilicon is the solar industry’s key raw material. (Reporting by Nichola Groom; Editing by Bernard Orr)
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