“We
expect
a
virtuous
cycle
of
falling
production
costs
and
module
average
selling
prices
(ASPs)
to
stimulate
demand
further,”
says
Goldman
Sachs
Gao
Hua,
an
affiliate
of
China-based
Gao
Hua
Securities
Investment
Research.
The
Goldman
Sachs
Global
Clean
Energy
team
bases
its
installation
forecast
on
supply
forecast
of
20GW
and
28GW
in
2010
and
2011
respectively,
and
a
downside
risk
in
2012
of
18-22GW.
Supply
is
likely
to
come
from
lower
cost
producers
such
as
thin-film
makers
and
Chinese
crystalline
module
makers,
the
research
paper
says.
“We
think
demand
may
arise
where
government
mandates…
