Having peaked at $94bn in 2011, when global PV installations hit 27.7GW, total PV industry revenues have since retreated for two straight years, falling to $75bn in 2012 – despite the 32GW of new capacity that was added.
The decline is chiefly due to the rapidly tumbling price of everything from polysilicon to finished modules, which has more than offset overall volume growth, and set in motion a savage wave of consolidation and bankruptcy.
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