Revenue across the module industry also grew strongly during 2014, although it remains off the record heights it reached in 2011, when modules were significantly more expensive.

The world’s top 20 module suppliers collectively took in $21.4bn last year (from module sales, excluding tolling), and IHS expects industry revenues to once again be charting record highs by late 2015.

“As these companies gain more market share, we can expect to see further industry consolidation,” says Ray Lian, principal analyst for IHS Technology.

Even