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World Solar Photovoltaic Market Grew 34% in 2005

World solar photovoltaic (PV) market installations reached a record high of 1,460 Megawatts (MW) in 2005, representing annual growth of 34%, says the annual PV market report issued today by Solarbuzz LLC, a San Francisco based solar energy consultancy.

Germany's PV market grew 53% to 837 Megawatts in 2005, corresponding to 57% of the world market. This level is eight times the size of the United States market. Japan's 14% growth took it to 292 MW.

Solar cell production reached a consolidated figure of 1,656 MW in 2005, up from 1,146 MW. Japanese producers maintained their leadership with 46% share, while Europe accounted for 28%. US cell production was 156 MW in 2005.

"Cumulative installed solar PV electricity generating capacity expanded by 39% in 2005 and now exceeds 5 Gigawatts worldwide and investment in new plant to manufacture solar cells exceeded $1 billion in 2005," said Craig Stevens, President of Solarbuzz LLC. "Meanwhile, the PV industry raised more than $1.8 billion on capital markets over the past 12 months."

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