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Photovoltaic Market In Germany

Germany is Europe’s leading photovoltaic (PV) market. The key enabler for Germany’s dominant position stems from having achieved lower cost of energy production compared to retail electricity prices.

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Definition / Scope

Germany is Europe’s leading PV market. The key enabler for Germany’s dominant position stems from having achieved lower cost of energy production compared to retail electricity prices. This has rendered consumption of self-generated PV electricity increasingly attractive- for commercial and industrial customers alike.

As the gap between PV and retail electricity prices widens, a number of new technologies are gaining momentum - and with them a variety of new business models are becoming visible. In this technology driven market, companies have the opportunity to test, define and introduce new technical standards.

This will not only substantiate Germany’s leading role in PV market, but also improve its competitiveness for new business and investment opportunities (energy storage systems, smart grid, and smart home technologies etc.)

This report details German PV industry’s present scenario, emerging trends and opportunities. Furthermore, key risks pertaining to the industry are also discussed.   

About

Power generation from sun’s energy has been regarded as a clean and sustainable means for achieving energy sufficiency as it relies on the most abundant and widely distributed renewable energy source [1].

Photovoltaics (PV), refers to the technology for converting light (specifically, solar) energy into electricity. For doing this, the PV device utilizes semiconductor materials- silicon, Gallium, Germanium etc. The working of such devices is based on the photoelectric effect. The effect involves generating electrically charged particles (electrons and holes) by absorbing light [2]. Solar photovoltaic technology provides a technologically viable solution to society’s prevailing environmental challenges posed by the fossil fuel based power generation. PV will enhance social equity by creating jobs. Moreover, as a distributed energy source it will enable individuals to be more self-reliant without forsaking modern conveniences and technology, thereby allowing for an energy intensive standard of living[1].

At the end of 2014, total installed PV capacity had reached 178 gigawatts (GW) - enough to supply nearly 1 percent of global energy requirement. Further capacity installation of about 55 GW is being forecasted globally for 2015 and, it is projected to increase beyond 500 GW by 2020. By 2050, solar power is anticipated to become the world's largest source of electricity, with solar photovoltaic 16 percent[3].

Market Overview

At the end of 2014, total installed PV capacity had reached 178 gigawatts (GW) - enough to supply nearly 1 percent of global energy requirement. Further capacity installation of about 55 GW is being forecasted globally for 2015 and, it is projected to increase beyond 500 GW by 2020. By 2050, solar power is anticipated to become the world's largest source of electricity, with solar photovoltaic 16 percent[3].

In Germany, solar energy is generated entirely from photovoltaics (PV). It accounted for 6 percent of the country's net-electricity generation in 2014. The figure is expected to be around 9 percent by 2020. This has enabled Germany to save nearly 25million tons in Co2 emissions and generate more than 50,000 full- time jobs in 2014. The export quota for PV solar power is less than 65 percent for 2014 and is set to increase to 80 percent by 2020. The current PV- suitable area in Germany supports a potential installed capacity of more than 400 GW, of which around 200 GW will be on buildings[4].

Germany is one of the leading manufacturers of PV modules and related components in Europe. It has developed an end-to-end manufacturing, R&D and service related cluster catering to PV industry. PV technologies such as silicon wafer, thin-film, and organic PV materials as well as new, innovative energy storage technologies are developed, produced and commercially produced in Germany. Germany is home to more than 40 manufacturers of silicon, wafers, cells, and modules. Furthermore, there are more than 100 PV material and equipment suppliers, over 100 component manufacturers and more than 70 PV research institutes as well as thousands of project development, system integration and installation companies[5].

Achieving price parity with grid electricity, strong export base and well structured integrated market complimented with favorable regulatory environment contribute towards consolidating Germany's position as a leader in PV industry.

Germany offers opportunities for PV module manufacturers, companies interested in R&D by way of location advantage, availability of highly skilled labor and attractive incentive schemes.

However, the PV industry has its own risks emerging from disruptive technology, macro-economic uncertainties and default risk. But, with positive market outlook supplemented with superior technology differentiation and financial strength, and customer centric business model, prospective stakeholders can realize sustainable and attractive returns[6].

Key Metrics

Metrics Value Explanation
Base Year 2018 Researched through internet


Market Risks

Like any industry, PV is exposed to systemic and other risks.

Credit Risk

Germany stands as one of the leading exporter of PV technology. Invariantly, it is exposed to credit risk from customer countries which would hamper the industry progress.

Policy/ Regulatory Risk

Being central to nation’s security, policy or regulatory framework involving energy subsidies and prices can adversely impact PV industry’s economic viability. Moreover, policy positioning in key customer countries would also have an effect (eg: customer country imposing anti-dumping duties, offering incentives to local entities etc.).

Disruptive Technology Risk

Being technology centric industry, evolution in PV module material or device design can greatly disrupt existing business models and technology which have incurred significant investment and are yet to achieve break even.

Top Market Opportunities

PV Modules

From a manufacturer perspective, the direct consumption customer segment is highly attractive as it mainly consists of energy end-users. In this market segment, the manufacturer competes with end-consumer electricity prices rather than with utility provider’s electricity purchase prices. Therefore, the price pres sure in this segment is not high. In end-user segment, marketing, brand, quality, and proximity are important in the customer’s mind.

The German market is not alone in heading in this direction: globally, the direct consumption segment is ex pected to rise to more than 350 GW and would account for around 50 percent of total PV market installations by 2020 – half of which could be in stalled in Europe.

Source: UBS, 2013

Germany there fore is in a strong position to establish itself as the pioneer in this segment with the op portunity for companies to test, de fine and introduce new technologies and set global industry standards for this future world PV market. Moreover, target groups for direct consump tion will diversify as it becomes more financially attractive- e.g. public buildings, SMEs, and more energy-intensive indus tries[5].

PV Batteries

The PV battery market is forecast to grow by an average of more than 100 percent per year from 2013 to 2018, reaching nearly 7 GWh in 2017. Around 6,000 PV batteries have already been installed in Germany in 2013. Experts expect more than 100,000 systems to be sold annually by 2018. Market potential for PV bat teries is facilitated by more than 1.4 million PV systems currently oper ated in Germany[5].

Research & Development

Germany has large number of PV institutes and companies con ducting research. More than 70 research organizations are capable of meeting PV R&D chal lenges at all stages of production. The partnership between science and industry increases competi tiveness and creates mutually ben eficial synergies. Ready [[Building With Brains + Buildings With Brains = Sustainable Future|access]] to cutting-edge production technolo gies and processes helps signifi cantly reduce costs. About 280 solar patents were registered in Germany in 2012.

Source: BMU, 2013

Companies seeking to engage in PV R&D can get ac cess to know-how from a large pool of specialists in these fields. Such company R&D centers not only profit from cluster knowledge transfer, but also from information sharing with other R&D centers and companies by means of strategic alliance. Germany also offers an attractive public R&D support scheme which facilitates the de velopment and the implementation of new products and technologies[5].

According to a DIW study, around 85,000 employees work in R&D in foreign-owned German subsidiar ies having an annual R&D budget of EUR 15.2 billion- accounting for more than 27 percent of total industry innovation expendi ture.

Market Drivers

Grid Price Parity

German PV market will continue to gain momentum in the coming years as PV-produced elec tricity achieves price parity with grid electricity prices. The consumer segment with system sizes below 10 KW is already having price ben efits of approximately 15EUR ct/kWh. This price trend will continue, resulting in a number of new opportunities for energy storage technologies such as PV batteries. More than 6,000 PV battery systems have already been sold in Germany in 2013. Numbers are expected to rise to more than 100,000 PV bat tery systems sold annually by 2018[5].

Export Base

Foreign markets are a main driver of the PV industry in Germany. The country’s attractive export condi tions are due to number of contributory factors. Chief among them are Germany’s loca tion proximity to European markets and easy access to major and emerging mar kets. PV growth is expected to continue in China and South-East Asia in general, with Latin America, the MENA countries and India following. The market potential of these countries – where PV can already compete with diesel generators for peak power generation– could range from 60 to 250 GW by 2020 and from 260 to 1,100 GW in 2030. And with the price decrease in PV technology, even more countries will see PV as a competitive energy source before the end of this decade. All this will enable Germany to consolidate its strong position in PV industry[7][8].

Integrated Market Structure

The presence of a number of highly experienced facilitators ranging from system integrators, project developers to installers provides necessary structure for rapid market growth. High installation facilitators are re sponsible for creating the fast project realization times and the low installation costs. Germany is home to more than 40 manufacturers of sili con, wafers, cells, and modules. As well as this, there are more than 100 PV material and equipment suppliers, over 100 component manufactur ers and more than 70 PV research institutes as well as thousands of project development, system inte gration and installation companies.

Technology Trends

The photovoltaic industry is characterized by strong technological focus. Presently, the market is dominated by silicon-based modules with a combined market share of almost 90 percent. Thin-film technology accounts for the remaining 10 percent. However, thin-film systems, as well as the third generation modules (mainly based on organic materials), are expected to grow significantly in the future and capture a large share of the market.

Thin-film module efficiencies, like crystalline silicon’s have been improving over time- though it has not matched the latter’s efficiencies. The average efficiency of commercial silicon modules has improved in the last ten years by about 0.3% per year, reaching 21% in 2013. Modules are usually guaranteed for a lifetime of 25 years at minimum 80% of their rated output, and sometimes for 30 years at 70%.

Thin film modules also saw increases in efficiencies, with commercial cadmium telluride (CdTe) in particular, reaching 15%. Moreover, CdTe modules, especially in hot and humid climates, and possibly copper-indium-gallium-selenide (CIGS) modules, have higher performance ratios than average crystalline silicon modules of similar prices[9].

Pricing Trends

Technological advances as well as decreasing production costs due to economies of scale have led to a continuous decline of the cost of energy generation from photovoltaic technology and module price. The prices for roof-top PV systems dropped from Euro 5000 per KW in 2006 to nearly Euros 1100 per KW in 2015. As per IHS, module prices, both crystalline silicon and thin film, are projected to fall moderately in 2015 and continue to decrease over the next years[10] [7].

Source:   Bundesverband Solarwirtschaft e.V. (BSW-Solar)

Regulatory Trends

The Renewable Energy Sources Act

The Renewable Energy Sources Act (EEG) is the cornerstone of Germany’s ambitious green poli cy framework. The aim of EEG is to increase the share of renewable energy in Germany. As per the policy, sector growth is underpinned by fixed feed-in tariffs (FIT) for 20 years. The tariff is subject to type and size of renewable power plants. The act has promoted rapid expan sion of PV industry in Germany by establishing a secured invest ment return for system stakeholders. The act’s success has led to the implementation of similar legislation worldwide. A total PV in stallation commitment of 52 GW is supported with feed-in tariffs[11].

(A feed-in tariff allows investors a guaranteed return on investment - a requirement for development. A primary difference between a tax credit and a feed-in tariff is that the cost is borne the year of installation with a tax credit, and is spread out over many years with a feed-in tariff.).

The European Emission Trading System

The European Emission Trading System (ETS) is a framework of the European Union to reach the objectives of reduced greenhouse gas emission in order to slow down global warming. The ETS is applicable to electric power generation as well as to some other industry sectors like cement manufacturing or the steel industry in thirty European countries[11].

The ETS is essential for development German photovoltaic industry. Firstly, the costs of the CO2- emission-allowances are a substantive factor in the operating cost structure of competing fossil power plants. They eventually result in higher electricity prices. Secondly, the evolution of the CO2-emission prices has influence on the point in time when forms of renewable energy generation such as photovoltaic reach parity with conventional forms of power generation (Higher the prices for CO2-emissions, earlier renewable energy reaches parity.).

Market Size and Forecast

In Germany, solar energy is generated entirely from photovoltaics (PV). It accounted for 6 percent of the country's net-electricity generation in 2014. The figure is expected to be around 9 percent by 2020. The country has been the world's top PV installer for several years and still leads in terms of the overall installed capacity- amounting to 38.2 gigawatts in 2014 resulting from 1.5
Source: EPIA, 2014

million installed PV systems, ahead of China, Japan, Italy, and the United States.

This has enabled Germany to save nearly 25million tons in Co2 emissions and generate more than 50,000 full- time jobs in 2014. The export quota for PV solar power is less than 65 percent for 2014 and is set to increase to 80 percent by 2020[12]. The current PV-suitable area in Ger many supports a potential installed capacity of more than 400 GW, of which around 200 GW will be on buildings.

Germany is one of the leading manufacturers of PV modules and related compo nents in Europe. It has developed an end-to-end manufacturing, R&D and service related cluster catering to PV industry.

PV technologies such as silicon wafer, thin-film, and organic PV materials as well as new, innovative energy storage tech nologies are developed, produced and commercially produced in Germany. Germany is home to more than 40 manufacturers of sili con, wafers, cells, and modules.

Source: EPIA, 2014

Furthermore, there are more than 100 PV material and equipment suppliers, over 100 component manufactur ers and more than 70 PV research institutes as well as thousands of project development, system inte gration and installation companies.


Market Outlook

Europe

European market is expected to grow between 6 GW (low scenario) and 11 GW (high scenario) in 2015, before increasing again at a slower pace with installations ranging between 7 GW and 17 GW three years from now. European market could reach a total installed capacity of 158 GW by 2019, an almost 80% market increase compared to today. In the low Scenario, total installed capacity would be above 120 GW by 2019[13].

Global

In 2015, the level of installations in China will determine the global growth. The Chinese government has decided to raise the official PV installation target to 17.8 GW in 2015. The probability of seeing this target being reached remains contingent on many factors, including the reception of distributed solar power. Without unlocking this market segment, China could have difficulties to achieve this ambitious 2015 target.

In the longer term, after 2018, growth should resume based on the expected contribution of dozens of countries attracted by competitive PV prices, including India. The chances of witnessing market growth in 2015 followed by two years of stable installations remains quite high. However a combination of negative policy decisions in key countries, or the difficulties of PV to take off fast enough in emerging markets, could lead to market stagnation at around 40 to 50 GW in the future.

Depending on the evolution of the solar markets in the coming years, the total installed capacity in 2019 could reach between 396 and 540 GW with the highest likelihood scenario being around 450 GW[13].

Distribution Chain Analysis

Location Advantage

Local manufacturers gain from direct [[Building With Brains + Buildings With Brains = Sustainable Future|access]] to one of the largest PV markets and partnership op portunities with local market entities. This proximity provides scope for strategic R&D partnership, easy market access and greatly reduces expense pertaining to transportation and long-term inventory. Presence of the whole value chain in both PV and battery manufacturing has resulted in highly developed indus trial hubs and sales chan nels facilitating distribution. Germany’s sophisti cated distribution infrastructure enables servicing of European and other international markets.

Engineering Expertise

Highly skilled and specialized workforce is a key feature of the German labor market. According to OECD statistics, Germany ranks second in the global list of doctoral degree graduate. Ger man universities have also intro duced degree programs with a strong focus on PV and storage technologies. Close synergies between the chem istry, power electronics, semicon ductor and microelectronics in dustry create a readily employable skilled workforce.

Stable Labor Parameters

Germany has recorded the lowest labor cost growth within the EU at just 1.6 percent in 2013. Highly flexible working practices such as fixed-term contracts, shift systems, and 24/7 operating per mits contribute to enhance Germa ny’s international competitiveness as a suitable investment location for internationally active businesses.

Government Incentives

In Germany, investment for projects can receive financial assistance through a number of different channels. These instruments may originate from private sources or public incentives programs available to all companies – regardless of country of origin. They fit the needs of di verse economic activities at different stages of the investment process.

Venture Capital Funding

In Germa ny, appropriate VC partners can be found through the BVK – “German Pri vate Equity and Venture Capital As sociation”. Special conferences and events like the “German Equity Forum” provide another opportunity for enterprises to get into contact with potential VC part ners. Moreover, public institutions such as development banks and public VC at the national and state level, may also offer partnership programs at this deve lopment stage.

Debt Financing

Debt financing is available to established companies with a continuous cash flow. Lo ans can be for servicing working capital requirements, bridging temporary financial gaps, or finance long-term investments. Besides, investors can avail publicly subsidized loan programs. These programs usually offer loans at attractive interest rates in combination with moratorium period. These loans are provided by the state-owned development bank and also by regional development banks. For financing produc tion or service facilities, investors can also utilize number of different public funding programs. These programs complement the financing of an in vestment project. Some of them offer cash incentives in the form of non-repayable grants applicable to co-finance capital investment related ex penditures such as new buildings, equipment or machinery.

Labor Related Incentives and R&D Grants

Companies can receive further subsidies for building up a workforce or for implementa tion of R&D projects after realizing capital investment in a region. Labor related incentives help in reducing the operational costs incur red by new businesses. The range of programs offered can be categorized into three groups: programs focusing on recruitment support, training support, and wage subsidies respectively. R&D project funding is made available through a number of different programs targe ted at reducing the operating costs of R&D projects. Programs are wholly independent from investment incentives. At the national level, all R&D project fun ding has been concentrated in the so-called High-Tech-Strategy to push the development of cutting-edge technologies.

Competitive Landscape

The value chain of the photovoltaic industry comprises five major steps.

Source: Future Scenarios of German PhotovoltaicIndustry, 2010

The first phase of the chain comprises of the extraction and refinement of raw silicon mineral. The midstream part of the industry value chain involves steps two to four. Here, the refined silicon is further prepared. Herein, first the silicon is refined into bricks called ‘ingots’, that are then cut into smaller slices, called ‘wafers’. Based on these wafers, solar cells with a photoactive layer are produced. In the fourth step of the value chain, the specific solar modules are put together depending on the end application. In the fifth step, multiple modules are connected together. This step also consists of customer service and the maintenance of the installation[11].

The German photovoltaic industry includes around 40 manufacturers (of silicon, wafers, solar cells, and modules) and more than 100 PV equipment manufacturers, and about 100 component manufacturers. The industry employs around 50,000 people.

German PV industry sales surpassed the €9.5 billion mark in 2008, while PV equipment supplier sales accounted for an additional €2.4 billion.

The number of companies in the first stage of the PV production chain is small, as silicon production and processing require high level of technical knowledge and substantial investment. This stage is dominated by Wacker Chemie AG.

Source: Survey of PhotovoltaicIndustryand Policy in Germany and China, 2011

Towards the end of the production chain, the number of manufacturers increases, due to lower requirements for investment and expertise. There are also fully integrated companies (combining wafer, cell, and module manufacturing), such as SolarWorld, Conergy and Sovello.


Competitive Factors

Technology Differentiation

To avoid competing just on price, firms must offer technologically differentiated products. Parameters with focus pertains to economic efficiency as measured in "$/kWp" and module efficiency measured in "kWp/m² ".

Vertical Integration

In order to be able to capture more value and to mitigate the inherent risks of the supply chain, it is crucial to either integrate vertically or build strong partnerships and strategic alliance with other entities in the value chain.

Cost Structure

Controlling cost is one of the most important factors, especially in an industry that sees an ever-growing number of new entrants. Silicon manufacturers with [[Building With Brains + Buildings With Brains = Sustainable Future|access]] to cheap energy, for instance, have a distinct competitive advantage, as 85% of the energy needed to build a module, is used in producing silicon. Other cost advantages come from economies of scale and supply contracts at low pricing level.

Financial Strength

A strong balance sheet and cash reserves with good credit rating is required not only to weather a downturn, but also to finance growth at low cost.

Branding

With increasing market revenue set to come from direct application, success would also be determined by how well a company can communicate the value it creates for customers, its brand strength and access to distribution channels. Furthermore, after sales service, customer relation management would also become critical.

References

  1. 1.0 1.1 Photovoltaics- A Path to Sustainable Futures. http://www.academia.edu/1484565/Photovoltaics_a_path_to_sustainable_futures. [Online]
  2. 2. Solar Cells. Chemistry Explained. [Online] http://www.chemistryexplained.com/Ru-Sp/Solar-Cells.html.
  3. 3.0 3.1 Growth of Photovoltaics. Wikipedia. [Online] https://en.wikipedia.org/wiki/Growth_of_photovoltaics.
  4. 4. Solar Power in Germany. Wikipedia. [Online] https://en.wikipedia.org/wiki/Solar_power_in_Germany.
  5. 5.0 5.1 5.2 5.3 5.4 GTAI. Industry Overview: The Photovoltaic Market in Germany. 2014.
  6. Risks in Solar Investment. Renewable Energy Focus. [Online] http://www.renewableenergyfocus.com/view/13695/the-risks-in-solar-investment/.
  7. 7.0 7.1 8. Price Trend PV Modules. Europe-Solar. [Online] https://www.europe-solar.de/catalog/index.php?main_page=page_3. 9. Key, Tom and Peterson, Terry. Solar Photovoltaics: Status, Costs and Trends. s.l. : Electric Power Research Institute, 2009.
  8. Key, Tom and Peterson, Terry. Solar Photovoltaics: Status, Costs and Trends. s.l. : Electric Power Research Institute, 2009.
  9. Technology Roadmap: Solar Photovoltaic Energy. s.l. : International Energy Agency, 2014.
  10. Outlook for the Solar Industry in 2015- Key Questions. PV Tech. [Online] http://www.pv-tech.org/guest_blog/the_outlook_for_the_solar_industry_in_2015_10_key_questions.
  11. 11.0 11.1 11.2 Wulf, Torsten, Meissner, Philip and Frhr. von Bernewitz, Friedrich.' Future Scenarios for the German Photovoltaic Industry. s.l. : HHL, 2010.
  12. Association, German Solar Industry.' Statistic Data on the German Solar Power (PV) Industry. s.l. : BSW Solar, 2013.
  13. 13.0 13.1 Global Market Outlook For Photovoltaics: 2014-2018. s.l. : EPIA, 2014.

Further Reading

1. Photovoltaics- A Path to Sustainable Futures. http://www.academia.edu/1484565/Photovoltaics_a_path_to_sustainable_futures. [Online]

2. Solar Cells. Chemistry Explained. [Online] http://www.chemistryexplained.com/Ru-Sp/Solar-Cells.html.

3. Growth of Photovoltaics. Wikipedia. [Online] https://en.wikipedia.org/wiki/Growth_of_photovoltaics.

4. Solar Power in Germany. Wikipedia. [Online] https://en.wikipedia.org/wiki/Solar_power_in_Germany.

5. GTAI. Industry Overview: The Photovoltaic Market in Germany. 2014.

6. Risks in Solar Investment. Renewable Energy Focus. [Online] http://www.renewableenergyfocus.com/view/13695/the-risks-in-solar-investment/.

7. Association, German Solar Industry.' Statistic Data on the German Solar Power (PV) Industry. s.l. : BSW Solar, 2013.

8. Price Trend PV Modules. Europe-Solar. [Online] https://www.europe-solar.de/catalog/index.php?main_page=page_3.

9. Key, Tom and Peterson, Terry. Solar Photovoltaics: Status, Costs and Trends. s.l. : Electric Power Research Institute, 2009.

10. Wulf, Torsten, Meissner, Philip and Frhr. von Bernewitz, Friedrich.' Future Scenarios for the German Photovoltaic Industry. s.l. : HHL, 2010.

11. Technology Roadmap: Solar Photovoltaic Energy. s.l. : International Energy Agency, 2014.

12. Outlook for the Solar Industry in 2015- Key Questions. PV Tech. [Online] http://www.pv-tech.org/guest_blog/the_outlook_for_the_solar_industry_in_2015_10_key_questions.

13. Global Market Outlook For Photovoltaics: 2014-2018. s.l. : EPIA, 2014.

14. Wirth, Harry Dr. Recent Facts About Photovoltaics in Germany. s.l. : Fraunhofer ISE, 2015.

15. Lowder, Travis, Mendelson, Michael and Speer, Bethany.' Continuing Developments in PV Risk Management: Strategies, Solutions, and Implications. s.l. : NREL.

16. Grau, Thilo, Huo, Molin and Neuhoff, Karsten.' Survey of Photovoltaic Industry and Policy in Germany and China. s.l. : Climate Policy Initiative, 2011.

17. Feldman, David, Barbose, Galen and Margolis, Robert.' Photovoltaic System Pricing Trends. s.l. : U.S. Department of Energy, 2014.

18. Solar Panel Manufacturers in Germany. ENF Solar. [Online] http://www.enfsolar.com/directory/panel/Germany.

19. Solar Energy in the European Union. Wikipedia. [Online] https://en.wikipedia.org/wiki/Solar_energy_in_the_European_Union.

20. Risk and Finance in PV Industry. NREL. [Online] https://financere.nrel.gov/finance/content/risk-and-finance-pv-industry.

21. Regional PV Module Prices Vary by as Much as $0.16 per Watt. Greentechmedia. [Online] http://www.greentechmedia.com/articles/read/regional-pv-module-prices-vary-by-as-much-as-0.16-w.

22. Global PV Pricing Outlook 2015. Greentechmedia. [Online] http://www.greentechmedia.com/research/report/global-pv-pricing-outlook-2015.

23. Global Market Outlook For Solar Power. s.l. : Solar Power Europe, 2014.


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