PHOTOVOLTAIC INDUSTRY STRUCTURE... 9 LEADING PHOTOVOLTAIC MANUFACTURERS... 9

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1 INTRODUCTION... XVII STUDY GOALS AND OBJECTIVES... XVII REASONS FOR DOING THIS STUDY... XVII CONTRIBUTIONS TO THE STUDY AND FOR WHOM... XVII SCOPE AND FORMAT... XVIII METHODOLOGY... XVIII INFORMATION SOURCES... XIX RELATED BCC RESEARCH WORK CREDENTIALS... XIX ANALYST S CREDENTIALS... XIX BCC RESEARCH ONLINE SERVICES... XIX DISCLAIMER... XX SUMMARY... XXI SUMMARY TABLE GLOBAL PHOTOVOLTAIC MARKET: MODULE SHIPMENTS AND MATERIALS, THROUGH 2013 (MEGAWATTS, MILLIONS)... XXII SUMMARY FIGURE GLOBAL PHOTOVOLTAIC MARKET: MODULE SHIPMENTS AND MATERIALS, 2007 AND 2013 ($ MILLIONS)... XXII OVERVIEW... 1 BACKGROUND... 1 CURRENT ENVIRONMENT... 2 TABLE 1 THE GLOBAL ENERGY PROBLEM... 2 RISING DEMAND... 3 CLIMATE CHANGE... 3 INADEQUATE RESERVES... 3 Carbon Sequestration... 4 Nuclear Power... 4 THE NEED FOR SOLAR POWER... 4 TABLE 2 ADVANTAGES OF SOLAR ENERGY... 4 PV TECHNOLOGIES... 5 TABLE 3 MAJOR PHOTOVOLTAIC TECHNOLOGIES... 5 BALANCE OF SYSTEMS... 6 Module Frames... 6 Interconnections... 7 Encapsulation... 7 PV APPLICATIONS... 7 TABLE 4 KEY APPLICATIONS OF PHOTOVOLTAICS... 8 PHOTOVOLTAIC INDUSTRY STRUCTURE... 9 LEADING PHOTOVOLTAIC MANUFACTURERS... 9

2 TABLE 5 LEADING MANUFACTURERS OF PV CELLS, MODULES, AND SYSTEMS TABLE 5 (CONTINUED) TABLE 5 (CONTINUED) PV MANUFACTURING BY REGION TABLE 6 GLOBAL SHARES OF PV PRODUCTION BY REGION (%) FIGURE 1 GLOBAL SHARES OF PV PRODUCTION BY REGION, 2007 AND 2013 (%) PV CONSUMPTION BY REGION TABLE 7 GLOBAL CONSUMPTION OF PV CELLS BY REGION (%) FIGURE 2 GLOBAL CONSUMPTION OF PV CELLS BY REGION, 2007 AND 2013 (%) MARKET SHARES TABLE 8 ESTIMATED GLOBAL PV PRODUCTION BY COMPANY, 2007 (MEGAWATTS) MANUFACTURING AND DEVELOPING ADVANCED PV TECHNOLOGY TABLE 9 SELECTED ORGANIZATIONS DEVELOPING SOLAR CELLS AND RELATED TECHNOLOGIES TABLE 9 (CONTINUED) COMPANY PROFILES ADVENT SOLAR INC., ALBUQUERQUE, NM AVANCIS GMBH, TORGAU, GERMANY AVANCIS GMBH & CO. KG BP SOLAR, FREDERICK, MD BP SOLAR US CHINA SUNERGY CO. LTD., NANJING, CHINA ENERGY PHOTOVOLTAICS INC., ROBBINSVILLE, NJ EVERGREEN SOLAR, MARLBORO, MA FIRST SOLAR LLC, PHOENIX, AZ ISOFTON, MADRID, SPAIN KYOCERA CORPORATION, KYOTO, JAPAN NANOSOLAR, PALO ALTO, CA Q-CELLS, THALHEIM, GERMANY SCHOTT SOLAR INC., MAINZ, GERMANY SHARP CORPORATION, OSAKA, JAPAN SUNTECH, JIANSU PROVINCE, CHINA SUNPOWER CORP., SAN JOSE, CA PHOTOVOLTAIC TECHNOLOGY THE PV EFFECT SILICON AND THE PV EFFECT Creating Charge Carriers... 32

3 Forming the Electric Field Driving the Charge Carriers Energy Band Gaps TABLE 10 IMPORTANCE OF SELECTING MATERIALS WITH PROPER BAND GAP ENERGY MONOCRYSTALLINE SILICON TECHNOLOGY MONOCRYSTALLINE SILICON TECHNOLOGY (CONTINUED) PRODUCING A MONOCRYSTALLINE SOLAR CELL TABLE 11 ELEMENTS COMMON TO ALL PV CELLS The Importance of Electrical Contacts TABLE 12 MAJOR PARAMETERS FOR SOLAR CELL MATERIALS MULTICRYSTALLINE SOLAR CELLS MANUFACTURING MULTICRYSTALLINE CELLS Cast Process Ribbon Crystal Silicon The Evergreen Solar Approach THIN FILM SOLAR CELLS TABLE 13 OBJECTIVES OF THIN FILM SOLAR AMORPHOUS SILICON Properties of Amorphous Silicon TABLE 14 MAJOR ADVANTAGES OF AMORPHOUS SILICON Early Problems Solution Efforts TABLE 15 AMORPHOUS SILICON R&D ACTIVITIES TABLE 16 TYPICAL STRUCTURE OF A TRIPLE JUNCTION A-SI CELL COPPER INDIUM DISELENIDE TABLE 17 CELL STRUCTURE OF POLYCRYSTALLINE THIN FILM Fabricating CIS Cells CIS R&D CADMIUM TELLURIDE CELLS Manufacturing Cadmium Telluride Cells Environmental Concerns Research Activities TABLE 18 RESEARCH ACTIVITIES FOR CADMIUM TELLURIDE SOLAR CELL EFFICIENCIES PHOTOVOLTAIC CONVERSION EFFICIENCY DEFINED TESTING DEVICE PERFORMANCE Typical Procedures Spectral Responsivity Systems TABLE 19 SYSTEMS FOR MEASURING SPECTRAL RESPONSE Features and Advantages Current Versus Voltage Systems... 51

4 TABLE 20 INSTRUMENTS FOR CELL I-V MEASUREMENTS Features and Advantages of I-V Systems Standard Outdoor Measurement Systems TRADITIONAL SILICON AND THIN FILM SOLAR CELL EFFICIENCIES TABLE 21 TYPICAL AND MAXIMUM CELL CONVERSION EFFICIENCIES FOR THE TRADITIONAL PV MATERIALS Single Solar Cell Efficiency Limit ADDITIONAL MATERIALS AND MODULE STRUCTURES GALLIUM ARSENIDE SOLAR CELLS TABLE 22 KEY PROPERTIES OF GALLIUM ARSENIDE GaAs Challenges MULTIJUNCTION DEVICES Advantages of Multijunction Devices TABLE 23 MAJOR BENEFITS OF MULTIJUNCTION Triple Junction Cell Design TABLE 24 COMPOSITION AND PROJECTED EFFICIENCIES OF A TRIPLE JUNCTION CELL CONCENTRATORS TABLE 25 TECHNICAL CHARACTERITICS OF FLAT PLATE VERSUS SOLAR CONCENTRATORS BALANCE OF SYSTEMS MOUNTING STRUCTURES STORAGE DEVICES POWER CONDITIONERS EMERGING PV TECHNOLOGIES OBJECTIVES OF EMERGING TECHNOLOGIES TABLE 26 KEY GOALS OF EMERGING PV TECHNOLOGIES BACK CONTACT CELL TABLE 27 KEY ADVANTAGES OF BACK CONTACT CELL IMPORTANCE OF LASERS DYE-SENSITIZED CELLS PROPERTIES OF THE DYE-SENSITIZED CELL TABLE 28 SCHEMATIC OF DYE-SENSITIZED CELL CELL EFFICIENCIES Classification Fabrication ADVATAGES OF DYE-SENSITIZED CELLS TABLE 29 KEY BENEFITS OF DYE-SENSITIZED CELLS QUANTUM DOTS FOR SOLAR CELLS PROPERTIES Synthesis of Quantum Dots TABLE 30 METHODS OF SYNTHESIZING QUANTUM DOTS ORGANIC QD-BASED SOLAR CELLS... 67

5 ADVANTAGES OF QD SOLAR CELLS TABLE 31 ADVANTAGES OF COLLOIDAL QDS OVER ORGANIC DYES USED IN PV CELLS FLEXIBLE VERSUS RIGID SUBSTRATES TABLE 32 ADVANTAGES OF FLEXIBLE POLYMER-BASED CELLS OVER CONVENTIONAL SOLAR CELL DESIGNS NANOCRYSTALS TABLE 33 INORGANICS USED TO FORM NANOSTRUCTURES ORGANIC PHOTOVOLTAICS PERSPECTIVE OF EMERGING AND TRADITIONAL TECHNOLOGIES TABLE 34 PROSPECTS FOR EMERGING SOLAR TECHNOLOGIES CONTINUING R&D ON TRADITIONAL PHOTOVOLTAICS PATENT ANALYSIS PATENTS BY TECHNICAL CATEGORY TABLE 35 PHOTOVOLTAIC PATENTS BY TECHNOLOGY, PATENTS BY REGION TABLE 36 PHOTOVOLTAIC PATENTS BY GLOBAL REGION, PATENTS BY COMPANY TABLE 37 ASSIGNEES WITH THREE OR MORE PATENTS, PATENT ABSTRACTS MONOLITHIC INTEGRATION OF CYLINDRICAL SOLAR CELLS FABRICATING INTERCONNECTED PHOTOVOLTAIC CELLS NANOSTRUCTURE AND NANOCOMPOSITE BASED COMPOSITIONS AND PHOTOVOLTAIC DEVICES PROCESS FOR MANUFACTURING A SOLAR CELL JUNCTION FORMATION FOR CIGS PHOTOVOLTAIC DEVICES MULTIJUNCTION PV CELL WITH BUFFER LAYERS FOR GROWING BORON COMPOUNDS USE OF DOPED SILICON DIOXIDE IN THE FABRICATION OF SOLAR CELLS PHOTOVOLTAIC INDUSTRY COMPETITIVENESS U.S. GOVERNMENT PV SUPPORT THE SOLAR AMERICA (SAI) INITIATIVE Benefits of the SAI TABLE 38 MAJOR BENEFITS OF THE SAI NATIONAL RENEWABLE ENERGY LABORATORY (NREL) Primary Research Projects TABLE 39 PRIMARY NREL RESEARCH... 81

6 The U.S. PV Community U.S. PV Funding TABLE 40 U.S. GOVERNMENT FUNDING OF PHOTOVOLTAICS, INTERNATIONAL PHOTOVOLTAICS SUPPORT EUROPEAN ACTIVITIES Photovoltaic Technology Research Advisory Council (PV- TRAC) Implementing the Vision TABLE 41 OBJECTIVES OF THE PV TECHNOLOGY PLATFORM GERMANY S NATIONAL PROGRAM TABLE 42 RESEARCH AND DEVELOPMENT CONCEPTS OF THE GERMAN PHOTOVOLTAICS PROGRAM EUROPEAN PHOTOVOLTAIC INDUSTRY ASSOCIATION TABLE 43 BENEFITS OF MEMBERSHIP IN THE EUROPAN PHOTOVOLTAIC INDUSTRY ASSOCIATION JAPANESE PV EFFORTS TABLE 44 RESASONS FOR JAPANESE INVESTMENT The Subsidy Program TABLE 45 QUALIFICATIONS FOR JAPANESE PV SUBSIDIES OTHER INTERNATIONAL SUPPORT TABLE 46 ADDITIONAL SOURCES OF INTERNATIONAL PV SUPPORT STANDARDS AND SAFETY INTERNATIONAL STANDARDS EFFORTS The Global Approval Program (PV GAP) Other Organizations TABLE 47 STANDARDS AND CONFORMITY ASSESSMENT PV ECONOMICS AND COSTS SOLAR REBATES AND INCENTIVES TABLE 48 BASIC GLOBAL PV REBATES AND INCENTIVES THE U.S. EXAMPLE Federal and State PV Incentives PV TECHNOLOGY BIPV A KILLER APP? CONTINUING GROWTH OF THIN FILM AND ORGANIC PRODUCTS PV MARKET GROWTH FACTORS DRIVING FORCES IMPACT OF MARKET GROWTH FACTORS TABLE 49 IMPACT OF CONTRIBUTING FACTORS ON PV GROWTH PV MARKETS PV MARKET CHARACTERISTICS PV DEMAND CONTINUES TO GROW... 98

7 TABLE 50 GLOBAL PHOTOVOLTAIC CELL/MODULE SHIPMENTS, (MEGAWATTS) FIGURE 3 GLOBAL PV CELL/MODULE SHIPMENTS, Growth Considerations A CONSTANTLY CHANGING INDUSTRY Impact of Silicon Shortage TABLE 51 BASIC 2006 SILICON USAGE FIGURE 4 SILICON USAGE BY APPLICATION, 2006 (%) More External Influence on Manufacturing Methods The Push for New Technologies INCREASED UTILITY INVOLVEMENT TABLE 52 CHALLENGES FACING UTILITIES Feed-in Tariffs Net Metering Solar Electric Power Association TABLE 53 MISSION OF THE SOLAR ELECTRIC POWER ASSOCIATION INCREASING GLOBAL ENERGY DEMAND Growing Global Electric Power Generation TABLE 54 GLOBAL ELECTRIC POWER GENERATION, THROUGH 2015 (BILLIONS KILOWATTHOURS) PV COST REDUCTION IS A MUST TABLE 55 AVERAGE INSTALLED PHOTOVOLTAIC EFFICIENCIES AND COSTS, Cost Competitive Aspects Future Implications SUMMARY OF PV MARKET CHARACTERISTICS TABLE 56 SUMMARY OF PV MARKET CHARACTRISTICS CURRENT/EMERGING PV APPLICATIONS GRID-CONNECTED APPLICATIONS Distributed Generation TABLE 57 BENEFITS OF DISTRIBUTED GENERATION Rooftop Systems TABLE 58 KEY ADVANTAGES OF ROOFTOP SYSTEMS Building Integrated Photovoltaics (BIPV) TABLE 59 TYPICAL BIPV SYSTEM Types of BIPV Systems Other Exterior Options TABLE 60 MAJOR ADVANTAGES OF BIPV UTILITY APPLICATIONS Utility Transmission and Distribution Utility Scale PV Power TABLE 61 BENEFITS OF BUILDING A UTILITY-SCALE PV PLANT OFF-GRID SYSTEMS

8 Off-Grid Residential PV TABLE 62 TYPES OF OFF-GRID RESIDENTIAL PV SYSTEMS Off-Grid Industrialized or Residential PV with Generators Off-Grid Communication Systems TABLE 63 SOME COMMUNICATIONS SYSTEMS PV with Battery Storage TABLE 64 ESTIMATED USES OF PV ON NATIONAL PARK LANDS (%) Remote Village Electrification TABLE 65 MAJOR ADVANTAGES OF OFF-GRID VILLAGE ELECTRIFICATION Water Pumping SPACE APPLICATIONS TABLE 66 MAJOR ADVANTAGES OF PV IN Multijunction and Concentrator Cells NEW APPLICATIONS Advantages of Flexibility PHOTOVOLTAIC BUYING DECISIONS TABLE 67 MAJOR FACTORS IN PV SYSTEM BUYING DECISIONS (%) PV MARKET FORCES POSITIVE FACTORS Positive Factors (Continued) LIMITING FACTORS PHOTOVOLTAIC MARKET PROJECTIONS GROWTH TRENDS TABLE 68 INSTALLATIONS OF GRID-CONNECTED RESIDENTIAL SYSTEMS IN JAPAN AND GERMANY, THROUGH 2007 (MEGAWATTS) FORECAST ASSUMPTIONS TABLE 69 CURRENT FACTS IMPACTING PV TABLE 70 FORECAST ASSUMPTIONS GROWTH OF PV CELLS MARKET FORECASTS MONOCRYSTALLINE SILICON TECHNOLOGY Key Factors in Our Projections TABLE 71 FORECAST GLOBAL SHIPMENTS OF MONOCRYSTALLINE SILICON CELLS/MODULES, THROUGH 2013 (MEGAWATTS) FIGURE 5 GLOBAL SHIPMENTS OF MONCRYSTALLINE SOLAR CELLS, (MEGAWATTS) MULTICRYSTALLINE SILICON TECHNOLOGY Major Factors in the Projection TABLE 72 FORECAST GLOBAL SHIPMENTS OF MULTICRYSTALLINE SILICON SOLAR CELLS THROUGH 2013 (MEGAWATTS)

9 FIGURE 6 GLOBAL SHIPMENTS OF MULTICRYSTALLINE SOLAR, CELLS (MEGAWATTS) THIN FILM TECHNOLOGY Flexible Cells is a Key Issue Other Thin Film Considerations Amorphous Silicon Cadmium Telluride Copper Indium Diselenide (CIS) Compound Semiconductor Materials TABLE 73 FORECAST GLOBAL SHIPMENTS OF THIN FILM SOLAR CELLS BY TYPE, THROUGH 2013 (MEGAWATTS) FIGURE 7 GLOBAL SHIPMENTS OF THIN FILMS PV CELLS BY TYPE, (MEGAWATTS) EMERGING TECHNOLOGY Assumptions TABLE 74 FORECAST GLOBAL SHIPMENTS OF PV CELLS MADE FROM EMERGING TECHNOLOGIES, THROUGH 2013 (MEGAWATTS) FIGURE 8 GLOBAL SHIPMENTS OF PV CELLS MADE FROM EMERGING TECHNOLOGY, (MEGAWATTS) SHIPMENTS AT A GLANCE TABLE 75 GLOBAL SHIPMENTS OF PHOTOVOLTAIC CELLS BY MAJOR TECHNOLOGY, THROUGH 2013 (MEGAWATTS) FIGURE 9 GLOBAL SHIPMENTS OF PHOTOVOLTAIC CELLS BY TECHNOLOGY, (MEGAWATTS) Percent of Market TABLE 76 GLOBAL SHARES OF CELL/MODULE SHIPMENTS BY MAJOR TECHNOLOGY, (%) FIGURE 10 GLOBAL SHARES OF CELL/MODULE SHIPMENTS BY MAJOR TECHNOLOGY, (%) VALUE OF SHIPMENTS Balance of Systems Costs TABLE 77 GLOBAL MARKET VALUE OF CELL/MODULE SHIPMENTS THROUGH 2013 (MEGAWATTS, AVERAGE PRICE $ MILLIONS) SHIPMENTS OF PV MODULES BY APPLICATION TABLE 78 GLOBAL SHIPMENTS OF PV CELLS BY APPLICATION THROUGH 2013 (MEGAWATTS) FIGURE 11 GLOBAL SHIPMENTS OF PV CELLS BY APPLICATION, (MEGAWATTS) PROJECTION SUMMARY MATERIALS PROJECTIONS MATERIAL CLASSIFICATION COST BASIS

10 VALUE OF PV MATERIALS TABLE 79 GLOBAL MARKET FOR PHOTOVOLTAIC CELL/MODULE MATERIALS BY TYPE, THROUGH 2013 ($ MILLIONS) FIGURE 12 GLOBAL MARKET FOR PHOTOVOLTAIC CELL/MODULE MATERIALS BY TYPE, ($ MILLIONS) APPENDIX I CONCENTRATING SOLAR POWER CONCENTRATING SOLAR POWER TECHNOLOGY The Solar Resource SYSTEMS OVERVIEW TABLE 80 TYPICAL OPERATING TEMPERATURES AND CAPACITIES FOR CONCENTRATING SOLAR POWER Parabolic Trough Systems Development Plans Power Tower Systems TABLE 81 ADVANTAGES OF SOLAR Technology Status Dish/Engine Systems Recent Developments Future Markets Technology Status TABLE 82 COMMERCIAL STATUS OF CONCENTRATING SOLAR POWER SYSTEMS BUSINESS AND MARKET OPPORTUNITIES Market Status Global Market Expands Concentrating Solar Power CONCENTRATING SOLAR POWER INDUSTRY STRUCTURE TABLE 83 LEADING COMPANIES IN THE CONCENTRATING SOLAR POWER BUSINESS TABLE 83 (CONTINUED) CONCENTRATING SOLAR POWER COST FACTORS CONCENTRATING SOLAR POWER ADVANTAGES AND LIMITATIONS Positive Factors Limiting Factors Comparison with Photovoltaic Technology Comparison with Photovoltaic (Continued) APPENDIX II GLOSSARY GLOSSARY GLOSSARY (CONTINUED) GLOSSARY (CONTINUED) GLOSSARY (CONTINUED) GLOSSARY (CONTINUED)

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