According to the latest report issued by the European Photovoltaic Industry Association, Europe remained the most important market in the global solar energy market in 2008. The volume of the global photovoltaic market jumped from 2.4 GW in 2007 to 5.5 GW in 2008. Spain accounted for nearly half of this newly installed capacity. The production value of the global solar energy industry reached $37.1 billion in 2008.
Despite the global economic downturn, China's investment in the new-energy industry maintained a high level. Investment in solar energy showed a more rapid development than other new-energy industries.
The latest statistics show that the annual average growth in China's new energy market reached 67% from 2006 to 2008. The investment of venture capital in new energy in the Chinese mainland has continuously increased since 2006. In 2007, the investment was just $590 million, which rose to $1.3 billion in 2008, an increase of 120.3%.
In addition to the support of government policy, the huge growth potential and high profit are important factors for the swift development of the industry.