REC Solar, an overseas subsidiary of Bluestar, has recently released its operation report for Q3, 2015, covering the market performance, main achievements and strategic guidelines of the company and an overview of the global solar energy market. The report shows that the Q3 sales revenue increased by 39% from Q2 in 2015; the component sales grew dramatically and the production capacity was expanded as planned in Q3; the component sales in the U.S. market accounted for nearly 60% of the company’s Q3 sales; the PV module supply agreement with Thailand contributed to 75% of the company’s Q3 sales in the Asian-Pacific market.
Thanks to the soaring development of the solar energy industry and the robust growth of Chinese and U.S. markets, the world’s solar PV installed capacity is expected to reach 59GW (1GW=100KW) in 2015, up by 33% from 2014, and to 65GW in 2016. Business insiders also hope that the upcoming UN Climate Change Conference will roll out some good news to fuel the further growth of the solar energy market.
With several long-term supply agreements in areas of residential housing, commerce and public utilities, REC Solar has secured its market status in the United States. The company predicts that the increase of market demand in areas of public utilities and large-size commerce will slow down as the tax benefits shrink while that in residential housing and small- and medium-sized commerce will grow steadily.
The European PV market will see limited growth in 2015 and 2016, about 7GW per year, mainly due to the slowing down of the German and British markets. But as the competition intensifies for energy storage, the company expects a remarkable market growth in areas of residential housing and commerce in Europe in 2017.
Meanwhile, REC Solar has consolidated its market status in the Middle East and is moving into the African market. Recently it has signed a new strategic project with O Capital, a company wholly owned by Orascom Telecom in Egypt, in an attempt to provide one-stop solar power generation solutions in Africa and the Middle East. According to REC Solar, Egypt’s renewable energy industry offers the most profitable opportunities in the region and is expected to soar in the next few years: by 2020, the renewable-energy-to-power generation rate in Egypt is expected to jump from 1% to 20%. The cooperation with O Capital will earn more PV projects in the African market for REC Solar.