Kyocera Corp. raised its target for solar panel sales to 1.2 gigawatts for this fiscal year from the previous goal of 1 gigawatt because of stronger demand in Japan.
Japan’s solar market is booming thanks to an incentive program for clean energy that began in July 2012. The country is projected to become the world’s largest solar market this year with 6.9 gigawatts to 9.4 gigawatts of capacity estimated to be added, according to Bloomberg New Energy Finance.
“We are projecting demand for solar panels will keep increasing in the third quarter and after,” Shoichi Aoki, a director and managing executive officer of the company, said at a press conference today in Tokyo. Japan’s fiscal year starts in April.
The country’s solar market may not keep up the current pace of expansion in a few years as the incentive program is designed to give a boost to the industry for the first three years, Aoki said.
Even so, the global solar market will continue to expand, he said. “There is pretty strong demand in Asia and the next will be Middle East. The market keeps shifting from one place to the next,” the official said.
The company announced today results for the six months ended Sept. 30. Net income rose 69 percent to 42.9 billion yen ($437 million) from the same period a year ago. Sales rose 15 percent to 699.7 billion yen.