Samsung sees global solar cell growth to $70B by 2020

Samsung SDI expects the global solar cell market to be worth $70 billion by 2020.

The markets was worth $30 billion last year.

Choi Chang-sik, executive vice-president of the company's solar energy division, told Reuters that a growing aversion to nuclear power after the radiation crisis in Japan and rising oil prices would lift demand for solar energy.

But the solar cell market, weighed down by excess supply amid aggressive expansion by Chinese cell manufacturers and weak global demand, would continue to face overcapacity until 2013, said Choi.

"Overcapacity in the whole solar value chain will continue until 2013, and a separation of the wheat from the chaff is likely to come along," Choi said.

Despite a difficult market, Samsung SDI is unfazed, targeting to grow its solar cell production to 3 gigawatt by 2015 from about 150 megawatt now. It also has ambitions of venturing into thin-film solar making by next year at the earliest, an industry which counts U.S.-based First Solar Inc and Japan's Showa Shell Sekiyu KK's among its biggest suppliers.

"Our super-efficient crystalline solar cells will differentiate us from our competitors, while we build our portfolio in thin-film products," said Choi.

The company plans to initially market its solar products to the United States, Japan and Europe. It also has its eyes on emerging markets, including China and India.

Samsung SDI, considered a latecomer in the sector, plans to focus on organic growth, eyeing synergies with Samsung group affiliates. The company has no plans to acquire thin film solar assets, said Choi.