IMS Research notes how the European market for solar panels is likely to be impacted upon by the end of feed-in tariffs in Germany.
However, manufacturers do not seem to be operating in a way that allows revenues to keep pace with the expansion in installations across the continent.
Instead, many are focusing on shipping the greatest energy-producing capacity, which is depressing the market value of solar semiconductors.
Over the past two years, revenue in the sector has risen by 13 per cent overall, compared with capacity increases of 60 per cent.
"The industry has a dangerous tendency to only focus on megawatts and gigawatts," comments IMS Research photovoltaic research analyst Sam Wilkinson.
A former structural engineer, Mr Wilkinson develops his research through close collaboration with companies within the solar sector itself.
