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On July 11, industry watch firm Solarbuzz released a quarterly report that this year, global equipment purchases of crystalline silicon and thin-film solar photovoltaic cells are expected to hit a record $14.2 billion, but will drop sharply to $7.6 billion in 2012. A sharp drop of 47% year-on-year, the photovoltaic industry expansion tide is about to recede. The report pointed out that driven by the rapid expansion of the industry, last year and this year, PV equipment manufacturers' revenue growth was as high as 84% ​​and 33% respectively. Solarbuzz also pointed out that with the gradual clarification of the new subsidy policies of Germany and Italy in the world's major PV markets, demand for PV modules is expected to rebound in the second half of the year, but it will take time to quell the price war caused by high inventory.