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Applied Materials is First PV Equipment Supplier to Reach US$1B in Revenue
By Charles Annis ? Vice President, Manufacturing Research, DisplaySearch and Finlay Colville ? Solarbuzz Senior Analyst
As originally featured on PV-Tech.org on November 17, 2010, our analysis reveals that Applied Materials (AMAT) has just reached a significant landmark. They are the first equipment supplier to reach and exceed the US$1 billion barrier for PV-specific trended Trailing Twelve Month (TTM) tool revenues. This is based on AMAT FY2010 results, which reported fourth-quarter net sales within its Energy & Environmental Services (EES) segment (includes PV tool revenues) of US$606 million. In spite of the dwindling backlog and subsequent discontinuation of one of its flagship PV-specific products, AMAT’s PV revenues have stabilized at, and then considerably exceeded, the US$1 billion trended TTM level.
When AMAT unveiled its ‘Going Solar’ initiative in September 2006, revenue targets for 2010 were to be enabled by turn-key a-Si/µc-Si SunFab production lines, outputting Gen 8.5 panels with manufacturing costs at 70¢/W, module ASPs at the US$1/W level, and tandem-junction cells with 11% efficiency. AMAT’s initial goal for PV tool revenues by 2010 was considered by many analysts as somewhat conservative.
The subsequent revenue recognized by AMAT, following SunFab deliveries, provided a highly effective means of rapidly gaining PV equipment market share. As a result, this propelled AMAT to become the leading PV equipment supplier overnight in terms of revenue terms, and all within just two years of its ‘Going Solar’ initiative.
Further, during this period, AMAT also became a key player within the c-Si equipment supply chain by embarking upon an acquisition-based strategy. This included HCT Shaping Systems in June 2007 and then Baccini in November 2007. This strategy helped create a more balanced product portfolio and positions AMAT well for periods of strong c-Si growth.
SunFab lines are no longer a part of AMAT’s PV product portfolio. Yet AMAT has just become the first equipment supplier to break the US$1 billion barrier for trended TTM PV segment revenues. In contrast to its original thin-film dominated revenue targets, AMAT’s PV revenues have seen increasing contributions from process tools that trace their origins back to HCT and Baccini. In addition, many external factors have stimulated AMAT’s trended TTM PV revenues.
Looking forward to 2011, AMAT will start the year with a PV Served Addressable Market (SAM) considerably lower than 12 months ago, mainly because the company discontinued selling SunFab products to new customers in July 2010. Furthermore, c-Si tool suppliers collectively are facing a new year with a forecast of flat to negative revenue growth rates for c-Si equipment spending (as outlined in the recent PV Equipment Quarterly).
Revenue upside may be available to many c-Si tool suppliers through technical advances. Ultimately, however, AMAT remains larger in terms of market capitalization. The company also has a broader global reach with more experience in capital equipment tool supply than any other equipment company serving the PV industry today. Maintaining PV revenues at the US$1 billion TTM level remains a distinct possibility, but one that probably depends on AMAT increasing the size of its PV SAM through 2H’11. The impact of strong PV equipment spending for c-Si expansions during 2010 can now be seen as a key factor behind AMAT maintaining TTM revenues close to the US$1 billion level, while at the same time compensating for the decline in thin-film SunFab revenues.
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