The projected growth rate for PV installations next year would represent a significant drop off from growth of 98 percent in 2009, iSuppli (El Segundo, Calif.) said.

"Because of the cuts in feed-in-tariffs (FITS) in Germany and Italy next year, and the budget concerns in Greece, Italy and Spain, PV installations in 2011 will slow somewhat compared to the blistering pace of 2010,” said Stefan de Haan, senior analyst for iSuppli, in a statement.

Haan added that, contrary to some observers' fears, iSuppli still expects a prodigious increase in PV installations next year. "Modestly falling pricing for solar cells and complete PV systems are expected to more than mitigate the negative impact of the falling FITs and rising yuan," he said.