The first half of 2011 has been less than stellar for the global photovoltaic (PV) markets, but there are some strong indicators that demand pick-up will be much stronger in the second half of 2011. However, we have to add a disclaimer that all bets are off if the European debt crisis cannot be managed, or the US falls back into recession. In short, global economic turmoil of the moment, unless fixed, might become a problem if subsidies are affected or funding gets tougher to secure.