Demand for solar power grew 16% year-over-year in 2014, representing 44 billion watts (gigawatts) of capacity purchased during the year.

At the same time, China, which in past years had flooded the market with solar panels, did not see growth as strong as had been expected. The growth was mainly due to healthy U.S. and Japanese markets, according to the report from EnergyTrend, a research division of TrendForce.

Overall, supply and demand remained stable, according to EnergyTrend.

“At the end of 2014, the overall supply chain maintained a solid utilization rate, while China’s tier-one module manufacturers also continued to break shipment records,” Jason Huang, research manager at EnergyTrend, said in the report.

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