Solar industry posted gains after years in the dark
After a two-year slump, solar industry manufacturers have rebounded much faster than dot com companies, according to a report by Bloomberg.
According to the BI Global Large Solar Energy Index of solar manufacturers, the industry regained 55% of its original value in 2012. As a result, the industry outpaced technology companies that have been dominating the Nasdaq Composite Index for years.
Suppliers such as SunPower Corp of California and Yingli Green Energy Holding Co of China led the charge of the solar industry in trading exchanges. Solar power plant installations were expected to increase 40% this year from 6.1% in 2012.
"The worst is probably behind us. We've just gone through a big trough in solar supply," said Jenny Chase, lead solar analyst at Bloomberg New Energy Finance.
Investments amounting to USD205 billion were poured into clean energy projects since last year. The amount of investments also resulted in the oversupply of solar panels. However, experts like Chase projected that the solar industry's performance and prices would remain stable in 2014.