The economic recession had a rough impact on the solar panel market in 2009. Yet, signs of a turn-around are shining brightly. As of the end of the second week of January, solar panels are selling out in 2010.
Suntech Power Holding Company reported that its solar panel projects are sold out through the second quarter of 2010 (ending in June), and perhaps beyond that date. And the strong sales started at the end of last year. Suntech solar panels were hard to find by autumn last year, and projections are that the demand for solar power is fueling a revitalized industry, across the board.
In other words, Suntech is not the only company scrambling to make more solar power products for its customers in 2010. Trina Solar Ltd and Canadian Solar Inc have worked to capitalize on rising demand, turning their low-cost structures into sales, with plans to boost production capacity this year.
What a welcome change of events, from just about one year ago. During the first 1/2 to 3/4 of 2009, the global credit crisis impacted lending and financing of new solar projects, which resulted in a massive lowering of solar panel prices. This was due in large part to drying-up demand.
Overall, demand for solar power is rising world-wide. Countries like Germany, Japan and China account for a large part of the solar panel market share.
Overall, even with the drop in demand last year, solar panel companies have maintained healthy profit margins. With rising demand for solar power in the new year/new decade, things are definitely looking up these days!