Colossal solar manufacturing corporations, like Trina Solar, Canadian Solar, JinkoSolar, are ramping up their production capacity which is plunging the price of solar products. According to the BNEF, the mentioned three companies will beef up global supply capacity by 18% within this year. Such cranking out of the solar products will bring dreadful consequence in the industry.
Price plummeted due to the glut of supply. In china, the government stopped subsidizing in the distinctive sector since demand has plunged substantially. Previously, in the history of the solar business industry because of worldwide oversupply dozens of companies went out of the business.
Companies in the industry are frantically escalating their capacity to gain more and more market share. World’s second largest solar company Canadian Solar is building a 350-megawatt plant in Brazil, while JinkoSolar has commenced its operation in Malaysia last year.
World’s largest solar power manufacturer Trina said that the shipment of the product will go down by 6.5% from the last year. But, the company took an unconventional step at the same time; it established a 500-megawatt plant in Thailand in March.
However, this sluggishness in the industry will soon be over, since the demand for solar power is still increasing, though the growth is slow.