Suntech Power to be biggest panel maker in 2009

China's Suntech Power Holdings Co Ltd (STP) will overtake Germany's Q-Cells AG (QCEG.DE) as the world's largest producer of solar panels this year, according to a report issued on Monday by industry research firm iSuppli.

Suntech, Japan's Sharp Corp (6753.T), and China's Yingli Green Energy Holding Co Ltd (YGE.N) and JA Solar Holdings Co Ltd (JASO) are defending their market positions by continuing to increase production "as if a recession had never occurred," iSuppli analyst Henning Wicht said in a statement.

Meanwhile, producers including Q-Cells, U.S.-based SunPower Corp (SPWRA.O) and Britain's BP Solar (BP.L) have cut output or expansion plans in response to a massive oversupply of solar panels and cells that is driving down prices.

Nearly half of all solar panels made in 2009 will not be sold this year due to the solar supply glut, iSuppli said.

Total solar panel production will rise to 7.5 gigawatts (GW) this year, up 14.3 percent from last year, the report said. However, only 3.9 GW of solar installations will take place in 2009.

Labels: Q-CELLS AG, Solar Industry, solar panels, Solar Stocks, STP, Suntech Power

posted by Ertai at 9:20 AM