The days of solar manufacturers are numbered.
According to Jifan Gao, the CEO of china-based solar panel supplier Trina Solar Ltd, two-thirds of the biggest solar manufacturers will be gone by 2015 in the face of falling prices and increasing competition, reports Bloomberg.
Goa’s prediction comes almost in sync with the release of the International Energy Agency’s 2011 World Energy Outlook, which gives special focus to the growing demand for energy in China. Over the next 25 years, China will consume nearly 70% more energy than the United States and Asia will the lead the world in oil consumption.
As oil prices are expected to reach unprecedented levels over the coming years, it’s clear that countries with future investments in renewable energy will have a strong influence over the global energy landscape.
According to Bloomberg, Goa, who predicts that only five major solar companies will make it to 2020, also believes that “Chinese companies have a ‘huge’ cost advantage over European, American, and Japanese challengers because of better operational management and an ability to react faster to market conditions.”
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.