After GE and Siemens, a third major industrial powerhouse has warned the solar energy market is floundering.DuPont CEO Ellen Kullman said on the company’s Q3 earnings call this week that overcapacity will cause sales growth in the photovoltaic market to flatline next year.
…our expectations are sales next year, 2013, are going to be flattish with 2012. Now, we do believe, longer term, as this works through, that the – with where multi-pricing is versus grid parity that we are believers that this industry has a solid future and will continue to get back longer-term to double-digit growth. It’s just not going to happen in ’13 is our view of the marketplace today.
Kullman also said that the Obama administration’s decision to slap China with tariffs of up to 47 per cent on solar products has left markets perplexed.
…trade actions taken [have] really created — the best thing I can call it is confusion, uncertainty that is impacting demand.
Total Q3 sales in DuPont’s electronics & communications division declined 28 per cent YOY to $607 million primarily on lower photovoltaic volumes, the company said in its earnings release.