Overview

TechPrecision manufactures critical products for the solar industry. Over the last few years, we have greatly expanded our production of components for the solar power industry. We expect to continue growth in this area based on increasing long-term demand for alternative energy products.

Market Trends

The Photovoltaic (PV) industry has grown significantly in the past several years. According to Solarbuzz, LLC, an independent solar energy research firm, the global PV market, as measured by total PV installations at end-customers increased to 5,900 MW in 2008, which represents a CAGR of approximately 53% since 2004. During the same period, PV industry revenues grew from approximately $6.5 billion in 2004 to approximately $37 billion in 2008. Solarbuzz projects that PV revenues and annual installations will reach $53.6 billion and 14,800 MW, respectively, by 2013. Despite this rapid growth, solar energy constitutes only a small fraction of the world's energy output and there remain significant opportunities for growth.

The anticipated continued growth of the PV industry is expected to result in increased investment in manufacturing capacity across the PV manufacturing chain resulting in greater demand for manufacturing equipment used in the PV industry. Total capital expenditures associated with new manufacturing capacity for the production of crystalline silicon PV products in 2008 reached approximately $11 billion, according to Solarbuzz.