Précis:The decision by Siemens to back out of the solar industry is troubling, but perhaps not as critical as it might seem at first.By Jason Deign
The sun has stopped shining at Siemens. On October 22, the German electronics and engineering giant announced it was going to pull the plug on its solar business, citing “changed framework conditions, lower growth and strong price pressure.”
In a press statement, Siemens’ energy sector chief executive Michael Süß added: “The global market for concentrated solar power has shrunk from 4GW to slightly more than 1GW today. In this environment, specialised companies will be able to maximise their strengths.”
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What does Siemens’ solar withdrawal mean for CSP?
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