BEP - This $1.1 Trillion Industry Could Be Worth $3.8 Trillion by 2030: 3 Stocks Set to Skyrocket
2023-10-22 05:32:00 ET
According to Grand View Research, the global renewable energy market hit $1.1 trillion in 2022. The firm forecasts that the market will expand at a nearly 17% compound annual rate through the end of the decade. That would push it to $3.8 trillion by 2030.
That rising tide should lift all boats in the sector. However, Canadian Solar (NASDAQ: CSIQ) , Stem (NYSE: STEM) , and Brookfield Renewable (NYSE: BEPC) (NYSE: BEP) appear best positioned to capitalize on the renewable energy investment opportunity, according to a few Fool.com contributors. Here's why they think shares of these companies could skyrocket by the end of the decade.
Tyler Crowe (Canadian Solar): Sometimes, the pricing decisions of the market confuse me. The current valuation the market has assigned to Canadian Solar is one of those instances. Today, the company's stock trades for 0.6 times book value. So you're buying $1 worth of assets on the books for only $0.60. By comparison, First Solar (NASDAQ: FSLR) trades for 2.7 times its book value, and Maxeon Solar Technologies (NASDAQ: MAXN) trades for 1.6 times its book value.
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This $1.1 Trillion Industry Could Be Worth $3.8 Trillion by 2030: 3 Stocks Set to Skyrocket