The clean energy industry is forecasted to see significant growth in the next decade. After their recent retracement, now could be a good time to add VivoPower International (VVPR), SPI Energy (SPI), and Ocean Power Technologies (OPTT) to your watchlist.Clean energy stocks had quite a rally last year, as reflected by the 140% gain by the iShares Global Clean Energy ETF (NYSE:XLE) (ICLN). However, 2021 has been less than optimal for this industry, with ICLN down more than 24% year-to-date (YTD).
However, this correction is a buying opportunity for investors looking to take advantage of this fast growing industry. The global solar market is expected to reach $223.3 billion by 2026, growing at a CAGR of 20.5%, the electric vehicle (EV) market expected to grow at a CAGR of 21.1% by 2030, and the critical power and cooling market will grow at a CAGR of 8.88% through 2021.
With this in mind, today I’m going to analyze three clean energy stocks currently trading under $10 a share: VivoPower International (VVPR), SPI Energy (SPI), and Ocean Power Technologies (OPTT).