Solar panel maker Suntech Power Holdings claims the market for solar panels is still seeing demand outstrip supply despite the economic downturn.

"With the financial crisis, the high demand relative to supply has sort of shrunk a bit," the company's chief strategy officer Steven Chan told Reuters this week. "But we still feel like we are in a situation where there is still more demand than supply of modules."

But Chan's comments contrast with news this week from Goldman Sachs, which said price drops on solar panels are likely to be more dramatic than some analysts expected because of the tough economic conditions, with governments in Germany and Spain reducing subsidies for solar projects. According to Reuters, Suntech's shares have dropped in recent months amid concern about demand for the technology in an uncertain economy.

But in a recent statement to the press, Suntech's Chan claimed that his company was bullish about future growth and the US market for solar energy. "We see the US market as on the cusp of enormous growth," he said. "An increasing number of states have adopted initiatives to promote the expansion of solar and other renewable energy technologies, and there is broad public support across the political spectrum for a new direction in national energy policy that will drive demand for clean technologies."

Chan added that his company would meet the demand thanks to the recent acquisition of commercial solar integration company EI Solutions and a strategic alliance with MMA Renewable Ventures.

Other key solar technology companies have made positive noises of late despite the downturn. Solar thermal technology specialist Ausra recently announced that it received $60.6m (£35.6m) in funding from investors.