3 Stocks to Watch as the Green Revolution Takes Hold: ARRY, AMSC, ENPH

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The renewable energy industry enjoys an established presence in the market but is expected to continue growing. Array Technologies (ARRY): Robust financials and benefits from the Inflation Reduction ...

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With a robust labor market and signs of sustained consumer spending, economists are increasingly optimistic about economic growth. Despite challenges such as inflation concerns and shifting U.S. Federal Reserve policies, the market remains buoyant, reflecting confidence in the economy’s ability to navigate these changes and continue on a positive trajectory.\nRenewable energy stocks enjoy an established presence in the market but are expected to continue growing for the foreseeable future as the transition from gas-powered to alternate energy proceeds. In 2022, the market was valued at $970 billion but is forecast to reach $2.2 trillion by 2032. This impressive strength will be a positive catalyst for these renewable energy stocks.\nArray Technologies Inc (ARRY)\nSource: Fit Ztudio / ShutterstockArray Technologies (NASDAQ:ARRY) manufactures tracking systems used in solar energy projects. Its products turn solar panels to follow the sun’s path, boosting energy production. As people increasingly adopt renewable energy such as solar power, solar tracker demand will surge along with demand for solar installations. \nFor Q4 2023, Array Technologies reported $341.6 million in revenue and $600 million in Q4 bookings. This robust global order book demonstrates the attractive ROI that Array Technologies’ systems can provide for its customers. Also, after some structural enhancements to its business, the company expanded its gross margin to 25.7%. With its healthy financials, Array Technologies can capitalize on the solar tracker market’s growth.\nFinally, Array Technologies will receive a lot of support from the Inflation Reduction Act since almost all of its materials are domestically sourced. Not only will the measure stimulate demand for Array Technologies’ products, but it will also lower the company’s production costs. These benefits could accelerate growth and further improve the company’s margins.\nAmerican Superconductor  (AMSC)\nSource: ShutterstockAmerican Superconductor (NASDAQ:AMSC) is an energy technology firm that primarily utilizes superconductors to create diverse power grid systems. AMSC is up nearly 30% year-to-date.\nAmerican Superconductor’s financials over the last year have performed as expected. Revenue was down 2.64% YTD, and net income was down by 82.57%. However, recently it has shown to be on a trajectory of growth, as the firm’s earnings grew by 15.74%, from $34 million in September to $39 million in December.\nAMSC already has many strong connections to large organizations such as the U.S. Navy. Thus, as the need for renewable energy increases, the company will benefit as well. An example of this is the recent order from Inox Wind to serve India’s growing onshore turbine market. The company’s portfolio of power solutions is diverse, including general power lines, marine systems and wind turbines.\nBecause of its strong portfolio of power systems, American Superconductor is a great choice for investors looking for green stocks.\nEnphase Energy (ENPH)\nSource: T. Schneider / Shutterstock.comEnphase Energy (NASDAQ:ENPH) is an American technology company primarily focused on the development and creation of sustainable energy products.\nFinancially, Enphase did not report the best comparative Q4 2023 quarter, but still held strong figures across the board. On the revenue side, ENPH reported $307.5 million, with a net income of $20.92 million. Diluted EPS was also marked at 13 cents. Overall, Enphase attributed an excess of inventory to a financial downturn, but the business moves made pose the company for a successful Q2 and beyond.\nThe largest catalyst for ENPH’s future success comes from a reported partnership with Semper Solaris. It is aimed at mutually expanding outreach and resources through permitting Semper the use of Enphase’s solar cloud services. This will also lead to the expansion of Enphase Energy System’s network in California. A mutually successful agreement, this partnership gives ENPH a promising outlook on the expansion of its services in 2024.\nOn the date of publication, Michael Que did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\nThe researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.\nMichael Que is a financial writer with extensive experience in the technology industry, with his work featured on Seeking Alpha, Benzinga and MSN Money. 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