Market Research Solution for a Solar Panel Manufacturer
With the rapidly expanding environmental awareness and gradual decline in the cost of solar installations, the US solar energy industry has witnessed a steady growth over the years. But, despite the massive growth of the solar industry, there are still several barriers that could hold solar energy companies back. Therefore, for companies who are new to the solar energy industry, it becomes imperative to conduct market research to identify the opportunities and challenges facing the solar energy industry.
The client is a solar panel manufacturer based out of the United Kingdom. The client was looking to expand to the US solar energy industry. However, before investing huge capital into the project, the client wanted to gain detailed insights into the US solar energy market. Also, before expanding into the new market, they wanted to understand the challenges facing the US solar energy industry and overcome them by devising value maximization strategies.
Other key challenges faced by the US solar energy industry were:
Solar energy industry challenge #1
International competition and legality: The client noted that dealing with international competition and legal compliance were major challenges faced by solar panel suppliers in the US. Therefore, the client wanted to understand the changing laws and policies in the US energy market that could impact their growth.
Solar energy industry challenge #2
Need for modernizing grid infrastructure: This was another challenge faced by solar panel manufacturers. The client, therefore, wanted to identify the latest technologies and innovations implemented by the key player in the US solar energy industry. By doing so, they wanted to make improvements in their grid infrastructure by using technologies, equipment, and controls.
Solar energy industry challenge #3
Supply-demand challenges: As the solar panel installation began to grow in the US market, many leading solar panel suppliers started producing solar panels in huge quantity. This eventually created an oversupply of solar panels. Also, with this supply-demand mismatch, major solar panel manufacturers witnessed a huge decline in their net profit margins. The client, therefore, did not wish to take a chance. By understanding the market dynamism and requirements, they wanted to better manage production and supply.
Solutions Offered and Value Delivered
The experts at Infiniti Research conducted a thorough analysis of the US solar energy industry. The experts analyzed the top ten solar panel manufacturers in the US. The factors such as the latest innovations in design, average sales rate for the past 5 years, and their market position were taken into consideration. The experts also analyzed market potential for solar panel manufacturers and identified the key market entry barriers.
With Infiniti’s market research solution, the company in the solar energy industry was able to understand the market entry barriers and devise well-informed market expansion plans to enter the US solar energy market. Infiniti’s market research solution also helped the client to understand the latest technological innovations and trends in the market. This helped them to adapt to innovations in the market and make improvements in grid infrastructure. Furthermore, with Infiniti’s market research solution, they were able to easily adapt to the changing laws and regulations.
Also, the insights obtained from Infiniti’s market research solution helped the client to understand their competitors’ sales rate and make an accurate prediction about the potential market demand. This helped the company in the solar energy industry to establish a foothold in the US solar energy market and exceed their sales expectations within the course of one year.
Top trends shaping the future of the solar energy industry
Want to gain insights into the top 5 solar panel manufacturers from around the world? Read the article below.