Spiraling capital costs and the upfront expense of building and maintaining solar energy plants are considered to be major growth barriers for companies operating in the solar energy market.
Over the last few decades, the demand for power has increased manifold across the globe- being driven by the rise in government investments, technological innovations, and consumer demand. Despite the undeniable progress, companies operating in the solar energy sector face major challenges due to factors such as the continuously evolving regulatory framework, execution risks, and the implementation of renewable energy technology.
The deep-rooted nature of innovative technologies also presents a formidable barrier for the global clean energy market. Companies operating in the renewable energy segment such as solar, wind, and other such clean energy sources will have to compete with their peers in the industry to benefit from the existing infrastructure, policies, and technical expertise. Moreover, the high costs associated with the infrastructure tend to make the financial establishments more likely to perceive the clean energy market as risky, loaning money at higher rates and making it difficult for companies to justify their investments.
The Business Challenge
- The client: A solar energy company
To devise a list of key influencers and precisely target the decision-makers in the global energy market, the client – a leading solar energy company – approached Infiniti to engage in a market assessment study. The B2B industrial organization was looking at creating a new business unit that would focus on offering end-to-end solar energy solutions.
The solar energy company wanted to conduct a market assessment study to identify and assess the opportunities in the global energy market. However, their primary objective was to establish a business case for market entry and investment including the recommendation of a go-to-market strategy.
How Can Market Assessment Help Players in the Energy Market?
A market assessment study acts as a great instrument for businesses to gain a detailed understanding of the market in which they operate. Market assessments are not very extensive or expensive when compared with other benchmarking assessments. They offer a quick and precise snapshot of the existing market conditions and also hints at how the future may look like. Also, market assessment studies help business organizations to identify and capitalize on new market opportunities and areas- especially where the enterprise can get a prodigious deal.
Summary of our market assessment engagement
Infiniti’s market assessment engagement helped the solar energy company to focus on market penetration by developing more accurate marketing strategies. The changing market landscape with aggressive competitors posed several challenges for players in the global solar energy market. To help the client assess the opportunities in the global energy market, the market assessment experts at Infiniti conducted a market assessment study that offered valuable insights on decision-making procedures, market trends, and barriers.
The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the energy market.
Solution Benefits and the Business Impact
Infiniti’s market assessment experts offered end-to-end solutions that helped the solar energy company to better align their goals with the market needs. The market assessment study also enabled the client to build a business model to better understand and analyze the potential market opportunities.
The energy company also gained insights on market trends that helped them make necessary adjustments in their design and development approach and product marketing strategies.
The global trend in the solar energy market is the rising use of IoT technologies. Leveraging such technologies not only provides real-time insights but can also brings about major improvements in smart metering; thereby, making the entire process of energy production more cost-efficient. The implementation of IoT ensures that the system is less susceptible to security breaches and productivity issues.
However, companies in the solar energy market should focus on enhancing the development of the connected products, which makes it easier to focus on what’s important for the firm in the most efficient way.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the global energy market.