March 15, 2018 | By RGR Marketing Blog

Experts Predict Growth for the Solar Industry Over the Next Four Years

The solar industry experienced a hiccup of sorts in 2017, with the global demand for solar dipping by 7%. But, according to the pioneering technology leader, ABB, the solar industry is expected to bounce back this year and see steady growth for the next four years, with a predicted Compound Annual Growth Rate of 9% through 2021.

Much of that growth is going to be due to certain changes in the technology that drives the industry. Here are some of the things you can expect to happen in the solar field in 2018, so you can prepare your solar installation business to capture the new demand.

Solar Panel Production Costs Will Fall

Currently, China is the world’s largest makers of solar photovoltaic (PV) products. The United States is second and Japan is third. But, by the end of 2018, many believe that Japan will lose its place to India and this could really shake things up when it comes to retail pricing.

As far as production costs, these are also expected to fall as technological advancements make producing PV products quicker and easier. The biggest changes will be seen in the Balance of System parts of manufacturing plants. New or improved technologies are expected to lead to a cost reduction of 37% over the next five years.

1,500V DC Will Be the New Standard in Solar

In 2018, manufacturers will make 1,500V DC the standard for systems designed to produce more than 1MW with integrated energy storage systems (ESS). The primary factor for this change is ultimately cost.

The number of components required to produce the same power at 1,500V versus 1,000V is significantly lower. Combiners can be reduced by 33%, PV inverters by 40%, and the amount of cables and conduits by up to 45%.

High-Power String Inverters Will Replace Central Inverters

Further solidifying the change to the 1,500V standard is the fact that all new inverters are being made to support 1,500V systems. But, that’s not the only change happening in inverter manufacturing.

In 2018, look for PV applications to shift from central inverters to high-power string inverters. String converters will be required to increase the power output of 1,500V systems and it is predicted that the power rating of these inverters will steadily grow.

By using high-power string inverters, fewer inverters will be required for installations, thus speeding up the installation time and reducing the overall cost of ownership.

For many homeowners and businesses, the cost of materials and installation have been expensive enough to convince them to hold off on making the jump to solar. But, in 2018, lower material costs and quicker installation times will make solar power more appealing to both parties.

You can position your company at the forefront in your area by being ready to take advantage of the technological changes taking place within the industry. And if you’re ready to jumpstart your solar installation business’s bottom line today, before these pending advancements in technology, get in touch with RGR Marketing – you can purchase high quality solar leads for your sales team, and infuse your business with new customers.

 

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