Introduction Energy crisis is so severe globally, that it causes the rise and rapid fluctuations of rates of inflations, increased interest rates and increased prices on consumer goods (Tiwari, 2002). Therefore, use of alternative energy supply has never been greater. Among such alternative sources of energy is solar energy. To tap solar energy, there is need for solar panels (Mahaney, 2007). This report will explicitly analyze two new markets comprising of a market in a high-income economy and a market from a low-income economy for the products of solar PV panels made by Friendly Energy Company.
In addition, the report will describe the present local and international market for solar PV panels, it will outline the process of screening the new markets by highlighting the factors that influences the selection, and it will undertake the screening process and finally, it will provide a detailed profile of the two economies the two new markets belong. Current Domestic and International Markets For Solar PV PanelsModern economies and contemporary societies are finding it integral to strategically plan on allocation and utilization of available resources in a bid, to minimize over-exploitation and extinction of available resources necessary for human survival.
As industries and global markets have grown, so has the resources such as energy, land and water have rapidly diminished (Goodall, 2007). This has increased the need to identify, develop and implement alternative structures and systems to ensure sustainability. Organizations such as Friendly Energy Company and economies around the globe are under pressure to help minimize and safeguard against climate change caused by depleted resources (Hough, 2006). Energy, a resource that forms an integral part of driving economies, production and delivery of services, people and commodities globally, it has increased its costing due to overdependence on oil.
Energy from fossil fuels has not only been expensive for governments and business organizations, but it has also contributed to adverse effects to the climate and destroying the ecosystems (Hough, 2006). Energy costs felt by industries and organizations have been, transferred down the production channel, to be, shouldered by the end users and customers, who have to part with a few more extra coins. To ensure development of sustainable developments and use of alternative energies, the market for solar PV panels has increased both domestically and internationally (S. E.I.
2004). (Wade, 2003) states that Edmund Becquerel made the first solar panel in late 1930’s. Globally, the rate of energy consumption is as followsDomestically, the markets for solar PV panels made by Friendly Energy company has seen increased demand for the commodity as consumers identify other means of getting energy in order to minimize the amount of money spent on energy bills. In addition, due to regular power failures and disrupted supply of power across countries, they are turning to buy solar PV panels to source solar energy in a bid to facilitate a reliable, consistent flow of energy, wherever and whenever it is needed (Mahaney, 2007).
Additionally, marginalized areas in markets that Friendly Energy operates where the energy infrastructures is poor, and where the costs of establishing lines to connect the energy supply is high, installation of solar PV panels forms a basic element needed by the locals. Friendly Energy Solar PV panels in are, used for lighting, industrial processing, production and in use in domestic and office purposes such as air conditioning, heating, refrigeration and cooking (Tiwari, 2002).
Figure 3 is the illustration of a photovoltaic cell.