construction industry trendsNot only is the construction industry hazardous, but it’s constantly uncertain. Trends in the industry are constantly changing, and businesses have to stay on top of every new development to remain competitive, and to stay solvent and profitable. Currently, it looks very much like the future is in sustainable energy in general, and solar energy specifically.

Solar energy has increased by 600% globally in the past 7 years, and it’s only going to expand further as we look for methods to free ourselves from fossil fuels. Learn how solar energy is among the latest construction industry trends that are shaping the entire future of the sector, and what you need to keep up.

Increased Efficiency and Ease of Installation

The first thing to understand about solar construction industry trends is that solar energy is becoming increasingly streamlined and modular. That means it’s much more efficient and easy to install. The industry is constantly evolving to meet increased demand, which is making it not only faster and easier but more cost effective at the same time.

Increased Cost Effectiveness

Speaking of cost effectiveness, the price of solar power is only going to continue to get less expensive, both to install and to maintain. That’s the way of technology. In 2015 alone, the cost of solar energy went down by up to 12% from where it was previously, and it continues to drop. The industry continues to be innovative in this area—the less expensive it becomes, the more profit there is to make as more people adopt it.

Inevitable Consolidation

As prices continue to drop, it will inevitably lead toward consolidation in the industry. This could drive prices up again. However, as this happens, it will also create room for more independent companies to start taking on market shares as the larger providers fight to make their benchmarks. Competition is always good for cost.

Issues with Regulations

Solar energy is a relatively new technology, at least as far as wide adoption for consumer use goes. It’s moving faster in many ways than regulatory bodies can keep up. In addition, the constant shift between policies in Washington is creating a high degree of uncertainty regarding regulations in the future. This could also create uncertainty in terms of market growth in the future, as no one is sure what the legal landscape is going to look like.

There Will Be Growth

Despite concerns about consolidation and regulations, however, it’s guaranteed that the industry will see major growth. Quite simply, it’s too profitable to not continue to drive the market. In fact, certain research groups predict that, over the next five years, we’ll see at least another 8% growth, with total output reaching 109 gigawatts.

Protecting against Construction Industry Trends

Construction industry trends are always uncertain. It’s vital to keep up with them to ensure that your business remains competitive, but you also want to be protected against unforeseen occurrences. If something happens that requires you to back out of a job, you need financial protection in the form of surety bonds.

For more information about how the right bonding can protect your business as you pursue solar energy, contact National Surety Services, Inc. today.