In the past ten years, the average annual growth rate of the global photovoltaic industry was 48.6%, making it one of the fastest-growing emerging industries in the world. Benefiting from the overall gratifying situation in the photovoltaic industry, Projoy Electric, as a supplier of DC electrical solutions in the photovoltaic field, has maintained a good momentum of high-quality development since its establishment, with a compound growth rate of 105% in sales in the past three years. In 2020, Projoy’s sales exceeded 110 million RMB, and it is expected to increase by 80% in 2021.
With the rapid development of the global photovoltaic industry, the imbalance between supply and demand has become the most important contradiction in the industry. Projoy Electric's annual production capacity of 2.5 million units in Suzhou production base in 2021, which is close to full production, cannot meet all customer needs, and orders have been scheduled to the first quarter of 2022. Fortunately, the company is far-sighted and has already planned its strategy. It begun its layout in early 2021 and actively seek best solutions to cope with the rapid development of the photovoltaic industry and the rapid expansion of the company's scale.
At the invitation of the Shandong government, Projoy Electric constructed a 10,000-square-meter production base in Zibo City, Shandong Province. At present, The plant has been completed. The production line will be set up recently. It will be put into operation in 2022, and the annual output is expected to reach 4 million. The company also plans to take another 25 acres of land to build a 20,000 square meter as the second production base in Zibo city, and to lay a fully automated production line. By then, the production capacity can meet the needs of Projoy's global customers.
Projoy Electric has been deeply involved in the photovoltaic energy storage industry for ten years, seizing the opportunity of market demand, combining its own technological innovation and policy innovation, and growing into a powerful backbone in the industry. In the future, Projoy will continue to strengthen its R&D and innovation capabilities, complete the transition from a traditional manufacturing company to a green high-end technology company as soon as possible, help the construction of a green and low-carbon circular development system, and promote the healthy and sustainable development of the photovoltaic energy storage industry.