SolarPV Junction Box Market: Introduction
TransparencyMarket Research delivers key insights on the global solar PVjunction box market. In terms of value, the global solar PVjunction box market is estimated to expand at a CAGR of ~8% duringthe forecast period, owing to numerous factors, regarding which TMR offersthorough insights and forecasts in its report on the global solar PV junctionbox market.
Increase ininvestments in the development of renewable energy sources and favorablegovernmental policies and initiatives are expected to fuel the global solar PVjunction box market during the forecast period.
Solar PV Junction Box Market:Dynamics
Accordingto the “Global Trends in Renewable Energy Investment 2019”report published by the UN Environment Programme, the global investment in newrenewable energy capacity in the past decade stood at more than US$ 2.5 Trn,with more solar power capacity installed than other generation technologies.More than 260 gigawatts (GW) of renewables were added in the world in 2020;of this, solar and wind in particular have exhibited remarkable growth, with127 GW and 111 GW of new installations, respectively, in 2020.Together, they now add up more than 50% of thetotal installed renewables capacity.
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The cost ofphotovoltaic module has dropped significantly over the past few years.Governments are providing subsidies and encouraging the implementation of solarenergy on a large scale. The current levelized cost of electricity (LCOE) oflarge-scale photovoltaic is lower than that of fossil fuel in some cases. Newtechnological innovations, such as bifacial solar panel, can further reduce thelevelized cost of electricity. Several advantages of bifacial solar panel overmonofacial and increased investments by companies for innovation in solar panelare contributing to the rising demand for bifacial solar panels in the market.
TEConnectivity has already developed and introduced the SOLARLOK PV Edge, anew-generation junction box designed for bifacial and half-cut solar panelapplications. The new junction box has several advantages over centralizedjunction boxes. Shorter cross-connect foils and reduced dimensions of thejunction box increase the efficiency of the panels. The rise in installation ofbifacial solar panels is anticipated to drive the demand for solar PV junctionbox. Bifacial solar panel needs to have a small compact PV junction box, whichcan be attached to the edge of the panel. There exists lucrative opportunitiesfor these compact solar PV junction boxes in bifacial solar panels. Thus,application of compact solar PV junction box in bifacial solar panel is projectedto drive the solar PV junction box market in the near future.
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Solar PV Junction Box Market:Prominent Regions
NorthAmerica is a key region of the global solar junction PV box market. The regionaccounted for one of the largest solar PV installations in 2020.Solar PV is booming in North America, particularly in the U.S., owing to therise in utility-scale project installations, third-party owner model forresidential applications, and availability of financial leasing schemes. Thisis driving the solar PV junction box market in the region.
AsiaPacific was a leading region of the global solar PV junction box market in 2020.China, Australia, and India are key countries of the solar energy market inAsia Pacific, owing to rapidly declining solar energy cost, and favorablepolicies and initiatives by governments of these countries. Utility-scaleprojects account for the majority of new additions in the region due to limitedsupport for distributed applications. However, the share of commercial andresidential installations in total investments is likely to increase between 2023 and 2025.Residential PV installations in China are expected to rise in 2021.Manufacturers of solar PV junction box are primarily concentrated in AsiaPacific, owing to the easy availability of raw materials and rise ingovernmental investments. This is estimated to drive the solar PV junction boxmarket over the next few years.
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LatinAmerica is a lucrative region of the global solar PV junction box market. Thesolar PV junction box market in the region has been expanding due to rapidgrowth in the installation of solar energy. The rise in the demand for energyis anticipated to boost the solar energy market in Latin America. Brazil,Chile, Argentina, and Peru are leading the way in solar energy in LatinAmerica, as the climatic conditions in these countries support highirradiation, which is favorable for the generation of solar energy. Increase indemand for solar energy, decrease in hardware component prices, and financialsupport from governments are likely to boost the demand for solar PV junctionbox in Latin America during the forecast period.
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Solar PV Junction Box Market: KeyPlayers
Key playersoperating in the global solar PV junction box market are GEESYS Technologies,Targray, Elcom International, LEONI AG, Zhejiang Zhonghuan Sunter PV TechnologyCo. Ltd, Hosiden Corporation, Jiangsu Tongling Electric Co., Ltd., StäubliInternational AG, VRM Energy Consultancy Services Pvt Ltd., TE Connectivity,and Baoding Yitong PV Science & Technology Co. Ltd.
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