According to the Market Statsville Group (MSG), the global solar power equipment market size is expected to grow from USD 105.9 billion in 2021 to USD 315.1 billion by 2030, at a CAGR of 11.5% from 2022 to 2030. Solar energy serves as a clean and environment-friendly energy source, which is anticipated to propel the global demand for solar power equipment. In addition, a solar photovoltaic (PV) rooftop system is a potential green technology that combats climatic changes by decreasing dependence on conservative fossil fuel-based energy. Moreover, they help to meet the energy needs of residential and non-residential buildings by providing electricity within an existing distribution network. However, high dependency on solar radiation and constant changes in weather conditions are the major challenges faced by the solar power equipment industry. On the contrary, improvements in technology are anticipated to offer lucrative opportunities for the players in the industry.
Global Solar Power Equipment Market Definition
Solar power equipment is mounted on the ground or rooftop to harness the sun’s energy and convert it into the electricity for further use in the utility, commercial, industrial, or residential sector. Various types of solar power equipment include solar panels, batteries, mounting & racking systems, track trackers, inverters, and others.
Request Sample Copy of this Report: https://www.marketstatsville.com/request-sample/solar-power-equipment-market]
Global Solar Power Equipment Market Dynamics
Drivers: Favorable government policies and incentives
Several government policies are in place to support the use of solar energy for power generation and other applications, such as heating water and others. Under these policies, the government offers incentives, capital subsidies, and tax exemptions to purchase solar power equipment. The U.S, China, and India have historically taken different proposals and approaches in making policies for the installations of solar panels and other equipment. The government also provides support in terms of subsidies for manufacturing solar panels and other related equipment. In the U.S., the investment tax credit (ITC) allows the manufacturer to deduct 30% of the installation cost of solar energy system installation.
Restraints: Increased dependency on sun radiation
One of the major factors affecting the growth of the solar power equipment market is the dependency of this equipment on solar radiation. The solar panels are highly dependent on sunlight to collect solar energy efficiently, which is affected during cloudy and rainy days. Consequently, these can have a visible effect on the solar power system. In addition, solar panels are inoperative at night; hence energy cannot be collected at this time. On the other hand, solar panels are inactive during winter. Moreover, many places across the globe have an inadequate presence or reach of sunlight. Hence, the large dependency of solar power equipment on the sun’s radiation is expected to hinder market growth.
Scope of the Global Solar Power Equipment Market
The study categorizes the solar power equipment market based on equipment, application, and region
Direct Purchase Report: https://www.marketstatsville.com/buy-now/solar-power-equipment-market?opt=2950
By Equipment Outlook (Sales, USD Million, 2017-2030)
- Solar Panels
- Mounting, Racking, & Tracking System
- Storage System
- Others
By Application Outlook (Sales, USD Million, 2017-2030)
- Non-residential
- Residential
- Utility
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
The solar panels segment is projected to account for the largest market share, by equipment
Access full Report Description, TOC, Table of Figure, Chart, etc: https://www.marketstatsville.com/table-of-content/solar-power-equipment-market
By equipment, the market is segmented into solar panels, mounting, racking, & tracking system, storage system, and others. In 2021, solar panels had the largest market share of 55.5% in the global solar power equipment market. The solar panel holds the maximum share in the solar equipment market. These panels absorb sunlight and store energy from sunlight to produce electricity. These are silicon semiconductors that seize energy from the sun’s radiations.
The price of PV modules essential for a solar project and installation costs have decreased more than 50 percent since 2014, triggering the re-evaluation of several projects which were earlier thought infeasible. This has led to the large adoption of solar power worldwide. The largest market for PV solar panels is the AsiaPacific, led majorly by China. Solar panels find their wide application in areas such as residential sectors, utility sectors, and others. For instance, Texas Ford and Chevy Dealerships used 384 rooftop solar panels of SunPower Corporation to drive sustainable savings using solar.
Moreover, key players focus on developing newer strategies to fuel market growth. For instance, Yingli Green Energy Holding Company Ltd. Partnered with Dutch research center ECN and equipment manufacturer Tempress to facilitate mass production of IBC n-type solar cells. All such factors are expected to boost the growth of the market.
Asia Pacific accounts for the highest CAGR during the forecast period
The report segments the global solar power equipment market according to five key regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Worldwide, Asia Pacific is the fastest-growing region with a CAGR of 13.4% in the global solar power equipment market. Three major countries of North America— the U.S., Canada, and Mexico are considered in the report. Solar power generation in the U.S. is evolving strongly, stimulated by favorable government incentives and technological developments, persuading customers to use solar energy. For instance, the U.S. market installed 14,762 MWdc of solar photovoltaics in 2016. Moreover, new concepts such as installing community solar panel systems in the residential and non-residential sectors have witnessed notable growth over the last few years in the region.
Request For Report Description: https://www.marketstatsville.com/solar-power-equipment-market
Further, key vendors are adopting advanced developmental strategies to boost the market growth. For instance, Solaria Corporation introduced PowerXT 430Wp solar module for non-residential applications. All such factors are projected to contribute to the market growth.
A rise in population and rapid urbanization are expected to drive the demand for the residential sector, thereby accelerating the need for solar power equipment. A significant increase in the demand for rooftop solar installations in residential as well as non-residential buildings is also expected to fuel the growth in the region. In addition, the U.S. ranks third in the list of countries with maximum population, witnessing a continuous population increase. This scenario is expected to drive the demand for solar power equipment in the residential sector.
Key Market Players in the Global Solar Power Equipment Market
Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the global solar power equipment market are:
- ABB Group
- Canadian Solar
- LONGi Solar
- First Solar Inc.
- Hanwha Q CELLS
- Shunfeng International
- JA Solar
- JinkoSolar
- SunPower Corporation
- Trina Solar
Related Report
https://www.snipesocial.co.uk/blogs/155395/Cryptocurrency-Mining-Market-Revenue-Growth-and-Quantitative-Analysis-Till-2030
