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Solar Power Equipment Market

Solar Power Equipment Market

Solar Power Equipment Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

144

Base Year:

2021

Date

Apr - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1479

Segments Covered
  • By Equipment Solar Panels, Mounting, Racking, & Tracking System, Storage System, Others
  • By Application Residential, Nonresidential, Utility
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 102.8 Billion
Revenue 2028Revenue 2028: USD 193.3 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 11.10%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Solar Power Equipment Market Share

Market Synopsis:

The Global Solar Power Equipment Market is valued at USD 102.8 Billion in the year 2021 and is projected to reach a value of USD 193.3 Billion by year 2028. The Global Market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 11.10% over the forecast period.

Solar Power Equipment is installed on the ground or on a rooftop to capture the sun's energy and convert it into electricity for use in the industrial, utility, commercial, or residential sectors. Governments around the world have implemented a variety of policies and initiatives to boost the renewable energy sector. As a result, the number of people using solar energy for home, nonresidential, and commercial purposes have expanded, creating a need for Solar Power Equipment.

Solar Power Equipment Market Size, 2021 To 2028 (USD Billion)

Various factors, such as rising global warming, increased awareness of the benefits of solar energy, and the absence of fuel costs, are expected to drive demand for Solar Power Equipment. Furthermore, the adoption of Solar Power Equipment in applications such as residential, non-residential, and utility is expected to increase in the near future. The rising demand for environmentally friendly clean solar energy in a variety of industries is expected to fuel the growth of the Solar Power Equipment Market. There is currently no direct substitute available in this market. As a result, substitutes pose no risk. New solar power projects are being launched and developed at a rapid rate in emerging markets. Increased technological advancements have reduced the cost of solar equipment, making it more accessible to residential users. Furthermore, technological advances such as the development of smart tracking systems have significantly increased the efficiency of solar power systems.

Market Segmentation:

The Solar Power Equipment Market is segmented on the basis of Equipment and Application. On the basis of Equipment with focus on market share, consumption trend, and growth rate of Solar Power Equipment the market is divided into Solar Panels, Mounting, Racking, & Tracking System, Storage System and Others. On the basis of Application with focus on market share the market is divided into consumption trend, and growth rate of Solar Power Equipment Market: Residential, Nonresidential and Utility.

Below tree is interactive. You can click the nodes to get more information.

Based on Equipment:

On the basis of Equipment with focus on market share, consumption trend, and growth rate of Solar Power Equipment the market is divided into Solar Panels, Mounting, Racking, & Tracking System, Storage System and Others. Solar panels are rapidly gaining popularity and are commonly found on rooftops, industrial parks, utility lands, and other locations. The solar panel is a well-known method of producing clean, emission-free electricity. It also produces only direct current electricity (DC). Solar PV panels (modules) and inverters are the most common components of solar photovoltaic systems (changing DC to AC). Solar photovoltaic cells, which are similar to the material used to make computer chips, are used to make solar PV panels. The increased installation of solar projects across various countries, as well as favorable government policies, are the primary drivers driving the growth of the solar cell market.

Based on Application:

On the basis of Application with focus on market share the market is divided into consumption trend, and growth rate of Solar Power Equipment Market: Residential, Nonresidential and Utility. The increased installation of solar projects across various countries, as well as favorable government policies, are the primary drivers driving the growth of the solar cell market. The utility application segment leads the market, owing to an increase in the number of power purchase agreements between electricity boards and private sector firms, which is likely to boost solar energy in the utility segment. This is due to favorable government policies in countries such as India, as well as various international cooperation agreements concerning the use of renewable energy.

Asia Pacific is expected to acquire the largest market share during the year 2021:

In the coming years, Asia Pacific is expected to be one of the potential growth markets with a market share of 37.20% for Solar Power Equipment. The Global Solar Power Equipment Market is expected to expand rapidly as a result of rising demand from planned and ongoing solar power projects in Asia Pacific. Furthermore, attractive government initiatives and funding for clean renewable energy are expected to have a positive impact on the Solar Power Equipment Market. All of these factors are expected to accelerate the Global Solar Power Equipment Market. The region's expansion can be attributed to increased demand from planned and ongoing solar power projects throughout Asia Pacific. All of these factors are expected to boost the region's market for Solar Power Equipment.

Competitive Landscape:

Key players operating in the global In-Dash Navigation System Market include ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, Trina Solar and others.

Segmentation of Global Solar Power Equipment Market:

Parameter Details
Segments Covered
  • Equipment (Solar Panels, Mounting, Racking, & Tracking System, Storage System, Others)
  • Application (Residential, Nonresidential, Utility)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • ABB Group
  • Canadian Solar
  • First Solar Inc.
  • Hanwha Q CELLS
  • JA Solar
  • JinkoSolar
  • LONGi Solar
  • Shunfeng International
  • SunPower Corporation
  • Trina Solar
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Solar Power Equipment Market to Reach Valuation of USD 193.3 Billion by 2028 - Increasing Demand for Solar Power Equipment Market in Retail Sector to Drive the Market Growth
From the period 2022 to 2028, the Global Solar Power Equipment Market is expected to reach USD 193.3 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 11.10%. Without Solar Power Equipment Market, a solar energy system would be incomplete. Solar Power Equipment Market a...
FAQ
Frequently Asked Question
  • The global Solar Power Equipment valued at USD 102.8 Billion in 2020 and is expected to reach USD 193.3 Billion in 2028 growing at a CAGR of 11.10%.

  • The prominent players in the market are ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, Trina Solar.

  • The market is project to grow at a CAGR of 11.10% between 2021 and 2028.

  • The driving factors of the Solar Power Equipment include

    • Rise in demand for clean energy

  • Asia Pacific was the leading regional segment of the Solar Power Equipment in 2020.