Press Release - | 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 |
Vantage Market Research | 15 Apr 2022
Energy & Power
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 aids in the capture of solar energy from the sun, lowering carbon emissions and lowering or eliminating energy bills. All of these factors are expected to boost Solar Power Equipment Market's market attractiveness in the coming years. As global energy concerns grow, various international organizations are developing notable solutions for implementing renewable energy-based technologies. As a result, they are now focusing on and initiating stringent measures to control current carbon dioxide emission levels while also monitoring upcoming emission intensity. This can only be accomplished by constructing renewable energy sources such as solar power, wind power, and others.
Key Highlights from the Report
Some of the key players in the Solar Power Equipment Market include - [object Object] and others.
Market Dynamics:
The growing investment in renewable energy, owing to its benefits and numerous applications, is the primary market driver in this market. Other factors, such as an increase in electricity demand, a rise in stringent environmental regulations, force the power generation industry to shift to cleaner and more environmentally friendly energy resources, and a drop in the price of conventional PV modules, has resulted in increased demand for Solar Power Equipment Market. The Global Solar Power Equipment Market is growing due to increased demand for clean energy, supportive government policies and incentives, and lower prices. However, the increased reliance on solar radiation, as well as the high initial and installation costs of equipment, are impeding the market growth. Innovative technological advancements, on the other hand, will open up new opportunities in the coming years.
Due to an increase in solar installations in the industrial, commercial, and residential sectors, the North American area is dominating the industry. The US Department of Energy and the Electric Power Research Institute are both funding solar energy programs for utility uses, which is increasing the utilization of Solar Power Equipment Market. The European Energy Research Alliance is assisting in increasing market awareness and solar energy output in Europe. Furthermore, the business is expanding as the use of solar energy grows. The key driver driving the market in the Asia Pacific region is a rise in energy demand.
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Energy & Power
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
15 Apr 2022
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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
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