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, a solar energy system would be incomplete. Solar Power Equipment 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'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
- Based on Equipment the market is divided into Solar Panels, Mounting, Racking, & Tracking systems, Storage systems, and Others. Solar panels are becoming increasingly popular and can be found on rooftops, industrial parks, utility lands, and other locations. A well-known method of producing clean, emission-free electricity is the solar panel. In addition, it solely produces direct current electricity (DC). Solar PV panels (modules) and inverters are the most frequent components of solar photovoltaic systems (changing DC to AC). Solar PV panels are made from solar photovoltaic cells, which are similar to the material used to make computer chips.
- Based on Application the market is divided into Residential, Nonresidential, and Utility. In the near future, the non-residential and utility segments are expected to hold a sizable share. The utility application segment leads the market, owing to an increase in the number of power purchase agreements between power boards and private sector firms, which is expected to boost solar energy in the utility segment.
- Asia Pacific is the fastest regional segment. In terms of growth. As a result of rising demand from planned and ongoing solar power projects in the Asia Pacific, the Global Solar Power Equipment Market is expected to expand rapidly. Furthermore, appealing government initiatives and funding for clean renewable energy are expected to benefit the Solar Power Equipment Market. All of these factors are expected to propel the global market for Solar Power Equipment forward. The expansion of the region can be attributed to increased demand from planned and ongoing solar power projects across the Asia Pacific. All of these factors are expected to boost the region's Solar Power Equipment Market.
Some of the key players in the Solar Power Equipment 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.
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. 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. 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.