Solar Power Equipment Market 2022

Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2030

Solar Power Equipment Market by Equipment (Solar Panels, Mounting, Racking, & Tracking System, and Storage System), by Application (Non-residential, Residential, and Utility), by Region – Global Share and Forecast to 2030

Region: Global | Format: Word, PPT, Excel | Report Status: Published

Description

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.

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

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

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.

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:

Recent Developments

  • In October 2021, SunPower, and the New Home Company, introduced the Eureka Grove, battery storage, solar systems, and at-home electric vehicle chargers standard
  • In March 2021, JA Solar announced DeepBlue 3.0, a Light, high-efficiency module tailored for the residential and commercial rooftops.

Key Issues Addressed

  • What is the market size by various segmentation of the solar power equipment by region and its respective countries?
  • What are the customer buying behavior, key takeaways, and Porter's 5 forces of the solar power equipment market?
  • What are the key opportunities and trends for manufacturers involved in the solar power equipment supply chain?
  • What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
  • What and how regulations, schemes, patents, and policies are impacting the growth of the market?
  • What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
  • The market player positioning, top winning strategies by years, company product developments, and launches will be?
  • How has COVID-19 impacted the demand and sales of solar power equipment in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
  • Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
What is the size of the global solar power equipment market? The global solar power equipment market size was USD 105.9 billion in 2021 and is estimated to reach USD 315.1 billion by 2030. What is the solar power equipment market growth? The global solar power equipment market is projected to grow at a CAGR of 11.5% over the forecast period. Which application segment dominated the global solar power equipment market? The utility segment dominated the global market and accounted for the largest revenue share of 54.3% in 2021. Which region accounted for the largest solar power equipment market share? Asia Pacific dominated the solar power equipment market and accounted for the largest revenue share of 41.5% in 2021. Who are the key players in the solar power equipment market? The leading players of solar power equipment in the global market include First Solar Inc., ABB Group, Canadian Solar, Hanwha Q CELLS, Shunfeng International, LONGi Solar, and JA Solar.

Frequently Asked Questions

  • Key Issues Addressed
  • What is the market size and growth rate for different segmentations at a global, regional, & country level?
  • What is the customer buying behavior, key takeaways, and Porter's 5 forces of the market?
  • What are the key opportunities and trends for manufacturers involved in the supply chain?
  • What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
  • What and how regulations, schemes, patents, and policies are impacting the growth of the market?
  • How will existing companies adapt to the new change in technology?
  • The market player positioning, top winning strategies by years, company product developments, and launches will be?
  • How has COVID-19 impacted the demand and sales of in the market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
  • Who are the leading companies operating in the market? Also, who are the prominent startups that disrupt the market in coming years?
  • PUBLISHED ON: Dec, 2022
  • BASE YEAR: 2022
  • STUDY PERIOD: 2019-2033
  • COMPANIES COVERED: 15
  • COUNTRIES COVERED: 24
  • NO OF PAGES: 185

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