Global Solar Power Equipment Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

The Solar Power Equipment Market report has been segmented on the basis of equipment type, application, and region.

Global Solar Power Equipment Market: Overview

“The Solar Power Equipment Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.

Solar power equipment refers to the devices and components that are used to harness and store energy from the sunlight.

Solar power equipment is mounted on a rooftop or ground to harness the solar energy and convert it into electricity for further use by the utility, industrial, residential or commercial sector.

Global Solar Power Equipment Market: Dynamics:

Increasing adoption and installation of solar panels in the residential and non-residential areas is one of the major factors expected to propel the demand for solar power equipment.

In addition, increasing emphasis on the use of green and environment-friendly energy along with rising affordability of energy storage devices are some factors expected to propel the growth of the global solar power equipment market.

Stringent environmental rules and regulations, favorable government initiatives regarding the adoption and installation of renewable energy sources along with technological advancement are some of the other factors projected to increase the number of solar panel installations over the forecast period.

A recent trend observed in the target market is major players are taking new solar power projects to boost the growth of the target market.

In March 2018, For instance, India-based Vikram Solar Limited commissioned a 350 kW solar power project at Gun and Shell Factory (GSF) in Kolkata via rooftop installations.

According to the report published by the International Energy Agency (IEA), solar energy is the fastest source of new energy all across the globe.

Global Solar Power Equipment Market: Segment Analysis

Among the equipment type segments, the solar panel segment is expected to hold a significant share in the market over the forecast period.

Among the application segments, the utility segment is estimated to be the most lucrative segment over the forecast.

Global Solar Power Equipment Market: Regional Analysis

The market in the Asia Pacific is expected to exhibit a significant growth rate over the next 10 years. This is attributed to increasing installation of solar systems, government initiatives for up-gradation, and maximum usage of renewable energy along with policies such as feed-in-tariff, especially in countries such as China and India.

In addition, rising awareness among people regarding the benefits of solar energy is further complimenting the solar power equipment market growth.

Moreover, rising demand for clean or renewable energy, rapid urbanization, industrialization, and economic growth are some factors expected to support solar power equipment market growth in the region.

According to a report published by National Development & Reform Commission in China along with the National Energy Administration (NDRC and NEA) planned to add 68 GW of solar by the end of 2020.

In addition, China plans to invest around US$ 364 Bn in renewable power generation by 2020.

Markets in North America and Europe are expected to register significant growth rates over the forecast period. Increasing investments along with increasing energy consumption are some factors expected to fuel the growth of the target market over the forecast period.

Moreover, the market in Middle East & Africa is projected to register a substantial growth rate over the forecast period.

Global Solar Power Equipment Market Segmentation:

Segmentation by Equipment Type:

• Solar Panels
• Mounting, Racking & Tracking System
• Storage Systems
• Inverters

Segmentation by Application:

• Residential
• Non-residential
• Utility

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa