Solar Power Equipment Market: Global Industry Analysis and Forecast (2021-2027) Trends, Statistics, Dynamics, Segmentation by Equipment Type, Application, and Region.

Solar Power Equipment Market was valued at US$ 108.17 Bn. in 2021. The global Solar Power Equipment Market size is estimated to grow at a CAGR of 11.36% over the forecast period.

Solar Power Equipment Market Overview:

A solar energy system would not be complete without solar power equipment. Solar power equipment assists in harnessing the sun's solar energy, reducing carbon emissions, and lowering or eliminate energy bills. Many international organizations are developing unique solutions for implementing renewable energy-based technology in response to growing global energy challenges. As a result, they are now concentrating on and taking rigorous actions to manage present carbon dioxide emission levels while also monitoring future emission intensity. This is possible only through constructing renewable energy-generating sources such as solar power, wind power, and others. Factors such as rising concerns about environmental pollution caused by electricity generated from conventional fuel sources, the need for countries to combat climate change and adhere to the UN's 13th sustainable development goal (SDG), as well as increasing government initiatives to promote awareness and adoption of solar equipment, are expected to drive the market forward during the forecast period. Solar Power Equipment Market To know about the Research Methodology :- Request Free Sample Report 2021 is considered as a base year to forecast the market from 2022 to 2027. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2021 is a year of exception and analysis, especially with the impact of lockdown by region.

Solar Power Equipment Market Dynamics:

The widespread use of fossil fuels for a variety of purposes, including transportation and energy generation, has had a significant negative effect on the environment, resulting in global warming. As a result of increased awareness of fossil fuel depletion and its harmful impact on the environment, demand for renewable energy supplies such as solar energy has emerged. The need of the hour is to reduce carbon emissions and maximize renewable energy resources. As a result, governments across the globe have implemented laws and measures to strengthen the renewable energy sector. As a result, the number of domestic, nonresidential, & commercial solar energy users has expanded, generating a market for solar power equipment. According to the International Energy Agency (IEA), renewable energy generation will increase by 7% in 2020, with wind and solar PV technologies accounting for over 60% of this increase. Renewable energy's proportion in worldwide electricity generation increased by two percentage points each year, reaching over 29% in 2020. To fulfill the net-zero emissions by 2050 goals established by several governments across the globe, renewable energy generation must considerably increase. For example, to emphasize the importance of clean energy, the Indian government established the International Solar Alliance, which strives to promote solar energy utilization while reducing reliance on fossil fuels. Countries from all across the world have signed up to be a part of this alliance. For example, the United States joined the International Solar Alliance in November 2021, and Antigua and Barbuda joined in January 2022, bringing the total number of members to 102. Solar Power Equipment Market Due to rising power rates, the use of solar energy has expanded dramatically among residential users for activities such as water heating. In addition, many communities are installing solar street lights to minimize their reliance on fossil-fuel-based electricity. In addition, a high number of smart city initiatives in India are predicted to increase the use of solar energy, boosting the solar power equipment market's growth. The market's main constraint is that it is less efficient than other renewable energy sources. Other obstacles that limit market expansion include high energy storage capital costs, the inability to provide electricity in diffused light conditions, and the fact that energy generation is weather and environment-dependent (in rainy and cloudy weather, energy generation is low).

Solar Power Equipment Market Segment Analysis:

Based on the Equipment Type, the Solar Power Equipment Market is segmented into Solar panels, Mounting, Racking & tracking systems, and Storage system. The Solar panel's type segment held the largest market share, accounting for 34% in 2021, and continue to dominate the worldwide market over the forecast period. The solar panel is widely used in the solar power equipment market based on the equipment. A well-known way of providing clean, emission-free electricity is the solar panel. It also only generates direct current electricity (DC). The most common components of solar photovoltaic systems are solar PV panels (modules) and inverters (changing DC to AC). Solar photovoltaic cells are used to make solar PV panels, which are similar to the material used to make computer chips. Solar Power Equipment Market Based on the End User, the Solar Power Equipment Market is segmented into Residential, Non-residential, and Utilities. The Utility segment held the largest market share, accounting for 54% in 2021. With a growth in the number of power purchase agreements between electricity boards and private sector firms, the utility application segment leads the market, which is likely to enhance solar energy in the utility segment.

Solar Power Equipment Market Regional Insights:

The Asia Pacific region held the largest market share accounting for 33.9% in 2021. The region’s growth is attributed to the increased demand from planned and ongoing solar power projects across the Asia Pacific region. In addition, the solar power equipment industry is likely to benefit from appealing government efforts and funding for clean renewable energy. All of these reasons are expected to increase the market for solar power equipment in the region. North America region is expected to witness significant growth at a CAGR of 10.98% during the forecast period. Solar energy initiatives for utility applications are also being funded by the US Department of Energy and the Electric Power Research Institute, which is increasing the use of solar power equipment. The European Energy Research Alliance is helping to raise market awareness and production of solar energy in Europe. In addition, the industry is growing due to an increase in the use of solar energy. The objective of the report is to present a comprehensive analysis of the global Solar Power Equipment Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Solar Power Equipment Market dynamic, structure by analyzing the market segments and projecting the Solar Power Equipment Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Solar Power Equipment Market make the report investor’s guide.

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Solar Power Equipment Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2027
Historical Data: 2017 to 2021 Market Size in 2021: US $ 59.95 Bn.
Forecast Period 2022 to 2027 CAGR: 5.87% Market Size in 2027: US $ 89.37 Bn.
Segments Covered: by Equipment Type • Solar panels • Mounting • Racking & tracking system • Storage system
by Application • Residential • Non-residential • Utilities

Solar Power Equipment Market by Region

• North America • Europe • Asia Pacific • Latin America • The Middle East and Africa

Solar Power Equipment Market Key Players

ABB Group • Canadian Solar • First Solar Inc. • Hanwha Q CELLS • JA Solar • JinkoSolar • LONGi Solar • Shunfeng International • SunPower Corporation • Trina Solar • Sunrun • Vivint Solar • General electric • Indosolar Limited Frequently Asked Questions: 1] What segments are covered in the Solar Power Equipment Market report? Ans. The segments covered in the Solar Power Equipment Market report are based on the Equipment Type and Application. 2] Which region is expected to hold the highest share in the Solar Power Equipment Market? Ans. The Asia Pacific region is expected to hold the highest share in the Solar Power Equipment Market. 3] What is the market size of the Solar Power Equipment Market by 2027? Ans. The market size of the Solar Power Equipment Market by 2027 is expected to reach US$ 206.3 Bn. 4] What is the forecast period for the Solar Power Equipment Market? Ans. The forecast period for the Solar Power Equipment Market is 2022-2027. 5] What was the market size of the Solar Power Equipment Market in 2021? Ans. The market size of the Solar Power Equipment Market in 2021 was valued at US$ 108.17 Bn.
1. Global Solar Power Equipment Market Size: Research Methodology 2. Global Solar Power Equipment Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Solar Power Equipment Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Solar Power Equipment Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Solar Power Equipment Market Size Segmentation 4.1. Global Solar Power Equipment Market Size, by Equipment Type (2021-2027) • Solar panels • Mounting • Racking & tracking system • Storage system 4.2. Global Solar Power Equipment Market Size, by Application (2021-2027) • Residential • Non-residential • Utilities 5. North America Solar Power Equipment Market (2021-2027) 5.1. North America Solar Power Equipment Market Size, by Equipment Type (2021-2027) • Solar panels • Mounting • Racking & tracking system • Storage system 5.2. North America Solar Power Equipment Market Size by Application (2021-2027) • Residential • Non-residential • Utilities 5.3. North America Solar Power Equipment Market, by Country (2021-2027) • United States • Canada • Mexico 6. European Solar Power Equipment Market (2021-2027) 6.1. European Solar Power Equipment Market, by Equipment Type (2021-2027) 6.2. European Solar Power Equipment Market by Application (2021-2027) 6.3. European Solar Power Equipment Market, by Country (2021-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Solar Power Equipment Market (2021-2027) 7.1. Asia Pacific Solar Power Equipment Market, by Equipment Type (2021-2027) 7.2. Asia Pacific Solar Power Equipment Market by Application (2021-2027) 7.3. Asia Pacific Solar Power Equipment Market, by Country (2021-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Solar Power Equipment Market (2021-2027) 8.1. The Middle East and Africa Solar Power Equipment Market, by Equipment Type (2021-2027) 8.2. The Middle East and Africa Solar Power Equipment Market by Application (2021-2027) 8.3. The Middle East and Africa Solar Power Equipment Market, by Country (2021-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Solar Power Equipment Market (2021-2027) 9.1. Latin America Solar Power Equipment Market, by Equipment Type (2021-2027) 9.2. Latin America Solar Power Equipment Market by Application (2021-2027) 9.3. Latin America Solar Power Equipment Market, by Country (2021-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. ABB Group 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Canadian Solar 10.3. First Solar Inc. 10.4. Hanwha Q CELLS 10.5. JA Solar 10.6. JinkoSolar 10.7. LONGi Solar 10.8. Shunfeng International 10.9. SunPower Corporation 10.10. Trina Solar 10.11. Sunrun 10.12. Vivint Solar 10.13. General electric 10.14. Indosolar Limited

About This Report

Report ID 20971
Category Energy & Power
Published Date September 2019
Updated Date Mar 2022
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