Solar Power Equipment Market: Global Industry Analysis and Forecast (2023-2029)

Solar Power Equipment Market was valued at US$ 120.44 Bn. in 2022. 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.

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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 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 2022, 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 2022. 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.

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 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 2022, 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.

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 2022. 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 202. 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 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 market dynamic, structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
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Solar Power Equipment Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 120.44 Bn.


Forecast Period 2023 to 2029 CAGR:
11.36%
Market Size in 2029:
US $ 255.8 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 (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Solar Power Equipment Market Key Players:
1. ABB Group
2. Canadian Solar
3. First Solar Inc.
4. Hanwha Q CELLS
5. JA Solar
6. JinkoSolar
7. LONGi Solar
8. Shunfeng International
9. SunPower Corporation
10. Trina Solar
11. Sunrun
12. Vivint Solar
13. General electric
14. 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 2029?
Ans. The market size of the Solar Power Equipment Market by 2029 is expected to reach US$ 255.8 Bn.

4] What is the forecast period for the Solar Power Equipment Market?
Ans. The forecast period for the Solar Power Equipment Market is 2023-2029.

5] What was the market size of the Solar Power Equipment Market in 2022?
Ans. The market size of the Solar Power Equipment Market in 2022 was valued at US$ 120.44 Bn.