According to a new report published by Allied Market Research, titled, Solar Power Equipment Market: Global Opportunity Analysis and Industry Forecast, 2018 – 2025, the global solar power equipment market size was $76,270.6 million in 2017, and is projected to reach $188,304.0 million in 2025, growing at a CAGR of 12.5%. The utility segment accounted for more than half of the market share in 2017 and is expected to witness significant growth during the forecast period.
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Suns energy can be harnessed by using solar power equipment such as photovoltaic (PV) cells, solar trackers, solar inverters, and others. These equipment serve as an eco-friendly solution, as they aid in curbing carbon emission and combat climate changes. The growth of the global solar power equipment market is driven by rise in construction projects and surge in demand for electricity across of the world. In addition, the ability of home solar panels to improve carbon footprint and to reduce electric bill are expected to provide remunerative opportunity for the growth of the solar power equipment industry.
Furthermore, rise in demand for electricity has augmented the need for concentrated solar power systems. Efficient conversion of solar energy into useable energy forms has enhanced the demand for monocrystalline and polycrystalline silicon cells. However, constant fluctuations in climate conditions hinder the solar power equipment industry growth, specifically in snowfall- and rainfall-prone regions.
The key players profiled in this report include ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, and Trina Solar.
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- The study provides an in-depth analysis of the global solar power equipment market along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about the key drivers, restraints, and opportunities and their impact analyses on the market is included in the study.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the global solar power equipment market from 2017 to 2025 is provided to determine the market potential.
Key Market Segments
- Solar Panels
- Mounting, Racking, & Tracking System
- Storage System
- North America
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