Solar Power Equipment Market Expected to Reach $188,304.0 Million by 2025 With CAGR 12.5%: ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, and Trina Solar

The energy of the sun can be harnessed using solar power equipment such as photovoltaic (PV) cells, solar trackers, solar inverters, and others. These equipment are eco-friendly, assisting in curbing carbon emission and combating anthropogenic climate change. A surge in demand for green and clean electricity worldwide and a rise in construction projects has fueled the growth of the global solar power equipment market. Home solar panels manage to improve carbon footprint and reduce electric bill – providing remunerative opportunities for the growth of the solar power equipment industry. A need for concentrated solar power systems has risen due to an increase in demand for electricity. Furthermore, the efficient conversion of solar energy into usable energy forms has enhanced the demand for monocrystalline and polycrystalline silicon cells. However, market growth is seriously impeded in snowfall- and rainfall-prone regions due to constant fluctuations in climate conditions that hinder solar power utility.

Based on the application, the utility segment is expected to account for the largest share in the global market during the forecast period, due to increase in investments to initiate large-scale solar power projects in North American and Asia-Pacific. Based on the equipment segment, solar panels are expected to hold maximum share, growing at a significant CAGR during the forecast period. This is attributed to the decline in cost of panels, which in turn has propelled their adoption in residential and commercial segments.

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Allied Market Research recently published a report, titled, “Solar Power Equipment Market: Global Opportunity Analysis and Industry Forecast, 2018 - 2025”. The report states that the global solar power equipment market accounted $76.27 billion in 2017 and is expected to attain $188.30 billion by 2025, registering a CAGR of 12.5% from 2018 to 2025. The utility segment garnered more than half of the market share in 2017, and is anticipated to witness significant growth during the forecast period.

Solar panels to maintain revenue lead through 2025

Solar panels segment captured 60% of the total market share in 2017 and would retain its dominance through the forecast period. However, the mounting, racking, & tracking segment would grow at the fastest CAGR of 13.6% from 2018 to 2025. The report also provides deep dive analysis of storage systems.

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Utility application segment to remain dominant through 2025

The utility segment accounted for more than half of the total market revenue in 2017 and is expected to maintain its lead position through 2025. However, the residential segment is expected to grow at the fastest CAGR of 13.3% during the forecast period. The commercial application segment is expected to grow at a steady rate during the forecast period.

Asia-Pacific to lead in terms of revenue, North America to grow the fastest

Asia-Pacific accounted for nearly half of the total market in 2017 and would remain lead contributor to global solar equipment market revenue through 2025. However, North America would grow at the fastest CAGR of 13.1% during the forecast period. The other regions analyzed in the report include Europe and Latin America, Middle East & Africa (LAMEA).

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Leaders of the industry

The key market players analyzed in the research 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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