Solar Power Equipment Market Huge growth | JA Solar, JinkoSolar, Trina Solar, ABB Group
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Governmental incentives such as investment tax credit (ITC) and increase in environmental concerns due to carbon dioxide emissions have fueled the demand for solar power, which in turn has booted the growth of the solar power equipment market. Moreover, upsurge in installation of solar panels globally has impelled the demand for photovoltaic cells. Furthermore, thin-film technologies such as cadmium telluride and amorphous silicon cells have witnessed increased demand, owing to low material cost involved during production. Ongoing R&D activities to develop new forms of solar cells such as perovskite and smart modules maximize the energy conversion limits, which further propel the solar power equipment industry growth.
Emerging economies such as China, Japan, and Africa have experienced significant rise in the demand for solar energy with increase in applications in residential and nonresidential sectors. Increase in installation of PV systems and rise in governmental tax incentives have favored the growth of solar power equipment market, especially in India. Furthermore, lack of electricity network has accelerated the market growth in remote areas of Africa and Latin America. In addition, emerging economies, such as India, are expected to witness major growth under the implementation of Jawaharlal Nehru National Solar Mission (JNNSM) that aims to install 20 GW of grid connected rooftop solar by 2022.
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Solar power systems are equipped with solar power equipment, which harness sun’s energy and convert it into electricity for further use by industrial, utility, commercial, or residential sectors. Various types of solar power equipment available in the market include solar panels, solar batteries, solar mounting & racking system, solar trackers, and solar inverters. 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%.
KEY BENEFITS FOR STAKEHOLDERS
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.
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KEY MARKET PLAYERS PROFILED IN THE REPORT
First Solar Inc.
Hanwha Q CELLS
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