Rise in demand for clean energy & Innovative technological advancements booming Solar Power Equipment Market

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. Sun’s 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.

According to a new report published by Allied Market Research, 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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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 is expected to hold maximum share, growing at a significant CAGR during the forecast period. This is attributed to declinein cost of panels, which in turn has propelled their adoption in residential and commercial segments.

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.

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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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.

About Allied Market Research
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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This release was published on openPR.