Solar Power Equipment Market Poised to Achieve Significant Growth in the Years to Come

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%.

The upsurge in construction activities, increase in demand for electricity worldwide, and enactment of government policies for sustainable renewable energy, globally, would drive the growth of the global solar power equipment market

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 a 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.

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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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