Solar Power Equipment Market 2020 - Analysis, Size, Business Growth, Key Players and Future Scenario
The report offers insights on major market segments, top investment pockets, key player positioning, drivers & opportunities, and strategic developments in the industry. According to the report, the global solar power equipment market garnered $76.27 billion in 2017 and is projected to reach $188.3 billion through 2025, growing at a CAGR of 12.5% from 2018 to 2025.
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.
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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.
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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Key Findings of the Solar Power Equipment Market:
o Based on the application, the residential segment is projected to grow at the highest cagr of 13.3% during the forecast period.
o Asia-Pacific generated the highest revenue in 2017,and is anticipated to grow at a significant CAGR.
o The solar panel segment generated the highest revenue in 2017, and is estimated to grow at the rate of 12.2%.
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.
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