Press release
Solar Power Equipment Market Worth $188,304.0 Million by 2025 | Business Outlook and Future Growth Opportunity
Solar Power Equipment Market
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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.
Factors such as increase in construction activities and various government policies to deploy solar power systems are expected to drive the adoption of solar power equipment, thereby boosting the growth of the market. In addition, increased emphasis on use of green and eco-friendly energy is expected to propel the growth of the global solar power equipment industry.
Moreover, being a renewable source of energy, solar power equipment help to meet specific goals for secure, reliable, and affordable energy, thus providing electricity access with lesser price variations. Furthermore, new solar power projects undertaken by the key players boost the growth of the market. For instance, in March 2018, Vikram Solar commissioned a 350 kW Solar Power project at Gun and Shell Factory (GSF) in Cossipore, Kolkata via rooftop installations.
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Key Segments
The global solar power equipment market is segmented based on equipment, application, and region.
On the basis of equipment, the market is fragmented into solar panels, mounting, racking, & tracking system, storage system, and others. The solar panels segment is anticipated to dominate the global solar power equipment market throughout the study period.
The applications covered in the study include residential, nonresidential, and utility. The utility segment is projected to dominate the global solar power equipment market in the near future, due to an increase in investments to develop large-scale utility projects across the world.
By Region
projected to grow at a substantial CAGR, owing to The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among these, Asia-Pacific holds a significant share in the global solar power equipment market, and upsurge in installation of solar PV systems in countries such as China, South Korea, and India.
Key Players
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.
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