Solar Panel Warranty Insurance Market Outlook - 2028
Solar panel warranty insurance protects against solar module performance degradation and manufacturing defects that are covered by the manufacturer's warranty. The stand-alone insurance product gives lenders and investors peace of mind and is an excellent way to support project financing. Solar power projects' viability is largely determined by the performance of solar modules. Furthermore, the risks associated with this industry differ from those associated with traditional power generation sources like thermal power plants. As a result, a comprehensive solar panel insurance product would aid in the coverage of various risks associated with the development, construction, operation, ownership, and investment in solar power projects. Therefore, the surge in demand for solar panel warranty insurance is expected to boost the growth of the market in the upcoming period.
"The Global solar panel warranty insurance market is segmented on the basis of Coverage, Technology, Solar Module, Application, End User, and Region. Based on Coverage, the market is divided into Delamination, Moisture and Power Generation. In terms of Technology, the market is categorized into Photovoltaic Systems and Concentrated Solar Power Systems. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global solar panel warranty insurance industry include Bank of China Ltd, JPMorgan Chase & Co, Citigroup Inc., Bank of America Corporation, Wells Fargo. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global solar panel warranty insurance market."
- The impact of COVID-19 was primarily seen in the supply of solar panels and delays in solar projects. The COVID-19 outbreak has wreaked havoc on the country, forcing the government to go into full or partial lockdown, causing the solar panel warranty insurance industry to shut down in the first half of 2020.
- The majority of 2020 projects have already received financial approvals in 2019. As a result, these projects are likely to continue. The lockdown, however, hampered construction and limited the availability of solar panel warranty insurance, causing project delays. However, in 2021, the situation is expected to improve.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Growing demand for solar panel warranty insurance and supportive government policies are expected to drive the growth of the market. In addition, a rise in the number of investments helps propel the growth of the market. However, lack of awareness related to solar panel warranty insurance might limit the growth of the market. On the contrary, the surge in the potential of solar panel warranty insurance across many economies can be seen as an opportunity for market investments.
The global solar panel warranty insurance market trends are as follows:
Growing Demand for Solar Panel Warranty Insurance:
Solar panel warranty insurance, on the other hand, is becoming more affordable as a result of solar industry innovations that have reduced global average solar PV selling prices. The capital costs are expected to stabilize at lower levels due to anticipated technological improvements and increased supply of panels from China/Europe. As a result, investors and developers are expected to place a premium on solar projects' commercial viability. With the government encouraging solar installations in rural areas by providing subsidized solar panels and other incentives, the market for solar panel warranty insurance is expected to grow during the forecasted period.
Supportive Government Policies:
Despite the difficulties of maintaining compliance and adhering to regulations in the solar panel warranty insurance market, most organizations follow global compliance regulations due to the sensitivity of financial data. Furthermore, governments around the world are enacting more and more regulations to protect economic data. They have implemented an updated version of the markets in solar panel warranty insurance directive to protect traders, consumers, and investors, by improving financial transaction transparency, and reducing trading costs. Therefore, supportive government policies are expected to drive the growth of the solar panel warranty insurance market size during the forecast period.
Key Benefits of the Report:
- This study presents an analytical depiction of the global solar panel warranty insurance market analysis along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the solar panel warranty insurance market share.
- The current market is quantitatively analyzed to highlight the global solar panel warranty insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Solar Panel Warranty Insurance Market Research Report:
- Which are the leading players active in the global solar panel warranty insurance market forecast?
- What would be the detailed impact of COVID-19 on the global solar panel warranty insurance market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global solar panel warranty insurance market?
- What are the projections for the future that would help in taking further strategic steps?
Solar Panel Warranty Insurance Market Report Highlights
By Solar Module
By End User
Key Market Players
HSBC Group, Bank of China Ltd, Wells Fargo, Deutsche Bank AG, Bank of America Corporation, BNP Paribas, Citigroup Inc., Lloyds Banking Group, Lendingkart Technologies Pvt. Ltd, JPMorgan Chase & Co