The global solar power equipment market size was valued at $101.9 billion in 2020, and is projected to reach $310.4 billion by 2030, registering a CAGR of 11.3% from 2021 to 2030. Solar power equipment is mounted on ground or rooftop to harness the sun’s energy and convert it into electricity for further use in the industrial, utility, commercial, or residential sector. Solar power systems consist of various equipment that convert solar energy to electricity, store it and supply whenever required.
The extensive use of fossil fuels for various purposes such as transportation and electricity generation has severely impacted the environment, resulting in global warming. Thus, increase in global awareness regarding depletion of fossil fuels and its negative impact on the environment have created a demand for harnessing renewable energy resources such as solar energy. Curbing carbon emissions and harnessing maximum renewable energy resources is the need of the hour. Hence, governments across the globe have introduced various policies and initiatives to boost the renewable energy sector. This has increased the number of residential, nonresidential, and commercial users of solar energy, thereby creating a demand for solar power equipment market.
According to International Energy Agency (IEA), in 2020, the generation of renewable energy increased by 7%, with wind and solar PV technologies together comprising a share of almost 60% of this increase. The share of renewables in global electricity generation registered a record annual increase of two percentage points and reached almost 29% in 2020. Renewable power generation needs to expand significantly to meet the net zero emissions by 2050 goals set by many countries across the globe. To endorse the importance of clean energy, the Indian government set up the International Solar Alliance, which aims to improve the use of solar energy and reduce dependency on fossil fuels. This alliance has received participation from countries across the globe. For instance, in November 2021, the U.S. joined the International Solar Alliance and in January 2022, Antigua and Barbuda joined the Alliance, taking its membership count to 102. Furthermore, the popularity of solar energy has significantly increased among residential users for activities such as water heating, owing to rise in electricity prices. In addition, many cities are now installing solar street lights to reduce the use of electricity generated using fossil fuels. In addition, large number of smart city projects in India are expected to fuel the use of solar energy, thereby positively influencing the solar power equipment market growth.
By Application
Utility held a majority share of the market in 2020
The novel coronavirus has rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. However, the demand for electricity increased during COVID-19, thereby leading to the market growth during the period. Furthermore, total shipments of solar panel manufacturers grew by nearly 7% from 2019 to 2020. Hence, the COVID-19 pandemic had no negative impact on the growth of the solar power equipment market.
Increase in advancements in technology have decreased the cost of solar equipment, thereby making it more accessible to residential users. Furthermore, innovative technological advancements such as development of smart tracking systems has significantly increased the efficiency of solar power systems. In addition, depleting reserves of fossil fuels have made efficient harnessing of renewable energy sources the need of the hour.
By Equipment
Solar panels is expected to hold a majority share of the market throughout the study period
The solar power equipment market is segmented on the basis of equipment, application, and region. By equipment, the market is categorized into solar panels, mounting, racking & tracking system, storage system, and others. On the basis of application, it is categorized into residential, nonresidential, and utility. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2020, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to increase in awareness regarding importance of renewable energy and negative impact of extensive use of fossil fuels.
Competition Analysis
Key companies profiled in the solar power equipment market report include ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, and Trina Solar.
By Region
Asia-Pacific held a dominant position in 2020 and would continue to grow at a significant CAGR during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging solar power equipment market trends and dynamics.
- In-depth solar power equipment market analysis is conducted by constructing market estimations for key market segments between 2021 and 2030.
- Extensive analysis of the solar power equipment market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global solar power equipment market forecast analysis from 2021 to 2030 is included in the report.
- The key players within solar power equipment industry are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the solar power equipment industry.
Solar Power Equipment Market Report Highlights
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Analyst Review
The solar power equipment market has witnessed significant growth in past few years, owing to increase in demand for clean energy and favorable government policies.
The necessity of clean energy fueled by negative environmental impact due to the use fossil fuels propelled the global renewable energy, thereby creating a demand for solar power equipment. Furthermore, increase in awareness amongst masses regarding importance of clean energy has significantly increased the demand for solar power equipment for residential users. In addition, increase in investments from private sector and decrease in cost of solar equipment has positively influenced the market growth.
Moreover, supportive government initiatives and innovative technological advancements are anticipated to boost the use of solar energy providing lucrative opportunities for the growth of the solar power equipment market.
The global solar power equipment market size was $101.9 billion in 2020 and is projected to reach $310.4 billion in 2030, growing at a CAGR of 11.3% from 2021 to 2030.
The forecast period considered for the solar power equipment market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.
The base year considered in the solar power equipment market is 2020.
The report for global solar power equipment market doesn’t provides Value Chain Analysis, but if there is a requirement for the same, it could be added as an additional customization.
On the basis of equipment, the solar panels segment is expected to be the most influencing segment.
Based on the application, in 2020, the utility segment generated the highest revenue, accounting for over half of the market, and is projected to grow at a CAGR of 11.2% from 2021to 2030.
The report contains an exclusive company profile section, where leading 25 companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue).
The market value of global solar power equipment market is $101.9 billion in 2021.
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