Global Solar Power Equipment Market is expected to reach US$ 185.5Bn by 2026 from US$ 77.0Bn in 2017 at CAGR of 11.58%. Global Solar Power Equipment Market is segmented by equipment type, application and region. Equipment type is classified as solar panels, mounting, racking, & tracking system, storage system, and others. Application are split into residential, non-residential, utilities. Region-wise divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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Demand for solar power equipment has been absolutely influenced by increasing focus on the part of governments of various countries to depend on solar energy. Such as, the world added nearly 30% more solar energy capacity in 2017. The fact that solar power produces electricity with no fuel costs, no global warming and no risks of fuel price spikes has been a prominent factor leading to its growing adoption across the world.
Driving factor of the solar power equipment is reduced dependence on foreign oil and fossil fuels. Virtually no maintenance as solar panels last above 30 years. Use batteries to store extra power for usage at night. Industries also have helped by adopting solar energy as they help a great deal in improving their environmental profiles and to lower their operating costs. Some of the restraint of the market is high initial costs for material and installation and long ROI. Needs lots of space as efficiency is not 100% so far. Based on the equipment, solar panel are widely used in solar power equipment market.
Solar panel has been a well-known method of producing clean, emission free electricity. Moreover, it produces only direct current electricity (DC).Solar photovoltaic systems (solar PV systems) are frequently made of solar PV panels (modules) and inverter (changing DC to AC). Solar PV panels are mostly made of solar photovoltaic cells, which has no fundamental difference to the material for making computer chips. On the basis of application, the utility segment is dominating the global solar equipment market.
The residential segment estimated to witness a significant growth during the forecast period from 2018 to 2026. The fact that governments across numerous nations have been instrumental in providing subsidies to promote solar energy expected to drive demand for solar power equipment in the residential sector. In terms of region, Asia Pacific expected to accounted the fastest growth during the forecast period and emerge as the next source for solar growth. Investors are also collecting to the region considering the enormous potential the region has in offering. Governments have focused more attention recently on renewable energy having solar energy owing to concerns over security of supply, price volatility and environmental issues.
India Solar Power Equipment Market Forecast and Opportunities, 2026 has evaluated the coming growth potential of solar equipment within the country and provides statistics and information on market structure, consumer behaviour and trends. Key players operating on the market are, ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, and Trina Solar. Trina Solar, JinkoSolar, Canadian Solar, Sunrun, Vivint Solar.
Scope of the Global Solar Power Equipment Market
Global Solar Power Equipment Market, by Equipment type
• Solar panels • Mounting • Racking & tracking system • Storage system
Global Solar Power Equipment Market, by Application
• Residential • Non-residential • Utilities
Global Solar Power Equipment Market, by Region
• North America • Europe • Asia Pacific • Middle East and Africa • Latin America
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Key players operating on the global power equipment market
• ABB Group • Canadian Solar • First Solar Inc. • Hanwha Q CELLS • JA Solar • JinkoSolar • LONGi Solar • Shunfeng International • SunPower Corporation • Trina Solar. • Sunrun • Vivint Solar.