Solar Power Equipment Market by Equipment (Solar Panels; Mounting, Racking, & Tracking System; Storage System; and Others) and Application (Residential, Nonresidential, and Utility): Global Opportunity Analysis and Industry Forecast, 2021–2030
The global solar power equipment market size was valued at $101.9 billion in 2020, and is projected to reach $310.4 million by 2030, registering a CAGR of 11.3% from 2021 to 2030. Solar power equipment primarily converts renewable energy received from sunlight into electricity by typically using photovoltaic technology. Solar power equipment also consists of storage systems, mounting systems solar trackers, solar inverters, and other accessories.
Solar power equipment enables easy harnessing of solar energy, thereby providing a source of clean energy. Solar power equipment enables efficient harnessing of solar energy for residential users, commercial users, as well as utility providers.
Increase in carbon emissions and its visible negative impact on the environment has highlighted the importance of using renewable sources of energy, thereby boosting the solar energy industry and driving the growth of the market. In addition, favorable government policies have attracted private investments in the sector. However, factors such as high dependency on sun radiation and high initial cost can constraint the growth of the market. Furthermore, global cooperation and net zero goals set by many major countries are anticipated to boost the market in the coming years.
The solar power equipment market is segmented on the basis of type, application and region. By type, the market is classified into solar panels, mounting, racking & tracking system, storage system, and others. On the basis of application, it is segmented into residential, nonresidential, and utility. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global market have adopted key strategies such as product launch to strengthen their market outreach and sustain the stiff competition in the market
COMPETITION ANALYSIS
The major market participants 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.
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current and emerging solar power equipment market trends and dynamics.
In-depth market analysis is conducted by constructing market estimations for the 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 the top competitors within the market framework.
A comprehensive analysis of all 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 market players within solar power equipment market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the solar power equipment industry.
KEY SEGMENTS
BY EQUIPMENT
Solar Panels
Mounting, Racking, & Tracking System
Storage System
Others
BY APPLICATION
Residential
Nonresidential
Utility
BY REGION
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
KEY PLAYERS
ABB Group
Canadian Solar
First Solar Inc.
Hanwha Q CELLS
JA Solar
JinkoSolar
LONGi Solar
Shunfeng International
SunPower Corporation
Trina Solar
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