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Solar Power Equipment Market By Equipment Type (Solar Panels, Mounting, Racking & Tracking System, Storage Systems, Inverters), By Application (Residential, Non-Residential, Utilities) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Increasing Efforts by Governments across Various Countries to Support Solar Energy to Drive the Solar Power Equipment Market Growth

The solar power equipment market was valued at US$ 79.45 Bn in 2017 and expected to be growing at a compounded annual growth rate (CAGR) of 13.4% from 2018 to 2026. Solar power equipment refers to the devices and components that are used in the process of harnessing solar energy from sun. The demand for solar power equipment has been positively influenced by increasing focus on the part of governments of various countries to rely on solar energy. For instance, the world added nearly 30% more solar energy capacity in 2017. The fact that solar power generates electricity with no fuel costs, no global warming and no risks of fuel price spikes has been a prominent factor leading to its increasing adoption across the world. Therefore, the increasing dependence on solar energy expected to compliment the solar power equipment market growth in the coming years. Moreover, there lies enormous growth opportunities for the manufacturers of solar power equipment considering the fact that solar power has the potential to supply a significant amount of electricity and at the same time also being environmentally and economically attractive. Industries too have benefited by adopting solar energy as they help a great deal in improving their environmental profiles and to lower their operating costs. Moreover, increasing efforts on the part of developed countries to fight climate change has been another major factor aiding the solar power equipment market growth.

Market Synopsis

Solar Power Equipment Market

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Active feed-in tariff (FiT) Programs Expected to Create Favorable Demand for Solar Power Equipment in the Residential Sector

The residential segment expected to witness a significant growth during the forecast period from 2018 to 2026. The fact that governments across various nations have been instrumental in providing subsidies to promote solar energy expected to drive demand for solar power equipment in the residential sector. Moreover, declining cost of solar panels has been another prominent factor contributing to the increased demand for these equipment in residential sector. Active feed-in tariff programs in various countries has been an important factor leading to the overall reduction in the cost per watt of silicon PVCs. Increase in construction activities has further contributed to the segment growth.

Solar Power Equipment Market

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High Upfront Capital Expenditure to Slightly Offset Demand

The lack of financing options coupled with high upfront capital expenditure is impacting the wide scale adoption of solar power equipment in the residential vertical. Moreover, high dependency on fossil fuels and pre-dominance of alternative sources of energy is anticipated to slightly offset the solar power equipment market growth. Another major challenge affecting the market growth negatively is the fact that the operating capacity of solar power is limited and is dependent on sunny conditions.

Solar Power Equipment Market

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Asia Pacific to Remain an Important Market for Investment in Coming Years

North America represents one of the largest and most lucrative regional market for solar power equipment worldwide. One of the major factors driving the solar power equipment market growth in the region can be attributed to the increasing penetration of advanced solar power equipment. Moreover, the implementation of government regulation supporting solar energy and rising awareness among people towards the benefit of solar energy is further complimenting the solar power equipment market growth in North America. In addition, declining cost of solar photovoltaic modules is another prominent factor contributing to the market growth in the region. However, Asia Pacific expected to offer significant opportunities for the manufacturers of solar power equipment in the coming years. Rising demand for clean energy coupled with rapid urbanization expected to support the solar power equipment market growth in the region.

Solar Power Equipment Market

Historical & Forecast Period

This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The report elucidates the detailed outline of global solar power equipment market by categorizing the market in terms of equipment type, application and geography.

ATTRIBUTE DETAILS
Research Period  2016-2026
Base Year 2017
Forecast Period  2018-2026
Historical Year  2016
Unit  USD Billion
Segmentation

 Equipment Type (2016–2026; US$ Bn)
 • Solar Panels
 • Mounting, Racking & Tracking System
 • Storage Systems
 • Inverters

 Application (2016–2026; US$ Bn)
 • Residential
 • Non-residential
 • Utilities

 Geography Segment (2016–2026; US$ Bn)
 • North America (U.S. and Canada)
 • Europe (U.K., Germany, France, and Rest of Europe)
 • Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
 • Rest of World (Middle East & Africa (MEA), Latin America)

Key players profiled in the report include ABB Group, Hanwha Q CELLS, First Solar, Inc., Canadian Solar, JinkoSolar, JA Solar, Shunfeng International, LONGi Solar, Trina Solar and SunPower Corporation among others.

Key questions answered in this report

  • What was the global solar power equipment market size in 2017 and forecast for 2026?
  • What are the current trends in the solar power equipment market?
  • What are the various valuable opportunities for the players in the market?
  • Which is the largest regional market for solar power equipment?
  • Which region expected to be the fastest growing and why?
  • What are the future prospects for the solar power equipment market?
  • What are the major drivers and restraints influencing the market growth?
  • What are the new innovations by the leading players?
  • What are the key strategies adopted by the leading players in market?
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Trusted By
Godaddy
Published Date:  Oct 2018
Category:  Technology & Media
Report ID:   59370
Report Format:   PDF
Pages:   120
Rating:    4.4 (58)
Delivery Time: 24 Hours to 48 Hours   
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