According to a new report published by Allied Market Research, titled, “Solar Power Equipment Market by Equipment and Application: 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 billion by 2030, registering a CAGR of 11.3% from 2021 to 2030.
By equipment, the market is segmented into solar panels, mounting, racking & tracking system, storage system, and others. Among these, the solar panels segment accounted for the highest market share in 2020 and mounting, racking, & tracking System, is expected to witness significant growth during the forecast period, owing to increase in demand for solar power equipment for residential users as well as utility providers. The market is analyzed with respect to different applications in industrial residential, nonresidential and utility. The market is mainly driven by growth of global increasing awareness amongst masses regarding the importance of using renewable energy sources and supportive government initiatives and policies. However, high dependency of solar power systems on sun radiation is a major restraint in the growth of the market.
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In 2020, Asia-Pacific dominated the global solar power equipment market share, in terms of revenue, accounting for around half the share of the solar power equipment industry. Moreover, the market in North America is growing with high CAGR, owing to growing energy demand and supportive government policies.
Rise in global temperature, has fueled global warming, resulting in rise of ocean water level and posing a threat to many coastal cities. Furthermore, climatic changes have also increased the frequency of floods and draughts, thereby negatively affecting the global economy. These factors, have created a demand for increase in the global harnessing of renewable energy, thus boosting the solar power equipment market. In addition, surge in use of solar water heaters among residential and commercial users has fueled the solar power industry.
Furthermore, on the basis of application, the utility is anticipated to grow rapidly, with a CAGR of 11.2% during the forecast period, owing to increase in investment from private and public entities across the globe.
For instance, according to India Brand Equity Foundation, as of September 2021, India had 101.53 gigawatt (GW) of renewable energy capacity which accounted for 38% of the overall installed power capacity. The Indian government aims to increase this capacity to 450 gigawatt (GW) of installed renewable energy by 2030, around 280 GW (over 60%) of which is expected from solar.
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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 solar power equipment market growth.
The key players profiled in the solar power equipment 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 Market Segments
- BY EQUIPMENT
- Solar Panels
- Mounting, Racking, & Tracking System
- Storage System
- Others
- BY APPLICATION
- Residential
- Nonresidential
- Utility
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging solar power equipment market trends and dynamics.
- Depending on equipment, the solar panels segment dominated the solar power equipment, in terms of revenue in 2020 and the storage systems segment is projected to grow at a significant CAGR during the forecast period.
- By application, the utility segment registered highest revenue in 2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth solar power equipment market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
- The key players within the solar power equipment industry are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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