According to a new report published by Allied Market Research, the global solar power equipment market is projected to reach $188,304 million in 2025, growing at a CAGR of 12.5%.
The study titled, Solar Power Equipment Market: Global Opportunity Analysis and Industry Forecast, 2018 - 2025, notes that the projected increase is up from $76,270.6 million in 2017. The utility segment accounted for more than half of the market share in 2017 and is expected to witness significant growth during the forecast period.
The report notes that the growth of the global solar power equipment market is driven by rising construction projects and a surge in demand for electricity across of the world. In addition, the ability of home solar panels to improve carbon footprint and to reduce electric bill are inspected to provide a remunerative opportunity for the growth of the solar power equipment industry.
Furthermore, the rise in demand for electricity has augmented the need for concentrated solar power systems. Read more: Advance your green energy status through solar PV hybrid systems
Efficient conversion of solar energy into useable energy forms has enhanced the demand for monocrystalline and polycrystalline silicon cells. However, constant fluctuations in climate conditions hinder the solar power equipment industry growth, specifically in snowfall- and rainfall-prone regions.
Based on the application, the utility segment is expected to account for the largest share in the global market during the forecast period, due to increase in investments to initiate large-scale solar power projects in North American and Asia-Pacific. Based on the equipment segment, solar panels is expected to hold maximum share, growing at a significant CAGR during the forecast period. This is attributed to the decline in the cost of panels, which in turn has propelled their adoption in residential and commercial segments.
Key findings of the solar power equipment market:
- Based on application, the residential segment is projected to grow at the highest CAGR of 13.3% during the forecast period.
- Asia-Pacific generated the highest revenue in 2017 and is anticipated to grow at a significant CAGR.
- The solar panel segment generated the highest revenue in 2017 and is estimated to grow at the rate of 12.2%.
- In Asia-Pacific, China accounted for the largest market share in 2017.
The key players 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.