The global solar equipment market is segmented into equipment such as solar panels, energy storage system, power meter and accessories. Among these segments, solar panel segment is expected to occupy top position in overall solar equipment market during the forecast period. Growing utilization of solar panel in utilities and industries is aiding to the growth of the market. Further, technological innovations in solar panel such as enhanced efficiency are anticipated to drive the future adoption of the solar panels.
Global solar equipment market is expected to flourish at a significant CAGR during the forecast period. Factors such as increasing solar utilities installation, favorable government reimbursement policies and rising environmental concerns are driving the growth of the solar equipment market. Moreover, the global solar equipment market is expected to garner noteworthy revenue by the end of 2024.
North America dominated the overall solar equipment market and is expected to continue its dominance over the forecast period. This can be attributed to increasing government investment in solar PV capacities. Further, rising environmental concerns among individuals is expected to accelerate the growth of residential solar equipment market in North America. Asia Pacific solar equipment market is anticipated to witness robust growth during the forecast period. Favorable government policies are anticipated to contribute to the growth of the solar equipment market. Apart from this, government incentives to promote solar energy are believed to positively impact the growth of the solar equipment in Asia Pacific.
Environmental and Energy Saving Concerns
Rising consumer awareness about the environmental benefits of solar equipment is anticipated to positively impact the growth of solar equipment market. Further, increasing energy saving concerns among the people is expected to strengthen the growth of solar equipment market.
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Government Initiatives and Regulation
Government of various nations such as U.S., India and China are increasing the solar energy production capacity which is anticipated to impel the growth of solar equipment market. According to World Energy Council, global solar electricity generation capacity raises to 227 GWe. Further, this number is expected to increase in the upcoming years owing to the rising investment in solar PV capacities.
However, high dependency on fossil fuels for energy production is likely to dampen the growth of solar equipment market during the forecast period.
The report titled “Solar Equipment Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global solar equipment market in terms of market segmentation by solar system, by equipment, by end-user, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global solar equipment market which includes company profiling of Trina Solar, Hanwha Q, JA Solar, General Electric, SolarWorld Industries GmbH, Indosolar, SCHNEIDER ELECTRIC, ABB Group, SunPower Corporation and First Solar Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Solar Equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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