Market Overview:
The global solar power equipment market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for solar energy across the globe, owing to its environment-friendly and sustainable nature. In addition, government initiatives and subsidies for installing solar panels are also fueling the growth of this market. Based on type, the global solar power equipment market is segmented into solar panels, mounting systems, racking and tracking systems, storage systems, and others. Solar panels accounted for a major share of this market in 2017 and are expected to maintain their dominance during the forecast period as well. This can be attributed to their growing popularity among consumers due to declining prices coupled with rising awareness about renewable energy sources.
Product Definition:
Solar power equipment is a system that uses solar panels to collect energy from the sun and convert it into usable electricity. This energy can be used to power homes, businesses, or other electrical devices. The importance of solar power equipment is that it helps reduce our reliance on fossil fuels, which can damage the environment, and it provides a renewable source of energy that can be used for years to come.
Solar Panels:
Solar panels are the energy producing components of solar power equipment. They are used in a variety of applications such as residential, commercial and utility-scale power generation. The growth factor for solar panels is dependent on the regulatory framework in each country and region. In countries where the regulatory framework is favorable, like India, China etc., there will be high demand for these systems due to growing electricity demand from households and industries respectively over the forecast period.
Mounting, Racking and Tracking System:
The mounting, racking and tracking system is used in solar power equipment to secure the panels from any environmental impact. It helps in maintaining the position of panels with respect to each other and the tracker which helps in increasing efficiency. The components involved are motor, rail, elevation angle adjuster and sensors among others.
Application Insights:
The utility application segment accounted for the largest revenue share of over 70% in 2017. The growth is attributed to the growing demand for electricity from remote areas, where solar power equipment can play a significant role in providing electricity. Moreover, countries such as Japan and China are focusing on increasing their investments in renewable energy generation projects which include solar power equipment. This is expected to drive demand over the forecast period.
The nonresidential application segment was valued at USD 2.5 billion in 2017 owing to rising government support and initiatives coupled with rising awareness about clean energy usage among businesses across different geographies including North America and Europe Pacific regions. For instance, Businesses for Clean Air (BCA) has been working towards encouraging large scale commercial installation of photovoltaic systems since 2015 due to benefits such as reduced carbon emissions along with financial savings that can amount up tp around 20%.
Regional Analysis:
Asia Pacific regional solar power equipment market is anticipated to witness significant growth over the forecast period owing to increasing government initiatives for the installation of large capacity of solar panels. For instance, in India, a government-funded program named “Pradhan Mantri Grameen Vidyutikaran Yojana†(PMGVY) was launched in 2013 for providing financial assistance to individuals and organizations for setting up renewable energy projects including small hydropower plants and photovoltaic systems. The growing number of installations is expected to drive demand over the next eight years.
Europe accounted for more than 20% share in 2016 owing to rising investments by companies such as Siemens AG & Co., SolarWorld AG, and Amprius GmbH & Co., along with favorable regulations regarding installation of these systems across residential buildings.
Growth Factors:
- Increasing demand for electricity due to population growth and industrialization in developing countries
- Government policies and regulations supporting solar power equipment installation
- Reduction in the cost of solar power equipment due to technological advancements
- Growing awareness about the benefits of solar power among consumers
- Expansion of renewable energy targets by governments and utilities
Scope Of The Report
Report Attributes
Report Details
Report Title
Solar Power Equipment Market Research Report
By Type
Solar Panels, Mounting, Racking and Tracking System, Storage System, Others
By Application
Residential, Nonresidential, Utility
By Companies
ABB Group, Canadian Solar, First Solar, Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, Trina Solar, ABB Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
148
Number of Tables & Figures
104
Customization Available
Yes, the report can be customized as per your need.
Global Solar Power Equipment Market Report Segments:
The global Solar Power Equipment market is segmented on the basis of:
Types
Solar Panels, Mounting, Racking and Tracking System, Storage System, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Nonresidential, Utility
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ABB Group
- Canadian Solar
- First Solar
- Hanwha Q CELLS
- JA Solar
- JinkoSolar
- LONGi Solar
- Shunfeng International
- SunPower Corporation
- Trina Solar
- ABB Group
Highlights of The Solar Power Equipment Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Solar Panels
- Mounting, Racking and Tracking System
- Storage System
- Others
- By Application:
- Residential
- Nonresidential
- Utility
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Solar Power Equipment Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Solar power equipment is a system that uses the sun's energy to produce electricity. Solar panels are used to convert sunlight into electrical energy. This electrical energy can then be used to power devices in your home or business.
Some of the major players in the solar power equipment market are ABB Group, Canadian Solar, First Solar, Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, Trina Solar, ABB Group.
The solar power equipment market is expected to register a CAGR of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Solar Power Equipment Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Solar Power Equipment Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Solar Power Equipment Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Solar Power Equipment Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Solar Power Equipment Market Size & Forecast, 2018-2028
4.5.1 Solar Power Equipment Market Size and Y-o-Y Growth
4.5.2 Solar Power Equipment Market Absolute $ Opportunity
Chapter 5 Global Solar Power Equipment Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Solar Power Equipment Market Size Forecast by Type
5.2.1 Solar Panels
5.2.2 Mounting
5.2.3 Racking and Tracking System
5.2.4 Storage System
5.2.5 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Solar Power Equipment Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Solar Power Equipment Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Nonresidential
6.2.3 Utility
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Solar Power Equipment Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Solar Power Equipment Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Solar Power Equipment Analysis and Forecast
9.1 Introduction
9.2 North America Solar Power Equipment Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Solar Power Equipment Market Size Forecast by Type
9.6.1 Solar Panels
9.6.2 Mounting
9.6.3 Racking and Tracking System
9.6.4 Storage System
9.6.5 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Solar Power Equipment Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Nonresidential
9.10.3 Utility
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Solar Power Equipment Analysis and Forecast
10.1 Introduction
10.2 Europe Solar Power Equipment Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Solar Power Equipment Market Size Forecast by Type
10.6.1 Solar Panels
10.6.2 Mounting
10.6.3 Racking and Tracking System
10.6.4 Storage System
10.6.5 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Solar Power Equipment Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Nonresidential
10.10.3 Utility
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Solar Power Equipment Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Solar Power Equipment Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Solar Power Equipment Market Size Forecast by Type
11.6.1 Solar Panels
11.6.2 Mounting
11.6.3 Racking and Tracking System
11.6.4 Storage System
11.6.5 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Solar Power Equipment Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Nonresidential
11.10.3 Utility
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Solar Power Equipment Analysis and Forecast
12.1 Introduction
12.2 Latin America Solar Power Equipment Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Solar Power Equipment Market Size Forecast by Type
12.6.1 Solar Panels
12.6.2 Mounting
12.6.3 Racking and Tracking System
12.6.4 Storage System
12.6.5 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Solar Power Equipment Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Nonresidential
12.10.3 Utility
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Solar Power Equipment Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Solar Power Equipment Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Solar Power Equipment Market Size Forecast by Type
13.6.1 Solar Panels
13.6.2 Mounting
13.6.3 Racking and Tracking System
13.6.4 Storage System
13.6.5 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Solar Power Equipment Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Nonresidential
13.10.3 Utility
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Solar Power Equipment Market: Competitive Dashboard
14.2 Global Solar Power Equipment Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ABB Group
14.3.2 Canadian Solar
14.3.3 First Solar
14.3.4 Hanwha Q CELLS
14.3.5 JA Solar
14.3.6 JinkoSolar
14.3.7 LONGi Solar
14.3.8 Shunfeng International
14.3.9 SunPower Corporation
14.3.10 Trina Solar
14.3.11 ABB Group
