Increasing demand for clean energy, supportive government policies and incentives, and low prices are driving the growth of the global solar power equipment market.
PORTLAND, Ore., March 24, 2022 /PRNewswire/ — Allied Market Research released a report titled “Solar Power Equipment Market by Equipment (Solar Panels; Mounting, Racking, and Tracking System; Storage System; and Others) and Application (Residential, Non-Residential, and Utilities): Global Opportunity Analysis and Industry Forecast , 2021-2030”. According to the report, the world solar power equipment industry generated $101.9 billion in 2020, and is expected to reach $310.4 billion by 2030, witnessing a CAGR of 11.3% from 2021 to 2030.
Drivers, Constraints and Opportunities
Increasing demand for clean energy, supportive government policies and incentives, and low prices are driving the growth of the global solar power equipment market. However, the increasing reliance on solar radiation and the high initial and installation costs of the equipment make it difficult for the market to grow. On the other hand, innovative technological advances create new opportunities in the coming years.
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There has been a significant increase in electricity demand during the Covid-19 pandemic due to the lockdown and the adoption of the work-from-home culture. This led to an increased demand for solar power equipment.
Additionally, total shipments from solar panel manufacturers increased by almost 7% between 2019 and 2020. This highlights that there was no significant impact on the growth of the solar power equipment market.
The solar panel segment will maintain its leading position throughout the forecast period
According to the team, the solar panel segment accounted for the largest market share in 2020, accounting for nearly three-fifths of the global solar power equipment market, and is expected to maintain its leading position throughout the forecast period. This is due to its versatility of use in residential, commercial and utility applications. However, the mounting, racking and tracking systems segment is projected to have the highest CAGR of 12.2% between 2021 and 2030, due to its need for efficient energy use in solar parks.
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The Utilities segment will maintain its leading status throughout the forecast period
Based on the application, the utility segment held the highest market share in 2020, accounting for nearly three-fifths of the global solar power equipment market, and is estimated to maintain its leading status throughout the forecast period. This is attributed to favorable government policies in countries such as India and various international cooperation agreements on the use of renewable energy. However, the residential segment is projected to show the fastest CAGR of 11.9% from 2021 to 2030, due to rising energy prices and awareness among the masses of the cost of using renewable energy.
North America grow at the fastest CAGR
Depending on the region, North America It is estimated that it portrays the largest CAGR 12.2% during the forecast period, due to the high investment in renewable energy and the large number of private companies in the region. However, Pacific Asia contributed to the highest market share in terms of revenue in 2020, accounting for nearly half of the global solar power equipment market, and is expected to maintain its dominant share by 2030. This is due to high energy demand driven by a large population and several supporting government initiatives.
Market leading players
canadian solar power
First Solar Inc.
Hanwha Q CELLS
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