"Increasing Efforts by Governments across Various Countries to Support Solar Energy to Drive the Solar Power Equipment Market Growth"

The solar power equipment market was valued at US$ 79.45 Bn in 2020 and expected to be growing at a compounded annual growth rate (CAGR) of 13.4% from 2021 to 2029. Solar power equipment refers to the devices and components that are used in the process of harnessing solar energy from sun. The demand for solar power equipment has been positively influenced by increasing focus on the part of governments of various countries to rely on solar energy. For instance, the world added nearly 30% more solar energy capacity in 2020. The fact that solar power generates electricity with no fuel costs, no global warming and no risks of fuel price spikes has been a prominent factor leading to its increasing adoption across the world. Therefore, the increasing dependence on solar energy expected to compliment the solar power equipment market growth in the coming years. Moreover, there lies enormous growth opportunities for the manufacturers of solar power equipment considering the fact that solar power has the potential to supply a significant amount of electricity and at the same time also being environmentally and economically attractive. Industries too have benefited by adopting solar energy as they help a great deal in improving their environmental profiles and to lower their operating costs. Moreover, increasing efforts on the part of developed countries to fight climate change has been another major factor aiding the solar power equipment market growth.

"Active feed-in tariff (FiT) Programs Expected to Create Favorable Demand for Solar Power Equipment in the Residential Sector"

The residential segment expected to witness a significant growth during the forecast period from 2021 to 2029. The fact that governments across various nations have been instrumental in providing subsidies to promote solar energy expected to drive demand for solar power equipment in the residential sector. Moreover, declining cost of solar panels has been another prominent factor contributing to the increased demand for these equipment in residential sector. Active feed-in tariff programs in various countries has been an important factor leading to the overall reduction in the cost per watt of silicon PVCs. Increase in construction activities has further contributed to the segment growth.

"High Upfront Capital Expenditure to Slightly Offset Demand"

The lack of financing options coupled with high upfront capital expenditure is impacting the wide scale adoption of solar power equipment in the residential vertical. Moreover, high dependency on fossil fuels and pre-dominance of alternative sources of energy is anticipated to slightly offset the solar power equipment market growth. Another major challenge affecting the market growth negatively is the fact that the operating capacity of solar power is limited and is dependent on sunny conditions.

"Asia Pacific to Remain an Important Market for Investment in Coming Years"

North America represents one of the largest and most lucrative regional market for solar power equipment worldwide. One of the major factors driving the solar power equipment market growth in the region can be attributed to the increasing penetration of advanced solar power equipment. Moreover, the implementation of government regulation supporting solar energy and rising awareness among people towards the benefit of solar energy is further complimenting the solar power equipment market growth in North America. In addition, declining cost of solar photovoltaic modules is another prominent factor contributing to the market growth in the region. However, Asia Pacific expected to offer significant opportunities for the manufacturers of solar power equipment in the coming years. Rising demand for clean energy coupled with rapid urbanization expected to support the solar power equipment market growth in the region.

Key players profiled in the report include ABB Group, Hanwha Q CELLS, First Solar, Inc., Canadian Solar, JinkoSolar, JA Solar, Shunfeng International, LONGi Solar, Trina Solar and SunPower Corporation among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Solar Power Equipment market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Solar Power Equipment market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Solar Power Equipment market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Solar Power Equipment market?
• Which is the largest regional market for Solar Power Equipment market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Solar Power Equipment market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Solar Power Equipment market worldwide?