Increasing Government Initiatives and Need for Sustainable Source of Energy are the major Factors driving the Solar Power Equipment Market

Solar Power Equipment
  • Solar Power Equipment Market

As stated in our extensive report; providing insights onEquipment and Application; the Global Solar Power Equipment Market accounted for USD 102.8 Billion in the year 2021.

In recent years, a rooftop photovoltaic power station referred to as a photovoltaic system has its own electricity-generating is mounted on the rooftop of the residential as well as commercial buildings or structures. PV panels give clean, green energy while electricity generation with the solar PV panels which do not emit greenhouse gas emissions. Thus, solar power equipment is very environmentally friendly. With this, solar energy is the energy supplied by the natural source which is free and abundant.

Solar equipment cost is declining and is expected to continue reducing in the coming years. Solar PV panels have huge demand and to gain more in the future for both economic and environmental sustainability and such factors like this are boosting the market growth. PV panels are providing clean green energy, and the solar panel's cost is on a reducing track

Furthermore, as it is a renewable energy method, solar energy can have intermittency issues such as not shining at night, also during the daytime, it may be cloudy and rainy. The intermittency, as well as the unpredictability involved in solar energy, makes solar energy panels less reliable as a solution and this is also pulling the market growth down.

Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for solar equipment in the consumer sector.Additionally, this region has the most advanced solar equipment manufacturers which are boosting the market to growth. Countries such as U.S. & Canada are considered to be the most developed countries in the field of solar technology. These are a few of the reasons is expected to grow in the coming years.

Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of solar power. The Asia Pacific held the largest share of the Solar Power Equipment Market in 2021, followed by Europe and North America.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of R&D facilities, underdeveloped IT infrastructure, and social constraints.

Major players of the Global Solar Power Equipment Market such as ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, Trina Solar.