Global Solar Power Equipment Market is expected to reach US$ XX Bn by 2026 from US$ 11.58 Bn in 2018 at CAGR of XX %. Solar power equipment refers to the devices and components that are used to harness and store energy from the sunlight. Solar power equipment is fixed on rooftop or ground to harness solar energy and convert it into electricity for further use by utility, industrial, residential or commercial sector.
Demand for solar power equipment has been influenced by increasing focus on the part of governments of several countries to depend on solar energy such as the world added almost 30% more solar energy capacity in 2018. The fact that solar power produces electricity with no fuel costs, no global warming and no risks of fuel price spikes has been a noticeable factor leading to its rising adoption across the globe. The driving factor of solar power equipment is reduced dependence on foreign oil & fossil fuels.
No maintenance as solar panels lasts above 30 years. Use batteries to store additional power for usage at night. Industries also have helped by accepting solar energy as they help a great deal in improving their eco-friendly profiles and to lessen their operating costs. Some of the limitations of the market are high initial costs for material & installation and long ROI. It needs lots of space as efficiency is not 100% so far.
Based on the equipment, the solar panel is broadly used in the solar power equipment market. The solar panel has been a famous method of producing clean, emission-free electricity. Furthermore, it produces only direct current electricity (DC). Solar photovoltaic systems (solar PV systems) are commonly made of solar PV panels (modules) and inverter (changing DC to AC). Solar PV panels are generally made of solar photovoltaic cells, which has no major difference to the material for making computer chips.
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By the application, the utility segment is leading the global solar equipment market. The residential segment projected to witness a noteworthy growth throughout the forecast period. The fact that governments across several nations have been instrumental in providing subsidies to encourage solar energy expected to drive demand for solar power equipment in the residential sector.
Region-wise, Asia Pacific expected to account for the fastest growth throughout the forecast period. Investors are also collecting to the region as the massive potential the region has in the offer. Governments have focused more attention recently on renewable energy having solar energy thanks to concerns over the security of supply, price instability & environmental issues.
The objective of the report is to present comprehensive analysis of Global Solar Power Equipment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding Global Solar Power Equipment Market dynamics, structure by analyzing the market segments, and project the Global Solar Power Equipment Market size. Clear representation of competitive analysis of key players By Distribution Channel, Type, and regional presence in the Global Solar Power Equipment Market make the report investor’s guide.
Key players operating on the market are, ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, and Trina Solar. Trina Solar, JinkoSolar, Canadian Solar, Sunrun, Vivint Solar.
Scope of the Global Solar Power Equipment Market
Global Solar Power Equipment Market, by Equipment type
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• Solar panels
• Racking & tracking system
• Storage system
Global Solar Power Equipment Market, by Application
Global Solar Power Equipment Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
Key players operating on the Global Power Equipment Market
• ABB Group
• Canadian Solar
• First Solar Inc.
• Hanwha Q CELLS
• JA Solar
• LONGi Solar
• Shunfeng International
• SunPower Corporation
• Trina Solar.
• Vivint Solar.
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