USD 113.22 billion
Solar Power Equipment Market Size, Share, Growth Analysis, By By Equipment(Solar Panels, Mounting, Racking, & Tracking System), By By Application(Residential, Nonresidential, and Utility), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2034 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
66
|Figures:
80
Solar Power Equipment Market Insights
Global Solar Power Equipment Market size was valued at USD 113.22 billion in 2022 and is poised to grow from USD 125.67 billion in 2023 to USD 289.62 billion by 2031, growing at a CAGR of 11% during the forecast period (2024-2031).
The global solar power equipment market has experienced remarkable growth in recent years, driven by increasing awareness of renewable energy, decreasing solar panel costs, and growing environmental concerns. Solar power equipment includes solar panels, inverters, mounting systems, and energy storage solutions, all integral components of solar energy generation systems. Key factors contributing to the market's expansion include government incentives, favorable policies, and a push towards reducing carbon emissions. The transition towards cleaner energy sources, coupled with advancements in technology and manufacturing processes, has resulted in improved efficiency and affordability of solar equipment. This has led to a surge in solar installations across residential, commercial, and utility-scale sectors. The market has witnessed innovation in energy storage solutions to address intermittent solar generation, enabling better grid integration and round-the-clock power supply. Additionally, emerging trends like bifacial solar panels, floating solar farms, and building-integrated photovoltaics (BIPV) are reshaping the industry landscape.
US Solar Power Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solar Panels
Fastest Growth
Solar Panels
Growth Rate
11% CAGR
Global Solar Power Equipment Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Solar Power Equipment Market Segmental Analysis
The global solar power equipment market is segmented on the basis of Equipment, Application, and region. By Equipment, the market is segmented into Solar Panels, Mounting, Racking, & Tracking System, Storage System, Others. By Application, the market is segmented into Residential, Nonresidential, Utility. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Solar Power Equipment Market Analysis By Equipment
Solar panels are the dominant segment and cornerstone of solar power systems, serving as the primary component that directly converts sunlight into electrical energy using photovoltaic technology. They are widely utilized in residential, commercial, and industrial applications, and their efficiency and cost-effectiveness have significantly improved over the years. The dominance of solar panels is attributed to the fact that they are the core element responsible for generating power from solar energy.
On the other hand, The fastest-growing segment within the global solar power equipment market is Storage Systems. As solar energy adoption increases, there is a growing need to store excess energy generated during peak sunlight hours for use during periods of low sunlight or high demand. Energy storage systems, such as batteries, are becoming increasingly important to ensure a stable and continuous power supply from solar installations. These systems enhance grid stability, promote energy independence, and enable more efficient utilization of solar energy. The demand for storage systems is being driven by advancements in battery technology, decreasing costs, and the integration of renewable energy sources into the mainstream energy mix.
Solar Power Equipment Market Analysis By Application
The Utility segment, which involves large-scale solar installations designed to feed electricity into the grid, has been the dominant segment in the global solar power equipment market. Governments' initiatives to promote renewable energy sources, declining solar panel costs, and the need to reduce carbon emissions have driven significant investment in utility-scale solar projects. These projects often benefit from economies of scale, making them economically viable and attractive to investors. Additionally, utility-scale solar installations contribute significantly to meeting renewable energy targets and addressing energy demand in a sustainable manner.
On the other hand, the Residential segment has been one of the fastest-growing segments in the global solar power equipment market. As solar panel costs have decreased and incentives such as tax credits and subsidies have become more common, homeowners have increasingly adopted residential solar systems. The desire to reduce electricity bills and environmental impact has spurred demand for rooftop solar installations. Advancements in technology and the availability of user-friendly financing options have made residential solar more accessible to a broader range of consumers.
Global Solar Power Equipment Market By Equipment
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Solar Power Equipment Market Regional Insights
The global solar power equipment market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The Asia-Pacific region, particularly China and India, has been the dominant player in the global solar power equipment market. These countries have made significant investments in solar energy infrastructure, driven by government policies, incentives, and a push towards renewable energy sources. China, for instance, has been the world's largest solar panel manufacturer and installer for several years, contributing to the region's dominance.
As for the fastest growing segment, The Middle East Africa region has witnessed rapid growth in the adoption of solar power equipment due to its abundant sunlight and a desire to diversify energy sources. Countries like the United Arab Emirates, Saudi Arabia, and Egypt have launched ambitious solar energy projects to meet growing energy demand and reduce carbon emissions. Favorable solar conditions, government incentives, and falling solar equipment costs have driven this growth. The MEA region's commitment to developing renewable energy infrastructure to reduce reliance on fossil fuels and boost economic development has led to a surge in solar power installations, making it one of the fastest-growing regions in the solar power equipment market.
Global Solar Power Equipment Market By Region
- Largest
- Fastest
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Solar Power Equipment Market Dynamics
Solar Power Equipment Market Drivers
Increasing Demand for Renewable Energy:
- The global push for sustainable and clean energy sources has driven the demand for solar power equipment. Solar energy is a renewable resource that reduces greenhouse gas emissions and dependence on fossil fuels, aligning with global efforts to mitigate climate change.
Declining Costs and Technological Advancements:
- Technological advancements in solar panel efficiency, storage solutions, and manufacturing processes have led to a significant reduction in the cost of solar power equipment. This has made solar energy more economically viable, attracting both residential and commercial customers to adopt solar power systems.
Solar Power Equipment Market Restraints
High Initial Costs:
- Despite declining costs, the initial investment required for installing solar power equipment can still be relatively high. This cost can deter some potential customers, especially in regions where financial incentives or subsidies are limited.
Intermittency and Energy Storage Challenges:
- Solar power generation is dependent on sunlight, which is intermittent and varies with weather conditions and time of day. This intermittency poses challenges for maintaining a consistent power supply, necessitating efficient and cost-effective energy storage solutions for use during cloudy periods or at night.
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Solar Power Equipment Market Competitive Landscape
The global solar power equipment market features a competitive landscape characterized by a mix of established players and innovative newcomers. Industry leaders such as SunPower, First Solar, and JinkoSolar hold significant market shares due to their established technologies and extensive market reach. These companies emphasize research and development to enhance solar panel efficiency and cost-effectiveness. Innovation-driven firms like Tesla are disrupting the market with integrated solar solutions, combining panels with energy storage. Chinese manufacturers, including Trina Solar and Canadian Solar, are prominent players, benefiting from their large-scale production capabilities. Additionally, inverters and balance of system providers like SMA Solar Technology and ABB play crucial roles in optimizing energy generation. As solar energy gains global prominence, partnerships, acquisitions, and strategic collaborations are common strategies for companies to expand their offerings and geographical presence. The market's dynamism is underscored by advancements in solar technology, energy storage integration, and a shifting focus towards sustainable energy solutions.
Solar Power Equipment Market Top Player’s Company Profile
- First Solar, Inc. - USA
- JinkoSolar - China
- Canadian Solar Inc. - Canada
- Trina Solar - China
- JA Solar Holdings - China
- Hanwha Q Cells Co., Ltd. - South Korea
- LONGi Green Energy Technology Co., Ltd. - China
- Renesola Ltd. - China
- Vivint Solar - USA
- SunPower Corporation - USA
- SMA Solar Technology AG - Germany
- Enphase Energy, Inc. - USA
- ABB Group - Switzerland
- Huawei Technologies Co., Ltd. - China
- SolarEdge Technologies, Inc. - Israel
- GCL-Poly Energy Holdings Limited - China
- Sungrow Power Supply Co., Ltd. - China
- Yingli Green Energy Holding Company Limited - China
- Kyocera Corporation - Japan
- Sunrun Inc. - USA
- REC Group - Norway
- Sungrow Power Supply Co., Ltd. - China
- Shunfeng International Clean Energy Limited (SFCE) - China
- Sharp Corporation - Japan
- Risen Energy Co., Ltd. - China
Solar Power Equipment Market Recent Developments
- In April 2023, Jinko Solar announced the launch of its new Tiger Neo solar panel series. The Tiger Neo series is designed to be more efficient and durable than previous generations of Jinko Solar panels.
- In May 2023, Trina Solar announced the start of mass production of its new Vertex solar panel series. The Vertex series is designed to be the most efficient solar panel on the market.
- In June 2023, Canadian Solar announced the launch of its new HiKu solar panel series. The HiKu series is designed to be more affordable than previous generations of Canadian Solar panels.
- In July 2023, LONGi Solar announced the launch of its new Hi-MO 5 Max solar panel series. The Hi-MO 5 Max series is designed to be the most powerful solar panel on the market.
- In August 2023, JA Solar announced the launch of its new JA TopRise solar panel series. The JA TopRise series is designed to be more efficient and durable than previous generations of JA Solar panels.
Solar Power Equipment Key Market Trends
- Technological Advancements and Efficiency Improvements: The global solar power equipment market is witnessing a continuous trend of technological advancements aimed at improving the efficiency and performance of solar energy systems. Innovations in solar panel designs, materials, and manufacturing processes have led to higher energy conversion rates and reduced costs. For instance, the development of higher-efficiency photovoltaic cells, bifacial solar panels, and thin-film technologies has allowed for better utilization of sunlight and more flexible installation options. These advancements are driving the adoption of solar power by making it more economically viable and competitive with traditional energy sources.
- Energy Storage Integration: The integration of energy storage solutions with solar power systems is becoming a prominent trend in the market. Energy storage technologies like batteries enable the capture and storage of excess energy generated during sunny periods, which can then be used during cloudy days or at night. This enhances the reliability and availability of solar power, making it a more consistent and dependable energy source. As energy storage costs continue to decline and the demand for uninterrupted power supply increases, the coupling of solar panels with energy storage systems is becoming a viable solution for both residential and commercial applications. This trend aligns with the broader shift towards decentralized and distributed energy generation.
Solar Power Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global solar power equipment market analysis, the market experienced substantial growth in recent years, driven by increasing environmental awareness, government incentives, and declining solar panel costs. The shift towards renewable energy sources, especially solar power, led to higher demand for photovoltaic (PV) modules, inverters, and mounting systems. Asia-Pacific emerged as a key player due to its large-scale solar installations, led by China and India. The market saw heightened competition among manufacturers, spurring innovation and improving efficiency. However, challenges like intermittency and storage persisted. Efforts were directed towards energy storage solutions and grid integration to mitigate these issues. Collaborations and investments in research and development were common as companies aimed to enhance solar power's viability. The market's trajectory depends on continued government support, technological advancements, and cost reductions. As solar power becomes an integral part of global energy transition strategies, the solar power equipment market is poised to remain on a growth trajectory.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 113.22 billion |
| Market size value in 2031 | USD 289.62 billion |
| Growth Rate | 11% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solar Power Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solar Power Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solar Power Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Power Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Power Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar Power Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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