Solar Power Equipment Market Stock Has a Clear Growth Runway to 2025
The surge in demand for electricity globally, implementation of government policies to deploy solar power systems, and widespread installation of solar panels in homes to reduce carbon footprint and minimize electricity costs drive the growth of the solar power equipment market.
Allied Market Research published a report, Solar Power Equipment Market by Equipment (Solar Panels, Mounting, Racking, & Tracking System, Storage System, and Others) and Application (Residential, Nonresidential, and Utility): Global Opportunity Analysis and Industry Forecast, 2018-2025."
The report offers insights on major market segments, top investment pockets, key player positioning, drivers & opportunities, and strategic developments in the industry. According to the report, the global solar power equipment market garnered $76.27 billion in 2017 and is projected to reach $188.3 billion through 2025, growing at a CAGR of 12.5% from 2018 to 2025.
However, the high cost of deploying such systems and dependence on sunlight availability & direct normal irradiance (DNI) is expected to hinder the market growth. In addition, growing awareness on the use of green, eco-friendly energy and innovative technological advancements in the sector is expected to provide lucrative opportunities for the growth of the global solar power equipment market.
Solar panels to maintain revenue lead through 2025
Solar panels segment captured 60% of the total market share in 2017 and would retain its dominance through the forecast period. However, the mounting, racking, & tracking segment would grow at the fastest CAGR of 13.6% from 2018 to 2025. The report also provides deep-dive analysis of storage systems.
Asia-Pacific to lead in terms of revenue, North America to grow the fastest
Asia-Pacific accounted for nearly half of the total market in 2017 and would remain a lead contributor to global solar equipment market revenue through 2025. However, North America would grow at the fastest CAGR of 13.1% during the forecast period. The other regions analyzed in the report include Europe and Latin America, Middle East & Africa (LAMEA)
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Leaders of the industry
The key market players analyzed in the research include ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, and Trina Solar.