PORTLAND, Oregon, September 21, 2018 /PRNewswire/ --
Upsurge in construction activities, increase in demand for electricityworldwide, and enactment of government policies forsustainable renewable energy, globally,would drive the growth ofthe global solar power equipmentmarket
Allied Market Research published a report, titled, "Solar Power Equipment Marketby 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.
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. However, high cost of deploying such systems and dependence on sunlight availability & direct normal irradiance (DNI) are expected to hinder the market growth. In addition, growing awareness on use of green, eco-friendly energy and innovative technological advancements in the sector are expected to provide lucrative opportunities for the growth of the global solar power equipment market.
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.
Utility application segment to remain dominantthrough 2025
The utility segment accounted for more than half of the total market revenue in 2017 and is expected to maintain its lead position through 2025. However, the residential segment is expected to grow at the fastest CAGR of 13.3% during the forecast period. The commercial application segment is expected to grow at a steady rate during the forecast period.
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 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).
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.
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