According to a new market research report published by Credence Research “Solar Power Equipment Market (Equipment Type – Solar Panels, Mounting, Racking & Tracking System, Storage Systems and Inverters; Application – Residential, Non-residential and Utilities) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global solar power equipment market was valued at US$ 79.45 Bn in 2017 and will be growing at a CAGR of 13.4% during the forecast period from 2018 to 2026.
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The solar power equipment market was valued at US$ 79.45 Bn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 13.4% during the forecast period from 2018 to 2026. One of the most prominent factors aiding the market growth can be attributed to the increasing dependency on solar energy for electricity generation. Increasing awareness about the benefits of solar energy among people is another major factor aiding the market growth for solar power equipment market. Factors such as no fuel costs, no global warming and no risks of fuel price spikes supports the aforementioned sentence. Even the industries have realized the importance of solar energy as it helps them to improve their environmental profiles and at the same time also lower operating costs. Increase in construction activities across regions such Asia Pacific and the Middle East & Africa expected to influence the solar power equipment market growth positively. Governments across various countries in order to promote solar energy have been instrumental towards providing subsidies. However, lack of financing options coupled with high upfront capital expenditure is offsetting demand for solar power equipment. In addition, the fact that these systems rely on sunny conditions in order to generate electricity is another challenge influencing market growth negatively.
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Asia Pacific expected to register the fastest growth during the forecast period and emerge as the next fountain for solar growth. Investors are also flocking to the region considering the enormous potential the region has in offering. Countries across the region are introducing feed-in tariff (FiT) programs in order to promote green energy communities and small-scale rooftop programs. Thailand, Indonesia and Philippines are some of the countries that have implemented FiT programs in recent years. Governments have focused more attention recently on renewable energy including solar energy owing to concerns over security of supply, price volatility and environmental issues.
Some of the major players operating in the solar power equipment market include ABB Group, Hanwha Q CELLS, First Solar, Inc., Canadian Solar, JinkoSolar, JA Solar, Shunfeng International, LONGi Solar, Trina Solar and SunPower Corporation among others.
- In order to improve the aesthetics of solar panel frame, major manufacturers such as SolarWorld, Canadian Solar, and Trina are producing frameless solar modules
- Glass solar panels are expected to gain in popularity in coming years as they are visually more attractive and durable than a typical silicon cell panel.
- Manufacturers are focusing on solar panel product improvements. In recent years, the concept of “average solar efficiency” has risen from the 14-15% range up to 16-17%.
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