The global solar power equipment market size was USD 105.9 billion in 2021 and is estimated to reach USD 315.1 billion by 2030. The market is projected to grow at a CAGR of 11.5% during the forecast period. The usage of solar power equipment in the application segment such as non-residential and residential buildings as well as the utility industry is expected to increase all over the world due to the lowering costs of this equipment. In addition, solar energy being a natural source, does not cause air pollution, hence is estimated to boost the market's growth during the forecast period. Asia-Pacific is projected to be the highest revenue contributor, whereas North America is expected to offer lucrative growth opportunities to the key players in this market.
In addition, the key players have adopted various strategies such as acquisitions, product launches, and others to promote their businesses in the global market. For instance, in August 2018, North America’s Silfab Solar joined a strategic alliance with DSM to mass produce high-power back-contact PV solar modules.
Global Solar Power Equipment Market Segmentation
The overall solar power equipment market has been segmented into the equipment, application, and region.
Utility, by application, is estimated to hold the largest market share during the forecast period
Based on application, the global solar power equipment market is fragmented into non-residential, residential, and utility. In 2021, the utility had the largest market share of 54.3% in the global solar power equipment market. The utility industry is a corporation, agency, or other legal entity involved in the generation, transmission, distribution, or sale of electricity principally for public consumption. Utility-scale solar differs from distributed generation in terms of project size as well as the point that the electricity is vended to wholesale utility buyers and not end-use consumers. One of the major factors projected to boost the growth of the solar power equipment market is the rise in consumer awareness regarding the protection of the environment, which is further anticipated to mark the advancement of sustainable energy in complement with decreased carbon emission.
In addition, major economies in the market are assisting emerging economies such as Bangladesh, and others are in opening solar utility projects and thereby adopt solar power. For instance, PROINSO in partnership with Joules Power Limited (JPL), is planning to open a 28 MWp utility scale project, which is the first of its kind in Bangladesh. Similarly, in April 2018, Dongfang Risheng New Energy Co., Ltd. planned to open the first large-scale ground photovoltaic power station in Nepal, with a total installed capacity of 25MW. All such factors are estimated to positively influence the growth of the industry.
Asia Pacific accounts for the largest market share in the solar power equipment market
Based on the regions, the global solar power equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific accounted for the highest market share of 41.5% in the global solar power equipment market. The countries analyzed include China, India, Japan, South Korea, and other countries in the Pacific Rim are analyzed. Asia-Pacific is densely populated with India and China being the most populated countries. Developing economies, such as China, India, and South Korea, are expected to support market expansion due to an increase in demand for power and electricity.
Countries such as China, Japan, and others are investing largely in building large, innovative solar power plants to meet the electricity demand and sustain fluctuating environmental conditions. For instance, a 150-megawatt floating solar farm was built on top of an abandoned coal mine in Anhui, China. This is expected to boost the solar power utility sector and the solar power equipment market. In addition, an increase in demand for solar power equipment from various residential and non-residential sectors, mainly for rooftop installation, is expected to fuel the market growth. Moreover, low prices for solar & solar equipment have further fueled the adoption of distributed solar in the region, which is expected to support the industry growth during the forecast period.
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