Solar Power Equipment Market Introduction and Overview
According to SPER Market Research, the Global Solar Power Equipment Market is estimated to reach USD 430.97 billion by 2033 with a CAGR of 11.56%.
The report includes an in-depth analysis of the Global Solar Power Equipment Market, including market size and trends, product mix, applications, and supplier analysis. Solar energy equipment is made up of the various components that comprise a solar energy system. The equipment can be installed to enable the conversion of solar energy into electricity for usage by the commercial, residential, utility, and industrial sectors. Solar panels, solar batteries, mounting and racking systems, solar trackers, and solar inverters are the components of solar power equipment. Photovoltaic (PV) solar panels use semiconductors made of silicon to collect solar radiation and store it as energy. This technology helps to reduce carbon emissions and counter climate change, making it an environmentally responsible solution.
- August 2023; The new JA TopRise solar panel series has been launched by JA Solar. Compared to other JA solar panel generations, the TopRise series is intended to be more resilient and efficient.
- July 2023; The launch of the new Hi-MO 5 Max solar panel series was announced by LONGi Solar. The goal of the Hi-MO 5 Max series is to produce the strongest solar panel available.
- June 2023; The new HiKu solar panel series have been released by Canadian Solar. Compared to earlier generations of Canadian solar panels, the HiKu series is intended to be more reasonably priced.
- April 2023; The new Tiger Neo solar panel series from Jinko Solar has just released. The Tiger Neo series of Jinko solar panels is intended to be more resilient and efficient than earlier iterations.
Market Opportunities and Challenges
The market for solar power equipment is anticipated to increase as a result of the growing need for clean, environmentally acceptable solar energy across several industries. It is anticipated that in the near future, more solar power equipment will be used in utility, non-residential, and residential applications. Emerging markets are witnessing a rapid launch and development of new solar power projects. As a result of increased technological breakthroughs, solar technology is now more affordable for residential consumers. Additionally, the efficiency of solar power systems has grown dramatically due to technical advancements like the establishment of smart tracking systems.
The primary obstacle to the market is its lower efficiency compared to alternative renewable energy sources. High capital expenditures for energy storage, the inability to generate electricity in diffused light, and the fact that energy generation is weather- and environment-dependent (i.e., energy output is low in damp and overcast weather) are further barriers to market expansion.
Market Competitive Landscape
A growth in off-grid solar utilization due to lower costs of solar PV equipment and its integration with energy storage facilities is predicted to provide various industry opportunities in the future. In response to the escalating global energy difficulties, numerous international organizations are creating innovative strategies for putting renewable energy-based technology into practice. As a result, they are now focusing on and implementing stringent measures to reduce current carbon dioxide emissions while also tracking future emission intensity. The major players in the Global Solar Power Equipment Market include: ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, and Trina Solar.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Product, By Application
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | 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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COVID-19 Impact on Global Solar Power Equipment Market
The global market was hardly impacted by the COVID-19 epidemic. Numerous governments across the globe enforced a lockdown, leading to restrictions on travel and limiting the import and export of certain goods. There was a serious impact on the supply chain for both these commodities and the full range of goods they offer. Due to travel restrictions and lockdowns, the COVID-19 pandemic had a detrimental impact on the market for outdoor solar power equipment. But during COVID-19, there was an increase in the need for power, which drove the market's growth. Furthermore, manufacturers of solar panels witnessed an increase in their overall exports. As such, the COVID-19 epidemic had minimal adverse effects on the growth of the solar power equipment market.
Key Target Audience:
- Residential Consumers
- Commercial and Industrial Energy Sectors
- Government Entities
- Utilities
- Potential Investors
- Regulatory Bodies
- Non-profit Organizations
- Educational Institutions
- Manufacturers and Suppliers
- New Entrants
Our in-depth analysis of the Solar Power Equipment Market includes the following segments:
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By Product: |
Solar Panels
Mounting and Racking System
Tracking System
Storage System
Others
|
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By Application: |
Residential
Commercial
Industrial
Utilit
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By Region:
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Asia-Pacific
Europe
Middle East & Africa
North America
Latin America
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Key Topics Covered in the Report:
- Global Solar Power Equipment Market Size (FY’2024-FY’2033)
- Overview of Global Solar Power Equipment Market
- Segmentation of Global Solar Power Equipment Market By Product (Solar Panels, Mounting and Racking System, Tracking System, Storage System, Others)
- Segmentation of Global Solar Power Equipment Market By Application (Residential, Commercial, Industrial, Utility)
- Statistical Snap of Global Solar Power Equipment Market Expansion Analysis of Global Solar Power Equipment Market
- Problems and Obstacles in Global Solar Power Equipment Market
- Competitive Landscape in the Global Solar Power Equipment Market
- Impact of COVID-19 and Demonetization on Global Solar Power Equipment Market
- Details on Current Investment in Global Solar Power Equipment Market
- Competitive Analysis of Global Solar Power Equipment Market
- Prominent Players in the Global Solar Power Equipment Market
- SWOT Analysis of Global Solar Power Equipment Market
- Global Solar Power Equipment Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Solar Power Equipment Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Solar Power Equipment Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Solar Power Equipment Market
7. Global Solar Power Equipment Market, By Product (USD Million)
7.1. Global Solar Power Equipment Market Value Share and Forecast, By Product, 2024-2033
7.2. Solar Panels
7.3. Mounting and Racking System
7.4. Tracking System
7.5. Storage System
7.6. Others
8. Global Solar Power Equipment Market, By Application (USD Million)
8.1. Global Solar Power Equipment Market Value Share and Forecast, By Application, 2024-2033
8.2. Residential
8.3. Commercial
8.4. Industrial
8.5. Utility
9. Global Solar Power Equipment Market Forecast, 2020-2033 (USD Million)
9.1. Global Solar Power Equipment Market Size and Market Share
10. Global Solar Power Equipment Market, By Product 2020-2033 (USD Million)
10.1. Global Solar Power Equipment Market Size and Market Share By Product (2020-2026)
10.2. Global Solar Power Equipment Market Size and Market Share By Product (2027-2033)
11. Global Solar Power Equipment Market, By Application, 2020-2033 (USD Million)
11.1. Global Solar Power Equipment Market Size and Market Share By Application (2020-2026)
11.2. Global Solar Power Equipment Market Size and Market Share By Application (2027-2033)
12. Global Solar Power Equipment Market, By Region, 2020-2033 (USD Million)
12.1. Global Solar Power Equipment Market Size and Market Share By Region (2020-2026)
12.2. Global Solar Power Equipment Market Size and Market Share By Region (2027-2033)
12.3. Asia-Pacific
12.3.1. Australia
12.3.2. China
12.3.3. India
12.3.4. Japan
12.3.5. South Korea
12.3.6. Rest of Asia-Pacific
12.4. Europe
12.4.1. France
12.4.2. Germany
12.4.3. Italy
12.4.4. Spain
12.4.5. United Kingdom
12.4.6. Rest of Europe
12.5. Middle East and Africa
12.5.1. Kingdom of Saudi Arabia
12.5.2. United Arab Emirates
12.5.3. Rest of Middle East & Africa
12.6. North America
12.6.1. Canada
12.6.2. Mexico
12.6.3. United States
12.7. Latin America
12.7.1. Argentina
12.7.2. Brazil
12.7.3. Rest of Latin America
13. Company Profile
13.1. ABB Group
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Canadian Solar
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. First Solar Inc.
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Hanwha Q CELLS
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. JA Solar
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. JinkoSolar
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. LONGi Solar
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Shunfeng International
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. SunPower Corporation
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Trina Solar
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
