Allied Market Research recently published a report, titled, “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”. According to the report, the global solar power equipment market was pegged at $76.27 billion in 2017 and is projected to reach $188.30 billion by 2025, registering the CAGR of 12.5% during the period 2018–2025.
Rise in demand for clean energy, favorable government policies and incentives, and low prices of solar power equipment have boosted the growth of the global solar power equipment market. However, large dependency on the sun’s radiation and high initial & installation cost hamper the market growth. On the contrary, innovations in the technology of solar power equipment are expected to create lucrative opportunities for the market players in the near future.
Solar panels to dominate the industry
The solar panels segment held the largest share in 2017, contributing about 60% of the total market revenue and is expected to continue its dominance throughout the study period. However, the mounting, racking, & tracking segment is projected to register the fastest CAGR of 13.6% during the forecast period. The report also analyzes equipment such as storage system and others.
Utility to hold its lion’s share through 2025
Among the applications studied in the report, the utility segment held the largest share in 2017, contributing about 57% share of the total market. In addition, the segment is expected to maintain its dominance throughout the forecast period. However, the residential segment is projected to manifest the fastest CAGR of 13.3% through 2025. Moreover, another segment of commercial application is analyzed in the report.
North America to grow fastest by 2025
North America is projected to register the fastest CAGR of 13.1% during the forecast period. However, in 2017, Asia-Pacific held the largest share, contributing about 38% share of the market and is estimated to maintain its foothold through 2025. The other regions such as Europe and Latin America, Middle East and Africa (LAMEA) are analyzed in the report.
Torchbearers of the market
The global solar power equipment market report analyzes the major players in the industry, including Canadian Solar, Hanwha Q CELLS, JinkoSolar, Shunfeng International, Trina Solar, ABB Group, First Solar Inc., JA Solar, LONGi Solar, and SunPower Corporation.
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