Solar power equipment is an important component of a solar energy system. Solar power equipment helps to harness the solar energy from the sun, reducing carbon emission, and reducing or eliminating energy bills. All these factors are expected to increase the market attractiveness of solar power equipment in the coming years. Due to rising global energy concerns, various world organizations are coming up with noteworthy solutions for adopting renewable energy based technologies. Hence, they are now focusing and initiating rigorous steps to control the current carbon dioxide emission levels along with monitoring upcoming emission intensity for the same. This can be achieved only by building renewable energy producing sources such as solar power, wind power, and others.
Various factors such as increasing global warming, rise in awareness about the benefits of solar energy, and no fuel costs, are expected to drive the demand for solar power equipment market. Furthermore, it is anticipated that the adoption of solar power equipment among applications such as residential, non-residential, and utility would rise in near future. The increasing demand for environment friendly clean solar energy in various industries is expected to contribute to the growth of the solar power equipment market. At present, there is no direct substitute available in this market. Thus, the threat of substitutes is low. New solar power projects are announced and developed at a rapid pace in emerging markets. In addition, increased emphasis on the use of eco-friendly energy and green energy is expected to create huge opportunity for the solar power equipment market. All these factors are expected to accelerate the overall solar power equipment market over a period of time.
The global solar power equipment market can be segmented based on equipment, application, and geography. Based on equipment, the market can be classified into solar panels, inverters, mounting, racking, & tracking system, and others. Solar panels are rapidly gaining acceptance and are largely used on rooftops, in industrial parks, utility lands, and others. The inverters segment is further sub segmented into central inverters and micro inverters. Based on application, the market is segmented into residential, non-residential, and utility. The non-residential and utility segment is expected to hold a major share in the near future. On the basis of geography, the global solar power equipment market is classified into Asia Pacific (India, China, and Japan), Europe (U.K, France, and Germany), Middle East and Africa (GCC and South Africa), North America (U.S and Canada), and South America (Brazil).
Asia Pacific and North America are expected to be the potential growth markets for solar power equipment in the coming years. The global solar power equipment market is anticipated to grow at a significant pace due to the rising demand from planned and ongoing solar power projects across North America and Asia Pacific. In addition, attractive initiatives and funding from governments toward clean renewable energy is expected to have a positive impact on the solar power equipment market. All these factors are expected to accelerate the overall solar power equipment market across the world.
Major players operating in the global solar power equipment market include Canadian Solar, LONGi Solar, SunPower Corporation, ABB Group, First Solar Inc., JA Solar, Shunfeng International, Hanwha Q CELLS, Trina Solar, JinkoSolar, PWRstation SA, REC Solar Holdings AS, HCI Energy, Juwi AG, Jakson Group, Aramark, Intech Clean Energy Pty Ltd, AMERESCO INC., Esolar Inc., Gintech Energy Corp., Kaneka Corp and others. These market players are spending on R&D activities so as to incorporate new technologies and launch new products to build up their market share in the global solar power equipment market.
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