Rising Need of Renewable Sources Proves Propitious for Global Solar PV Junction Box Market
The PV junction box plays a significant role in all the housing electric bits on a solar panel and shielding them from the environment. A quality solar panel junction box decreases corrosion at the terminals and excludes the moisture that enters the photovoltaic panel. The majority of solar junction boxes have, at least, an IP65 rating that refers to dust-proof ingress protection. Although solar manufacturers and designers seldom get a choice in junction box type, module organizations work out those obligations during manufacturing; the purpose of this enclosure is still essential to understand, particularly as it houses more smart technologies.
The electricity demand across the globe has been increasing for years, and the consumption is expected to rise in the upcoming years. Factors, such as growing economies, increasing population, and rising urbanization are contributing to a surge in electricity demand. The energy consumption in the Asia Pacific is projected to hold a major share of the demand, due to various emerging economies and developing countries, including India and China. Moreover, most of these countries are densely populated and thus, the consumption rate is high. Furthermore, sources of energy such as coal, oil, and gas have provided a majority of energy in all the electricity generation. However, it caused a significant level of pollution.
The growing environmental concerns are increasing the demand for renewable energy sources. The increase in the need for solar energy sources is anticipated to drive the demand the solar PV junction box market during the forecast period.
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COVID-19 Impact on China Affected Global Solar Industry
The COVID-19 pandemic has made a severe impact on the global economic cycle and the solar PV junction box market. The nationwide lockdown in most countries has led to a shortage of labor, transport, and availability of raw materials. The stringent regulations for trade and supply chains have resulted in a halt of several industries globally. Similar to various other industries, the solar industry has been hit hard by the crisis. Intensifying issues, including supply chain suspensions, tightening of tax equity exchanges, investors’ financial concerns, shelter-in-place plans, and sanctioning challenges are all putting enormous hardship on the industry. Without strategic government action, the spread was not possible to contain, which resulted in a decrease in economic investments and an increase in job loss. Currently, China produces almost 80% of the global solar value chain supplies. The COVID-19 crisis has severely affected the manufacturing capacities of China, and major producers came to halt with restricted trading activities with China and India.
As various countries are witnessing a decline in infection rate, the world is beginning to gradually lift some of the measures that limit production. While these rules are intentionally effective, in most nations, the energy sector is included in essential services. Therefore, lockdown actions do not significantly imply construction activities on energy projects, including renewables. Moreover, the increasing speed of production and distribution of vaccinations is contributing toward the restart of global factories in the near future. Furthermore, as the Chinese manufacturing operations seem to be back on track, it can be assumed that the ongoing resumption of the China-originated supply chain will help restart Indian solar projects as well. This is expected to improve the supply of raw materials to the global manufacturers, restoring the production capacity in the near future.
The global manufacturers in every industry will be increasing the production resulting in increased consumption of energy. Thus, the solar PV junction box market is expected to rise in the upcoming years.
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Potting PV Junction Box to Dominate Global Solar PV Junction Box Market
Reliability is a critical element of the constant growth of photovoltaic (PV) industrial products. The competitive solar industry completely depend on the cost and the warranty. Major companies are developing local strongholds by including small and unorganized players. Leading companies such as Stäubli are developing solutions that can apply in all the sectors, including the general industry, food industry, electronics and photovoltaics, and life sciences. Various manufacturers in the solar PV junction box market are focusing on upgrading the production to make products cost-effective and enduring to provide effective solutions to the consumers.
In addition, technological advancements in products such as bifacial solar panels can further decrease the levelized cost of electricity, resulting in increased investments as compared to mono facial panels.
The present solar PV junction box market holds two types of PV junction boxes, potting PV junction box and non-potting PV junction boxes. In the potting PV junction box, the foils coming out of the solar panel are soldered to the diodes in the junction box, and the junction box is potted or filled with a type of sticky material to allow thermal transfer of heat to keep the solder joint in place and prevent it from falling. However, in the non-potting PV junction box, a simple clamping mechanism is used to attach the foil to the wires in the junction box. The potting PV junction box segment accounted for the largest share of the solar PV junction box market in 2020, and its share is anticipated to increase during the forecast period. However, the non-PV junction box segment is predicted to be a lucrative segment of the solar PV junction box market in the upcoming years. Growth in investments and favorable policies by governments for the development of solar energy around the world are anticipated to propel the solar PV junction box market during the forecasted period.
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Analysts’ Viewpoint
Solar energy is currently most trending in the global sources of energy, due to rising environmental concerns and need to sustain other natural sources. Solar PV and wind energy are the highest contributor to the increasing renewable energy and expected to account for two-thirds of renewables’ growth in 2021. North America accounted for the largest share of solar PV installations in 2020, and the demand is increasing with the growing utility-scale project installations, third-party owner model for residential applications, and availability of financial leasing schemes. Moreover, various nations are now demanding clean energy and have started shifting to sources of clean energy. This has increased the demand for the solar industry, leading to the expansion of the global solar PV junction box market during the projected timeline.
Solar PV Junction Box Market: Overview
- According to Transparency Market Research’s latest research report on the global solar PV junction box market for the historical period of 2020 and the forecast period of 2021 to 2031, increase in global solar energy capacity and acceptance of solar photovoltaic (PV) as a key technology are expected to boost the global solar PV junction box market during the forecast period
- Solar PV junction box consists of diodes. Diodes keep the power flow going in one direction. They prevent the power feeding back into the solar panels when there is no sunshine.
- In terms of revenue, the global solar PV junction box market is estimated to exceed US$ 2 Bn by 2031, expanding at a CAGR of ~8% during the forecast period. Solar photovoltaic (PV) emerged as a key technology that gradually gained acceptance between 2010 and 2019. Efficiency improvements have led to price reductions to such levels that PVs acquired the dominant position in the renewable sector on the world energy stage. This factor is projected to propel the global solar PV junction box market in the near future.
Increase in Global Energy Demand: Key Driver of Solar PV Junction Box Market
- Global demand for energy is expected to increase in the near future, owing to the growth in population and economies across the globe. According to the International Energy Agency (IEA), demand for electricity is anticipated to increase by 4.5% in 2021. Almost 80% of the projected rise in demand in 2021 is in emerging market and developing economies, with China alone accounting for 50% of the global growth.
- Traditional energy resources (e.g., coal, oil, and gas) have contributed significantly to the global electricity generation. However, they have also contributed to an increase in pollution in the world. Thus, renewable energy resources have gained attention in recent years, as they help lessen the pollution produced by traditional energy resources.
- Demand for renewables rose by 3% in 2020, and is set to increase significantly across all key sectors – power, heating, industrial, and transport – by 2021. The power sector leads the way, with its demand for renewables set to rise by more than 8% to reach 8300 Terawatt-hour according to the Global Energy Review 2021 by the IEA (International Energy Agency).
- Solar PV and wind energy are the major contributors to renewable energy and expected to contribute two-thirds of renewables’ growth in 2021. Of this, the global solar PV electricity generation is projected to rise by 145 Terawatt-hour to reach 1000 Terawatt-hour in 2021. Solar PV junction box is a vital part of solar panels. Solar PV junction box houses all the electric bits on the solar panel and protects them from the environment. Solar PV junction box holds back corrosion at the terminals to minimum. It regulates the heat and provides long term safety.
- Increase in electricity generation from solar resources is anticipated to boost the demand for solar panels and other equipment required for the establishment of solar power plants. Hence, demand for solar PV junction box is projected to rise exponentially during the forecast period.
Favorable Government Policies, Declining Cost of Technology: Drivers of Solar PV Junction Box Market
- Drive to promote green energy in many countries; decrease in solar technology costs; and maturing practices have attracted strategic investors into the sector primarily driven by return and sustainable investment principles, owing to government favorable policies
- Favorable policies by the U.S. Government are also driving solar installation. For instance, in March 2021, the Governor of Massachusetts signed “An Act Creating a Roadmap for the Next Generation of Climate Policy” into law. Under the Bill, homeowners and small businesses that install solar will not see property tax increases; and larger solar systems that already have an agreement in place for tax payments will be exempt from additional taxes.
- Newly installed solar power in the European Union increased by 11% to 18.2 GW in 2020. Solar energy attractiveness has been rising, as the cost reduction curve continues at a much faster pace than for any other technology. Close deadline for member states to meet their binding national 2020 renewable energy targets is another major factor boosting the demand for solar power in the EU.
- India is likely to be a vital country for the energy sector. The Government of India has made impressive progress in recent years in increasing citizens’ access to clean electricity through various government policies.
- China is the largest solar market in the world. The country is set to increase its solar installed capacity over the next few years.
- Thus, favorable policies by governments of countries across the globe and declining prices of solar technology are likely to propel the solar PV junction box market during the forecast period
Solar PV Junction Box Market: Competition Landscape
- Detailed profiles of providers of solar PV junction box have been given in the solar PV junction box report to evaluate their financials, key product offerings, recent developments, and strategies
- Major players operating in the global solar PV junction box market are
- GEESYS Technologies
- Targray
- Elcom International
- LEONI AG
- Zhejiang Zhonghuan Sunter PV Technology Co. Ltd
- Hosiden Corporation
- Jiangsu Tongling Electric Co., Ltd.
- Stäubli International AG
- VRM Energy Consultancy Services Pvt Ltd.
- TE Connectivity
- Baoding Yitong PV Science & Technology Co. Ltd.
Solar PV Junction Box Market: Key Developments
- Key providers of solar PV junction box, such as TE Connectivity and Jiangsu Tongling Electric Co., Ltd., are focusing on developing value efficient solar PV junction boxes to attract more customers. Major developments in the global solar PV junction box market are highlighted below:
- In March 2020, TE Connectivity completed its public takeover of First Sensor AG. It holds 71.87% share of First Sensor AG. In combining the First Sensor and TE portfolios, TE would be able to offer an even broader product base that would support the growth strategy of TE's sensors business and TE Connectivity as a whole.
- Jiangsu Tongling Electric Co., Ltd. has invested significantly in R&D of solar equipment development. It has obtained two invention patents along with 53 utility model and other patents.
- In the global solar PV junction box market report, we have discussed individual strategies, followed by company profiles of providers of solar PV junction box. The ‘Competition Landscape’ section has been included in the global solar PV junction box market report to provide readers with a dashboard view and company market share analysis of key players operating in the solar PV junction box market.
Solar PV Junction Box Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the solar PV junction box market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the solar PV junction box market in order to identify opportunities for stakeholders. The report also provides insightful information about how the solar PV junction box market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the solar PV junction box market, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the solar PV junction box market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the solar PV junction box market and estimates statistics related to the market in terms of volume (million units) and value (US$ Mn).
This study covers detailed segmentation of the solar PV junction box market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the solar PV junction box market, wherein various development, expansion, and winning strategies practiced by these players have been presented in detail.
Key Questions Answered in TMR’s Report on Solar PV Junction Box Market
The report provides detailed information about the solar PV junction box market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.
- Which segment of the solar PV junction box market would emerge as a major revenue generator during the forecast period?
- How are key market players successfully earning revenues in the solar PV junction box market?
- What would be the Y-o-Y growth trend of the solar PV junction box market between 2020 and 2031?
- What are the winning imperatives of leading players operating in the solar PV junction box market?
Research Methodology – Solar PV Junction Box Market
The research methodology adopted by analysts for compiling the report on the solar PV junction box market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the solar PV junction box market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the solar PV junction box market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the solar PV junction box market.
Solar PV Junction Box Market – Segmentation
TMR’s research study assesses the solar PV junction box market based on type, application, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the solar PV junction box market.
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