WASHINGTON, April 21, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Solar Power Equipment Market finds that increasing demand for electricity worldwide, increasing government initiatives as well as increasing the adoption of EVs; are factors that influencing the growth of Solar Power Equipment Market. Additionally, increasing infrastructural activities as well as increasing demand for smart cities is further propelling the market growth over the forecast period.
The total Global Solar Power Equipment Market is estimated to reach USD 193.3 Billion by the year 2028. The Global Market stood at a revenue of USD 102.8 Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.10%, states Vantage Market Research, in a report, titled “Solar Power Equipment Market Size, Share & Trends Analysis Report by Equipment (Solar Panels, Mounting, Racking, & Tracking System, Storage System, Others), by Application (Residential, Non-residential, Utility), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Market Dynamics:
Drivers:
Increasing Demand for Electricity Worldwide
The major factors that are projected to support the growth of the market in the residential segment is increasing urbanization and increasing purchasing power of the consumers. As increasing urbanization, the urban population is been increasing and has led to increase in demand for health and utility infrastructure. Thus, increasing the demand for electricity, further propelling the market growth. Additionally, increasing adoption of electric vehicles is increasing the demand for electricity. Thus, providing the opportunity for the market. Moreover, the increasing awareness concerning clean energy usage is anticipated to surge the solar power equipment installation, thereby propelling the market growth over the forecast period.
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Government initiatives as well as Increasing Demand for Smart Cities.
In the emerging economies such as India, China, and Brazil governments are offering policies in order to encourage citizens to install rooftop solar systems and are conducting creative awareness programs. The government are also granting subsidies for such projects. For instance, in India, the Central Government pays 30% of the benchmarked installation cost for rooftop PV systems as per the Ministry of New and Renewable Energy. Additionally, the demand for smart cities is increasing swiftly. This is increasing the demand for electricity. In addition to this, the several initiatives taken by government to motivate people regarding green energy is further increasing the demand for solar power equipment. Consequently, driving the market growth.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Solar Power Equipment market is predicted to grow at a CAGR of roughly 11.10% during the forecast period.
- The Solar Power Equipment market was estimated to be worth roughly USD 102.8 Billion in 2021 and is expected to reach USD 193.3 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Solar Power Equipment market.
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Segmentation of Global Solar Power Equipment Market:
- Equipment
- Solar Panels
- Mounting, Racking, & Tracking System
- Storage System
- Others
- Application
- Residential
- Non residential
- Utility
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Solar Power Equipment Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Holds Maximum Market Share
Asia Pacific is expected to dominate the growth of Solar Power Equipment Market in 2021. The major driving factors for the market are presence of presence of the prominent market players in the region. Additionally, Advanced Encryption Standards (AES) are helping in mounting the demand for encrypted USB flash drives. Thus providing the opportunity for the market, further propelling to market growth.
List of Prominent Players in the Solar Power Equipment Market:
- ABB Group
- Canadian Solar
- First Solar Inc.
- Hanwha Q CELLS
- JA Solar
- Jinko Solar
- LONGi Solar
- Shun feng International
- SunPower Corporation
- Trina Solar
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Solar Power Equipment Market Size, Share & Trends Analysis Report by Equipment (Solar Panels, Mounting, Racking, & Tracking System, Storage System, Others), by Application (Residential, Non residential, Utility), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/solar-power-equipment-market-341048
Recent Developments:
May 2020: The world's largest solar power plant, The Noor Energy 1 facility is a hybrid 700MW concentrated solar power (CSP) and 250MW photovoltaic (PV) plant and is being built for the Dubai Electricity and Water Authority (DEWA) by a consortium led by DEWA and ACWA Power. They say the project will increase the share of the city's clean energy to 25% by 2030 allowing a saving of 1.6 million tonnes of carbon dioxide.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Solar Power Equipment Market?
- How will the Solar Power Equipment Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Solar Power Equipment Market?
- What is the Solar Power Equipment market drivers and restrictions?
- What will be the CAGR and size of the Solar Power Equipment Market throughout the forecast period?
This market titled “Solar Power Equipment Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Equipment ° Solar Panels ° Mounting, Racking, & Tracking System ° Storage System ° Others • Application ° Residential ° Non residential ° Utility • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • ABB Group • Canadian Solar • First Solar Inc. • Hanwha Q CELLS • JA Solar • Jinko Solar • LONGi Solar • Shun feng International • SunPower Corporation • Trina Solar |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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