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Solar Equipment Market 2022- Growth, Business Development, Forecast Till 2029

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  • Tip Bones

Research Nester published a report titled “Solar Equipment Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global solar equipment market in terms of market segmentation by solar system type, type of equipment, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global solar equipment market is segmented by type of equipment into solar panels, energy storage systems, power meters, and accessories, out of which, the solar panels segment is anticipated to hold the largest market share by the end of 2021, owing to the growing demand for solar panels from the end-users, especially residential and commercial sectors, along with the fact that these equipment are very important for harnessing the solar energy. Further, the global solar panel market is also expected to grow with a significant CAGR of close to 26% during 2018-2027.

The global solar equipment market is projected to grow with a significant CAGR during the forecast period, i.e., 2021-2029, owing to the factors such as growing production of energy from solar systems, environmental benefits associated with these systems, along with the low operational costs. The International Renewable Energy Agency (IRENA), in one of its statistics, stated that solar energy production reached 562033 GWh in 2018 from 33813 GWh in the year 2010.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

Regionally, the global solar equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions, out of which, the market in North America is projected to hold the largest market share by the end of 2029, backed by the lucrative federal tax credit incentives initiated by the government of the U.S. for the greater adoption of solar equipment, and the rising adoption of solar farms in the region.

Shift in Preference of Customers Towards Environmentally Beneficial Energy Sources

One of the major sources of environmental pollution can be attributed to the production of electricity from conventional fuel sources, which according to the World Bank, grew by 1.09 times between 2010 and 2012, and further reached 3.28% of total electricity production from oil sources, in the year 2015. As a result, there is a shift in preference of the customers, with the support of the government through various lucrative incentives and regulatory support for the increasing adoption of renewable sources of energy, such as solar equipment, which is anticipated to drive the market growth in the coming years.

However, the availability of low-cost alternatives, along with the high dependency on fossil fuels for energy are expected to operate as key restraint to the growth of global solar equipment market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global solar equipment market which includes company profiling of Trina Solar Co. Ltd. (SHA: 688599), Hanwha Solutions Co., Ltd. (Hanwha Q CELLS) (KRX: 009830), JA SOLAR Technology Co., Ltd. (SHE: 002459), General Electric (NYSE: GE), Canadian Solar Inc. (NASDAQ: CSIQ), Indosolar Limited (NSE: INDOSOLAR), Schneider Electric SE (EPA: SU), ABB Ltd. (NYSE: ABB), SunPower Corporation (NASDAQ: SPWR), and First Solar, Inc. (NASDAQ: FSLR).

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global solar equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.