A new report published by Allied Market Research has projected that the global solar power equipment market will reach $188,304 million in 2025, growing at a CAGR of 12.5 per cent.
The research study titled ‘Solar Power Equipment Market: Global Opportunity Analysis and Industry Forecast, 2018 – 2025’ indicated that the projected increase rose from $76,270.6 million in 2017.
Specifically, the key findings from the study on the solar power equipment market are that based on application, the residential segment is projected to grow at the highest CAGR of 13.3% during the forecast period; and Asia-Pacific generated the highest revenue in 2017 and is anticipated to grow at a significant CAGR.
Others include, that the solar panel segment generated the highest revenue in 2017 and is estimated to grow at the rate of 12.2 percent; and in Asia-Pacific, China accounted for the largest market share in 2017.
According to the research firm, the utility segment of the market accounted for more than half of the market share in 2017 and is expected to witness significant growth during the forecast period.
The report hinged the growth of the global solar power equipment market on the rising construction projects and a surge in demand for electricity across of the world.
Allied Market Research reported further that in addition, the ability of home solar panels to improve carbon footprint and to reduce electric bill were expected to provide a remunerative opportunity for the growth of the solar power equipment industry.
Similarly, it noted that the rise in demand for electricity had augmented the need for concentrated solar power systems.
The study indicated also that efficient conversion of solar energy into useable energy forms had enhanced the demand for monocrystalline and polycrystalline silicon cells, stating however, that constant fluctuations in climate conditions hinder the solar power equipment industry growth, specifically in snowfall- and rainfall-prone regions.
The research firm also projected that based on the application, the utility segment was expected to account for the largest share in the global market during the forecast period, due to increase in investments to initiate large-scale solar power projects in North American and Asia-Pacific.
“Based on the equipment segment, solar panels is expected to hold maximum share, growing at a significant CAGR during the forecast period. This is attributed to the decline in the cost of panels, which in turn has propelled their adoption in residential and commercial segments”, the report stated.
The key players profiled in the report include ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, and Trina Solar.