Solar photovoltaic equipment helps directly converting sunlight into electricity. The photovoltaic effect helps in creating the flow of electrons inside the module, which can maximize by the increased hours of exposure to sunlight.
The global solar photovoltaic equipment market expected to increase market value by USD 200.32 billion with exponential CAGR in the forecast period from 2020-2027. The market demand for solar photovoltaic equipment is rising at an impressive rate owing to various measures to encourage the development of photovoltaics and coupled with increasing requirement of power plants to increase their installed capacity renewable energy power generation.
Technological innovation is the key to improving efficiency, reducing costs, and making extensive use of solar power. Technical innovation is also the backbone of solar energy to promote energy transformation and, ultimately, become an essential part of the global energy structure.
Solar photovoltaic equipment supports the photovoltaic industry’s manufacturing process, improving photoelectric conversion efficiency and reducing the cost of photovoltaic power generation.
Moreover, increasing emphasis on the use of green and eco-friendly energy and rising construction activities expected to propel the growth of the global solar photovoltaic equipment industry. Additionally, being a renewable source of energy, solar power equipment helps to meet specific goals for secure, reliable, and affordable energy. Thus, providing electricity access with lesser price variations. Furthermore, new solar power projects undertaken by the key players boost the growth of the market.
The use of solar photovoltaic equipment has various economic advantages such as it is inexhaustible, and no tax is levied when receiving solar energy and can be used anywhere. From the perspective of the construction cost of solar photovoltaic power stations, with the large-scale application, the upstream crystalline silicon industry and photovoltaic power generation technology are becoming mature. Thus, increase the market demand for solar photovoltaic equipment in the development of industrial and commercial use.
Solar energy, like clean energy such as wind energy and tidal energy, produces almost no pollution when it is developed and utilized. Its unlimited reserves make it an ideal alternative energy source for humanity. The traditional fossil fuels (coal, oil, and natural gas) emit a lot of toxic and hazardous substances during use. Therefore, an urgent need to develop cleaner and new alternative energy sources. Solar energy, as a relatively ideal clean energy source, is receiving increasing attention from all countries in the world.
Based on the voltage type, the global solar photovoltaic equipment market segment into 400V, 600V, 1000V & 1500V. The 1000V & 1500V section estimated to dominate the maximum share of the global solar photovoltaic equipment market. Solar panels produce direct current voltage, when connected to an electric circuit, they generate direct current (DC). The energy of 1,000 or 1,500 volts from the solar strings down to the (AC) grid voltage. Thereby, to lower the cost of electrical components, large-scale PV developers and EPCs are looking to next-generation 1500 Volt system designs and systems that use distributed power conversion (DPC) in 1000-volt environments.
Based on installation-mode, the global solar photovoltaic equipment market classified into Ground Mounted and Rooftop. The rooftop segment dominated the largest market share in the global solar photovoltaic equipment market. The main growth drivers of rooftop solar markets are in the commercial and industrial sectors due to photovoltaics being cheaper than commercial and industrial electricity prices and the average electricity price. Therefore, the use of photovoltaics will reduce the cost of electricity for industrial and business users. Moreover, in the forecast period, the cost of photovoltaic installations decline, and retail electricity price will rise, and then the adoption of solar photovoltaic equipment will fuel the market growth.
Based on end-user, the global solar photovoltaic equipment market segmented into Industrial, Commercial & Residential. The industrial segment is dominating the market share for the global solar photovoltaic equipment market. It is mainly to the rising investment in utility projects to reduce the cost of electricity, and the adoption of renewable energy is propelling the demand for solar photovoltaic equipment.
Based on the module type, the global solar photovoltaic equipment market categorized into Monocrystalline, Polycrystalline & Thin Film. The monocrystalline segment captures the largest market share in the global solar photovoltaic equipment market. The monocrystalline also refers to as a single crystalline that has 15% of operating efficiency. The monocrystalline drive features are used for industrial purposes as mono-si solar panels have a longer shelf life, space efficiency, and an operating efficiency due to the use of the highest grade of silicon during manufacturing.
Based on type, the global solar photovoltaic equipment market classified into Circuit Configuration, Module Mounting Systems, Solar Charge Controllers. The module mounting systems are dominating the market share of the global solar photovoltaic equipment market. It is mainly due to the modular design that reduces the installation time, and cost and pre-assembled mounting structure also help reduce the risk of accident to installers while installing on rooftops.
Based on geography, the global solar photovoltaic equipment market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing global solar photovoltaic equipment market, accounting for the largest share. It is mainly to the adoption of environment-friendly techniques, raising awareness for the use of innovative green technologies.
Companies such as Hanwha, First Solar, SunPower, Elkem Solar, Sharp, Kyocera Solar, Solar Frontier, Solarworld, NSP, Trina Solar, Canadian Solar, Jinko Solar, JA Solar, GCL System Integration, Yingli, Shunfeng, ReneSola, Risen, Chint Group, Hareonsolar, Eging PV, CSUN, BYD, HT-SAAE and other key players in the global solar photovoltaic equipment market.
By Installation Mode
By Module Type
By Voltage Type