Solar Power Equipment Market to Reach $310.4 Bn, Globally, by 2030 at 11.3% CAGR: Allied Market Research

Increase in demand for clean energy, supportive government policies and incentives, and reduced prices drive the growth of the global solar power equipment market.

PORTLAND, Ore., March 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Power Equipment Market by Equipment (Solar Panels; Mounting, Racking, & Tracking System; Storage System; and Others) and Application (Residential, Nonresidential, and Utility): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global solar power equipment industry generated $101.9 billion in 2020, and is expected to reach $310.4 billion by 2030, witnessing a CAGR of 11.3% from 2021 to 2030.

Drivers, Restraints, and Opportunities

Increase in demand for clean energy, supportive government policies and incentives, and reduced prices drive the growth of the global solar power equipment market. However, surged dependency on solar radiation and high initial and installation costs of equipment hinder the market growth. On the other hand, innovative technological advancements create new opportunities in the coming years.

Download Sample PDF: https://www.alliedmarketresearch.com/request-sample/4271

Covid-19 Scenario

• There has been a significant increase in demand for electricity during the Covid-19 pandemic due to lockdown and adoption of work from home culture. This led to increased demand for solar power equipment.
• In addition, the total shipments by solar panel manufacturers increased by nearly 7% from 2019 to 2020. This highlights that there was no significant impact on the solar power equipment market growth.

The solar panels segment to maintain its lead position throughout the forecast period

• Based on equipment, the solar panels segment accounted for the highest market share in 2020, holding nearly three-fifths of the global solar power equipment market, and is expected to maintain its lead position throughout the forecast period. This is due to its versatility of usage in residential, commercial, and utility applications. However, the mounting, racking, & tracking system segment is projected to portray the highest CAGR of 12.2% from 2021 to 2030, owing to its requirement for the efficient harnessing of energy in solar farms.

Get detailed COVID-19 impact analysis on the Solar Power Equipment Market: https://www.alliedmarketresearch.com/request-for-customization/4271

The utility segment to maintain its leadership status throughout the forecast period

Based on application, the utility segment held the highest market share in 2020, accounting for nearly three-fifths of the global solar power equipment market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to favorable government policies in countries such as India and various international cooperation agreements regarding usage of renewable energy. However, the residential segment is projected to manifest the fastest CAGR of 11.9% from 2021 to 2030, owing to increase in energy prices and awareness among the masses regarding cost of utilizing renewable energy.

North America to grow at the fastest CAGR

Based on region, North America is estimated to portray the largest CAGR of 12.2% during the forecast period, owing to high investment in renewable energy and large number of private companies in the region. However, Asia-Pacific contributed to the highest market share in terms of revenue in 2020, accounting for nearly half of the global solar power equipment market, and is expected to maintain its dominant share by 2030. This is due to high energy demand fueled by a large population and various supportive government initiatives.

Leading Market Players

• ABB Group
• Canadian Solar
• First Solar Inc.
• Hanwha Q CELLS
• JA Solar
• JinkoSolar
• LONGi Solar
• Shunfeng International
• SunPower Corporation
• Trina Solar

Interested in Procure Data? Visit: https://www.alliedmarketresearch.com/purchase-enquiry/4271

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenueTrial

Similar Reports We Have:

Solar Shading Systems Market - Global solar shading systems market is projected to reach $21,348.2 million by 2027, registering a CAGR of 3.9% from 2020 to 2027.

Building integrated photovoltaic (BIPV) skylights Market - Global building-integrated photovoltaic skylights market is expected to reach $5,447.6 million by 2030, registering a CAGR of 15.3% from 2021 to 2030.

India Energy Management Systems Market - The India Energy Management Systems Market is expected to reach $2,145 million by 2023, growing at a CAGR of 19.1% during the forecast period.

Structural Insulated Panels Market - Global structural insulated panels market is projected to reach $786.6 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.       

Pre-Book Now with 10% Discount:
Floating Solar Panel Market - Industrial opportunity Analysis and Industry Forecast, 2022-2029

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada): +1-800-792-5285,
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on | Facebook | Twitter | LinkedIn

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg