Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Solar Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The latest research sheds light on the Solar Equipment Market's remarkable growth trajectory, with projections indicating a robust CAGR of 15.19% through 2028, from a valuation of USD 122.08 billion in 2022. Key market drivers underpinning this expansion include government initiatives, technological developments, and the falling costs of solar panels.
A pivotal sector driving global shifts towards sustainable energy, the Solar Equipment Market caters to a myriad of applications, encompassing residential, commercial, industrial, and utility-scale users. The market predominantly features technologies enabling solar energy harnessing and conversion into electricity or thermal energy, including sophisticated solar panels, inverters, and tracking systems.
Momentum Fueled by Conducive Policies and Cost-Efficient Innovations
Governments worldwide are championing renewable energy through favorable policies and incentives such as feed-in tariffs, investment tax credits, net metering, and renewable portfolio standards. Those measures are proving instrumental in accelerating the adoption of solar power, substantially contributing to the industry's growth.
Furthermore, the economic landscape of solar equipment is being reshaped by the significantly reduced cost of solar panels, making the technology more attainable for a broader consumer base. Innovations fostering efficiency, alongside increased manufacturing productivity, position solar power as a front-runner in the transition to renewable energy sources.
- Asia Pacific Leading the Charge: Capturing over 50% of the global market share in 2022, the Asia Pacific region is anticipated to maintain its lead, spurred by the heightened demand for clean energy in major economies such as China, India, and Japan.
- North American Market Propelling Forward: With over 20% of the global stake, the North American market, largely dominated by the United States, continues to scale due to progressive government initiatives and the declining costs of solar technology.
- Europe's Steady Growth: Holding over 15% of the market share, Europe demonstrates consistent growth facilitated by robust government support and an increasing shift towards renewable energy, with Germany at the helm of the region's development.
Innovations in Solar Technology Paving the Way
Technological advancements are significantly augmenting solar equipment capabilities, especially through bifacial solar panels, perovskite solar cells, and sophisticated inverters. Additionally, the integration of energy storage solutions addresses one of solar power's primary limitations—intermittency—ensuring a more stable and reliable energy supply.
Utility Sector Dominates Market Growth
The utility segment of the Solar Equipment Market held the largest share in 2022 and is anticipated to continue its upward trend. Utility-scale solar projects stand out for their expansive generation capacity, enabling mass electricity production with the benefits of economies of scale, improved efficiency, and grid stability.
The report's comprehensive analysis provides detailed insights into the market divisions, including equipment type, application scope, and regional distribution, painting a complete picture of the current landscape and future prospects of the solar equipment industry.
With its extensive coverage, this research offers valuable intelligence, highlighting the promising opportunities and comprehensive market dynamics that stakeholders, investors, and industry participants can leverage for strategic planning and informed decision-making.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $122.08 Billion |
| Forecasted Market Value (USD) by 2028 | $287.76 Billion |
| Compound Annual Growth Rate | 15.1% |
| Regions Covered | Global |
Report Scope:
In this report, the Global Solar Equipment Market has been segmented into the following categories:
Solar Equipment Market, By Equipment:
- Solar Panels
- Mounting and Racking Systems
- Tracking System
- Storage System
- Others
Solar Equipment Market, By Application:
- Residential
- Non-Residential
- Utility
Companies Profiled:
- JinkoSolar Holding Co., Ltd.
- JA Solar Technology Co., Ltd.
- Trina Solar Co., Ltd.
- LONGi Solar Technology Co., Ltd.
- Canadian Solar Inc.
- First Solar, Inc.
- Hanwha Q CELLS Co., Ltd.
- Risen Energy Co., Ltd.
- Talesun Solar Technology Co., Ltd.
- Shunfeng International Clean Energy Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/8jae3m
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