Global Solar Power Equipment Market Size, Share, Growth Analysis, By By Equipment(Solar Panels, Mounting), By By Application(Residential, Nonresidential)

Description

Global Solar Power Equipment Market size was valued at USD 113.22 billion in 2022 and is poised to grow from USD 125.67 billion in 2023 to USD 289.62 billion by 2031, growing at a CAGR of 11% during the forecast period (2024-2031).

In recent years, the global solar power equipment market has seen impressive growth, fueled by rising awareness of renewable energy, declining costs of solar panels, and escalating environmental concerns. This equipment encompasses various components such as solar panels, inverters, mounting systems, and energy storage solutions, all vital for solar energy generation systems. Key drivers propelling market expansion include government incentives, supportive policies, and efforts to curb carbon emissions. The shift towards cleaner energy sources, coupled with technological advancements and manufacturing enhancements, has resulted in enhanced efficiency and affordability of solar equipment, leading to a surge in installations across residential, commercial, and utility-scale sectors. Furthermore, innovations in energy storage solutions have emerged to tackle intermittent solar generation, facilitating better grid integration and uninterrupted power supply. Additionally, emerging trends such as bifacial solar panels, floating solar farms, and building-integrated photovoltaics (BIPV) are reshaping the industry landscape.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Solar Power Equipment Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Solar Power Equipment Market Segmental Analysis

The global solar power equipment market is segmented on the basis of Equipment, Application, and region. By Equipment, the market is segmented into Solar Panels, Mounting, Racking, & Tracking System, Storage System, Others. By Application, the market is segmented into Residential, Nonresidential, Utility. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Solar Power Equipment Market

The increasing global emphasis on sustainable and clean energy solutions has spurred a significant demand for solar power technology. Solar energy, being a renewable source, not only curtails greenhouse gas emissions but also diminishes reliance on fossil fuels, thus harmonizing with worldwide endeavors to combat climate change.

Restraints in the Global Solar Power Equipment Market

While the expense of setting up solar power infrastructure has decreased over time, the upfront investment remains considerable, potentially dissuading prospective customers, particularly in areas with restricted financial incentives or subsidies.

Market Trends of the Global Solar Power Equipment Market

The global solar power equipment market is experiencing a consistent trajectory of technological advancements and efficiency enhancements geared towards optimizing the effectiveness and productivity of solar energy systems. Breakthroughs in solar panel designs, materials, and production techniques have resulted in increased energy conversion efficiencies and decreased expenses. Examples include the creation of higher-efficiency photovoltaic cells, bifacial solar panels, and thin-film technologies, enabling superior sunlight utilization and versatile installation possibilities. These innovations are accelerating the adoption of solar power by rendering it economically feasible and increasingly competitive against conventional energy sources.

Product Code: SQMIG55F2034

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Solar Power Equipment Market by By Equipment

Market Overview
Solar Panels
Mounting
Racking
& Tracking System
Storage System
and Others

Global Solar Power Equipment Market by By Application

Market Overview
Residential
Nonresidential
and Utility

Global Solar Power Equipment Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021

Key Company Profiles

First Solar, Inc. - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
JinkoSolar - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Canadian Solar Inc. - Canada
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Trina Solar - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
JA Solar Holdings - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hanwha Q Cells Co., Ltd. - South Korea
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
LONGi Green Energy Technology Co., Ltd. - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Renesola Ltd. - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Vivint Solar - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SunPower Corporation - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SMA Solar Technology AG - Germany
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Enphase Energy, Inc. - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ABB Group - Switzerland
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Huawei Technologies Co., Ltd. - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SolarEdge Technologies, Inc. - Israel
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
GCL-Poly Energy Holdings Limited - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sungrow Power Supply Co., Ltd. - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Yingli Green Energy Holding Company Limited - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Kyocera Corporation - Japan
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sunrun Inc. - USA
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
REC Group - Norway
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sungrow Power Supply Co., Ltd. - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Shunfeng International Clean Energy Limited (SFCE) - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sharp Corporation - Japan
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Risen Energy Co., Ltd. - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Solar Power Equipment Market Size, Share, Growth Analysis, By By Equipment(Solar Panels, Mounting), By By Application(Residential, Nonresidential) - Industry Forecast 2023-2030