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

Drivers, Restraints, and Opportunities 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:...

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.

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Covid-19 Scenario

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

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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

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