Heat and radiating light from the sun can be captured and used to create electricity using technologies like solar power. The term "solar power equipment" refers to a variety of devices and systems intended to either collect solar radiation, transform it into electrical energy, or carry out additional solar-related tasks. The phenomenon known as the photovoltaic effect occurs when PV (photovoltaic) solar panels are exposed to sunlight and generate energy in the form of a direct current charge. By preventing the dangerous emissions of greenhouse gases, solar panel installation in homes contributes to the reduction of global warming. They are clean, do not cause any pollution and lessen our dependency on conventional power sources and fossil fuels.
Global Solar Power Equipment Market Driving Factors and Challenges
One major element driving market expansion is the rising demand for solar power equipment goods and services, which is being caused by factors like urbanization, population increase, and shifting consumer preferences. Growth in the industry is encouraged by supportive government laws, rules, and incentives that support the use of solar power generation equipment, including carbon pricing schemes and subsidies for renewable energy projects. Adoption of solar power equipment is being driven by growing awareness of environmental sustainability and the need to minimize carbon emissions, especially for renewable and eco-friendly options. Due to economies of scale, advancements in technology, and increased rivalry, there has been a continuous decrease in the cost of producing and installing solar power equipment, which has made these solutions more accessible and inexpensive.
Compared to conventional energy sources, the initial installation costs might still be substantial even if the price of solar power equipment has declined over time. Certain people and businesses may find it prohibitive to purchase solar panels, inverters, batteries, and other components up front, particularly in areas where financing options are few. Solar energy is an erratic energy source since it depends on the presence of sunshine. Grid integration is hampered by this intermittency, which calls for energy storage or backup systems to guarantee a steady supply of electricity. Certain regions may be limited by the expense and intricacy of incorporating solar energy into their current power systems.
Impact of COVID-19 on Global Solar Power Equipment Market
The market expansion for solar power equipment was largely unaffected by the COVID-19 epidemic. Raw materials were in short supply, and product delivery was delayed as a result of the pandemic's effects on the supply chain and industrial processes. Sales and production levels of solar power equipment items decreased as a result of the condition. Furthermore, the pandemic's uncertainty reduced consumer spending, causing the market to suffer even more. But as a result of the outbreak, the market had also seen an increase in demand across a number of sectors, including e-commerce and healthcare. Additionally, solar panel manufacturers' overall shipments have increased.
Global Solar Power Equipment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as ABB Group, Canadian Solar, First Solar Inc., JA Solar, JinkoSolar, Shunfeng International, SunPower Corporation, Trina Solar, LONGi Solar, and Hanwha Q CELLS.
Global Solar Power Equipment Market Segmentation:
By Product: Based on the Type, Global Solar Power Equipment Market is segmented as; Solar Panels, Mounting and Racking System, Tracking System, Storage System, Others.
By Application: Based on the Application, Global Solar Power Equipment Market is segmented as; Residential, Commercial, Industrial, Utility.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.