The Asia Pacific Solar Power Equipment Market would witness market growth of 11.6% CAGR during the forecast period (2021-2027).
The widespread utilization of fossil fuels for a variety of purposes, including transportation and energy generation, has had a significant negative influence on the environment, leading to a rise in global warming. As a result of increased worldwide awareness of fossil fuel depletion and its harmful impact on the environment, the demand for renewable energy supplies such as solar energy has emerged. The reduction of carbon emissions, while maximizing renewable energy resources is one of the most important requirements of the modern era. As a result, governments all over the world have implemented laws and measures to strengthen the renewable energy industry. Due to this, the number of domestic, nonresidential, and commercial solar energy users has surged, developing a market for solar power equipment.
The rising attention of governments in numerous nations to rely on solar energy has also driven the demand for solar power equipment. For example, approximately, 30% additional solar energy capacity in 2018 was installed all over the world. Solar power's ability to generate electricity without any fuel expenses, global warming, and risk of fuel price surges has been a significant driver in its adoption across the world. The solar power equipment market is also driven by a desire to lessen reliance on foreign oil and fossil fuels.
To endorse the significance of clean energy, the government of India established the International Solar Alliance, which strives to promote solar energy utilization while reducing reliance on fossil fuels. Countries from all over the world have shown interest to become a part of this alliance. Over the next ten years, the Asia Pacific market is expected to grow at a high rate. This is due to an increase in solar system installation, government programs to upgrade and optimize the utilization of renewable energy, as well as policies such as feed-in-tariff, particularly in China and India. Additionally, increased public awareness of the advantages of solar energy is aiding the growth of the solar power equipment market. Moreover, increased demand for clean and renewable energy, rapid urbanization, industrialization, and economic growth are predicted to boost the region's solar power equipment market.
The China market dominated the Asia Pacific Solar Power Equipment Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $27,260.6 Million by 2027. The Japan market is anticipated to grow at a CAGR of 10.9% during (2021 - 2027). Additionally, The India market would display a CAGR of 12.3% during (2021 - 2027).
Based on Equipment, the market is segmented into Solar Panels, Mounting, Racking, & Tracking System, and Storage System, and Others. Based on Application, the market is segmented into Utility, Residential, and Non-Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Solar Power Equipment Market is Projected to reach USD 202.4 Billion by 2027, at a CAGR of 11.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Canadian Solar Inc., First Solar, Inc., Hanwha Q CELLS Co., Ltd., LONGi Green Energy Technology Co., Ltd., SunPower Corporation, Shunfeng International Clean Energy Co., Ltd., Jinko Solar Holding Co., Ltd., Trina Solar Co., Ltd., JA Solar Holdings Co., Ltd., and ABB Group.
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