Published Date: 12-May-22
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According to a new report, published by KBV research, The Global Solar Power Equipment Market size is expected to reach $202.4 billion by 2027, rising at a market growth of 11.3% CAGR during the forecast period.
The Solar Panels segment acquired the maximum revenue share in the Global Solar Power Equipment Market by Equipment in 2020, thereby, achieving a market value of $65.2 billion by 2027. The industry is primarily driven by an increase in worldwide public awareness of the significance of harnessing renewable energy sources, along with supportive government programs and ordinances. Additionally, the market is also growing as a result of an increase in the demand for solar power equipment from both residential and commercial sectors. People across these sectors are widely employing solar panels in order to reduce the consumption of electricity due to the constantly rising electricity prices.
The Residential segment is showcasing a CAGR of 11.7% during (2021 - 2027). The increasing demand for solar power equipment across the residential sector is owing to the fact that administrations and governments in various countries have played a key role in offering subsidies to encourage solar energy. Moreover, the decreasing costs of solar have also been a major factor in increasing the demand for this technology in the residential sector. The total lowering in the cost per watt of silicon PVCs have been aided by active feed-in tariff programs in many countries. The segment's growth is also being aided by an increase in construction activities all over the world.
North America is the fastest growing region in the Global Solar Power Equipment Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $45.9 billion by 2027. The Europe market is estimated to witness a CAGR of 10.7% during (2021 - 2027). Additionally, The Asia Pacific market would experience a CAGR of 11.6% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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