Global Solar Equipment Market Size 2021-2029

Introduction to Solar Equipment

Solar equipment consists of all the devices and components that help to harness the energy from the sun. These usually include solar panels (also known as solar photovoltaic cells), energy storage systems, and other accessories. The equipment are deployed either in homes or in commercial and industrial organizations and are either tied to the grid (also known as on-grid or grid-tied solar systems) or are untied (also known as off-grid solar systems)

Research Nester published a report titled “Solar Equipment Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global solar equipment market in terms of market segmentation by solar system type, type of equipment, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

Market Size and Forecast

The global solar equipment market is thriving on account of the numerous benefits associated with the use of solar panel systems, such as low operational costs, lowering carbon emission, lowering energy bills, and others, along with the increasing production of solar energy. According to the statistics by International Renewable Energy Agency (IRENA), production of solar energy increased from 33813 GWh in the year 2010 to 562033 GWh in 2018.

The global solar equipment market is projected to grow with a significant CAGR during the forecast period, i.e., 2021-2029, owing to the factors such as growing production of energy from solar systems, environmental benefits associated with these systems, along with the low operational costs. The International Renewable Energy Agency (IRENA), in one of its statistics, stated that solar energy production reached 562033 GWh in 2018 from 33813 GWh in the year 2010.

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Regionally, the global solar equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions, out of which, the market in North America is projected to hold the largest market share by the end of 2029, backed by the lucrative federal tax credit incentives initiated by the government of the U.S. for the greater adoption of solar equipment, and the rising adoption of solar farms in the region.

Shift in Preference of Customers Towards Environmentally Beneficial Energy Sources

One of the major sources of environmental pollution can be attributed to the production of electricity from conventional fuel sources, which according to the World Bank, grew by 1.09 times between 2010 and 2012, and further reached 3.28% of total electricity production from oil sources, in the year 2015. As a result, there is a shift in preference of the customers, with the support of the government through various lucrative incentives and regulatory support for the increasing adoption of renewable sources of energy, such as solar equipment, which is anticipated to drive the market growth in the coming years.

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