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. Solar power equipment is used to capture the sun’s energy and convert it to electricity for utilization in the industrial, commercial, utility, or residential sectors.
New York, May 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Solar Power Equipment Market Size, Share & Industry Trends Analysis Report By Equipment, By Application, By Regional Outlook and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06273384/?utm_source=GNW
Solar power systems are made up of a variety of components that transform solar energy into electricity, store it, and then supply it as needed.
A solar energy system is a significant part of solar power equipment. Solar power equipment assists in harnessing the sun’s energy, reducing carbon emissions, and lowering or eliminating electricity bills. In the coming years, all of these elements are anticipated to augment the growth of the solar power equipment market. In addition, in response to growing global energy crises, a number of international organizations are developing significant solutions for implementing renewable energy-based technology. As a result, they are now concentrating on taking rigorous actions to manage present carbon dioxide emission amounts while also monitoring future emission intensity. The construction of renewable energy-generating sources such as wind power, solar power, and others, would significantly help in developing green energy sources, hence, the demand for these sources would rapidly increase throughout the forecasting years.
The penetration of renewable power equipment is likely to be driven by a number of factors, including rising global warming, increased awareness of renewables, and fuel cost reduction. Additionally, it is predicted that the use of solar power equipment in non-residential, residential, and utility applications would increase in the near future. In addition, in this market, there is currently no direct substitute available. As a result, the concern about the availability of substitute products is minimal.
According to the International Energy Agency (IEA), renewable energy generation would increase by 7% in 2020, with solar PV and wind technologies accounting for over 60% of this increase. Renewable energy’s proportion in worldwide electricity generation increased by two percentage points each year, reaching over 29 percent in 2020.
The COVID-19 outbreak was one of the most hazardous pandemics of the century. The advent of the novel coronavirus caused a major disruption to economies all over the world. It demolished numerous small as well as large businesses. In addition, the COVID-19 pandemic forced governments across the world to enforce lockdowns in their countries. The stringent regulations under the lockdown completely evolved consumer behavior. Moreover, due to travel restrictions, imports and exports of various goods were hauled, due to which, the supply chain of these goods, as well as their comprehensive goods, were significantly disrupted. Due to imposed lockdowns and travel limitations, the COVID-19 pandemic brought a favorable impact to the outdoor solar power equipment sector.
Market Growth Factors
Increasing demand for rooftop solar panels
There has been a rise in the demand for solar panels in residential rooftop applications. Prices for essential components such as polysilicon and silver, which are used to make solar cells, have reduced dramatically. Solar panels make no noise and emit no pollutants. The decline in prices for industrial commodities utilized in the production of solar panels, as well as increasing price predictions for natural gas and electricity, are the primary reasons for increasing …….