Solar Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Equipment (Solar Panels, Mounting and Racking Systems, Tracking System, Storage System, Others), By Application (Residential, Non-Residential, Utility), By Region, By Competition 2019-2029

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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 122.08 Billion

Market Size (2029)

USD 287.76 Billion

CAGR (2024-2029)

15.19%

Fastest Growing Segment

Utility

Largest Market

Asia Pacific

 

Market Overview

Global Solar Equipment Market was valued at USD 122.08 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 15.19% through 2029. The Solar Equipment market encompasses the production, distribution, and utilization of various technological components and systems designed for harnessing solar energy from the sun and converting it into electricity or thermal energy. This market primarily revolves around equipment and devices used in solar power generation, including solar panels (photovoltaic cells), solar inverters, mounting and tracking systems, solar thermal collectors, and associated electrical and control components.

Solar equipment serves as the backbone of solar energy systems, enabling the capture, conversion, and utilization of renewable solar energy for diverse applications. Photovoltaic solar panels are perhaps the most recognizable component, as they convert sunlight into electricity through the photovoltaic effect. In contrast, solar thermal equipment focuses on using sunlight to heat fluids for applications such as space heating, water heating, and industrial processes.

The Solar Equipment market is pivotal in the global shift toward clean and sustainable energy sources. It plays a crucial role in reducing carbon emissions, mitigating climate change, and providing a reliable and renewable energy source for residential, commercial, industrial, and utility-scale applications. As environmental concerns grow and the demand for renewable energy solutions rises, the Solar Equipment market continues to expand and innovate, contributing to a greener and more sustainable future.

Key Market Drivers

Government Incentives and Policies

Government incentives and policies play a pivotal role in driving the global solar equipment market. As nations increasingly prioritize renewable energy sources to mitigate climate change and reduce dependence on fossil fuels, governments have introduced a range of incentives and regulations to encourage solar adoption. These policies include tax credits, rebates, feed-in tariffs, and renewable portfolio standards.

Tax credits are among the most influential incentives. For instance, the Investment Tax Credit (ITC) in the United States offers a substantial tax reduction for both residential and commercial solar installations, stimulating significant demand for solar equipment. Similarly, feed-in tariffs guarantee fixed payments for solar energy producers, creating a steady income stream and attracting investments in solar infrastructure.

renewable portfolio standards mandate a certain percentage of a nation's energy to come from renewable sources, prompting utilities to invest in solar power generation. These government-driven initiatives create a favorable economic environment for solar equipment manufacturers and installers, fostering market growth.

Falling Solar Panel Costs

The plummeting cost of solar panels is a key driver behind the global solar equipment market's expansion. Over the past decade, advancements in solar technology, increased manufacturing efficiency, and economies of scale have led to a significant reduction in solar panel prices. This cost decline has made solar energy more accessible and appealing to residential, commercial, and industrial consumers alike.

Technological innovations, such as higher efficiency solar cells and thinner, more durable materials, have boosted solar panel performance while lowering production costs. Additionally, increased competition in the solar equipment manufacturing sector has intensified cost-cutting efforts, making solar energy an increasingly cost-competitive option compared to traditional fossil fuels.

Environmental Concerns and Sustainability

Growing environmental concerns and a heightened focus on sustainability are driving the global solar equipment market. With the dire consequences of climate change becoming increasingly apparent, individuals, businesses, and governments worldwide are seeking cleaner and greener energy alternatives. Solar power represents a sustainable solution that produces electricity without greenhouse gas emissions or other harmful pollutants.

Consumers are increasingly choosing solar energy to reduce their carbon footprint and contribute to a more sustainable future. Businesses, too, are adopting solar power to meet corporate social responsibility goals and improve their environmental reputation. Governments are promoting solar energy as a means of achieving renewable energy targets and reducing their countries' overall carbon emissions.

This growing environmental awareness and the desire to transition to cleaner energy sources are propelling the demand for solar equipment globally, making it a driving force in the energy transition.

Government Policies are Likely to Propel the Market

Feed-in Tariffs (FiTs)

Feed-in tariffs (FiTs) are one of the most influential government policies driving the global solar equipment market. This policy mechanism guarantees fixed payments to solar energy producers for the electricity they generate, typically over a long-term contract period, often spanning 15 to 25 years. FiTs provide solar project developers with a predictable income stream, making solar investments more attractive and reducing financial risks associated with solar energy projects.

FiTs encourage the deployment of solar equipment by ensuring a favorable return on investment, especially in the early stages of a solar market's development. This policy has been successfully implemented in various countries, including Germany and Japan, resulting in significant solar capacity additions. While FiTs have proven effective, some regions have transitioned to alternative policies, such as competitive auctions and power purchase agreements (PPAs), to lower costs and promote market competition.

Investment Tax Credits (ITCs)

Investment Tax Credits (ITCs) are a critical driver of the global solar equipment market, particularly in the United States. Under this policy, solar investors can deduct a percentage of their solar project's costs from their federal income taxes. The ITC has played a pivotal role in stimulating solar adoption by reducing the upfront cost barrier for residential and commercial solar installations.

Initially set at 30%, the ITC has gradually decreased but remains a powerful incentive for solar investment. It helps attract private capital to the solar industry, facilitating continued growth and innovation in solar technology. ITCs have also encouraged solar equipment manufacturers to expand production, contributing to economies of scale and further reducing equipment costs.

Net Metering

Net metering is a policy that promotes solar energy adoption by allowing residential and commercial solar system owners to sell excess electricity back to the grid. Under net metering, when a solar installation generates more electricity than is consumed on-site, the surplus is fed into the grid, and the system owner receives credit for the excess energy. This credit can offset electricity bills, making solar energy financially advantageous.

Net metering policies vary by region, with some offering one-for-one credit for excess energy fed into the grid and others providing compensation at a lower rate. The availability of net metering encourages consumers to invest in solar equipment, as it allows them to achieve savings and potentially generate additional income from their solar installations.



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Key Market Challenges

Intermittency and Energy Storage

One of the primary challenges facing the global solar equipment market is the inherent intermittency of solar energy generation. Solar power production is highly dependent on weather conditions, with energy generation dropping to zero during the night and being significantly reduced on cloudy or rainy days. This variability poses challenges for grid stability and reliable energy supply, especially in regions that rely heavily on solar power.

To address this challenge, energy storage solutions, such as batteries, are becoming increasingly important. Energy storage systems store excess solar energy during periods of high generation and discharge it when the sun is not shining. While energy storage technologies have advanced considerably, challenges remain in terms of cost, efficiency, and scalability.

Cost is a significant barrier to widespread energy storage adoption. High upfront costs and the limited lifespan of some battery technologies can deter homeowners, businesses, and utilities from investing in energy storage systems. Moreover, the efficiency of energy storage solutions needs improvement to minimize energy losses during charging and discharging processes.

Scalability is another challenge. Large-scale energy storage facilities are required to support grid-level energy needs, and integrating them into existing energy infrastructure can be complex and costly. Developing standardized approaches to grid integration and improving the interoperability of different energy storage systems are ongoing challenges for the industry.

To fully unlock the potential of solar energy, addressing the intermittency challenge and improving energy storage technologies are critical goals for the solar equipment market.

Supply Chain Vulnerabilities and Raw Material Availability

The global solar equipment market is highly reliant on complex supply chains, and disruptions in these supply chains can pose significant challenges to the industry. The solar supply chain encompasses the production of various components, including solar panels, inverters, mounting systems, and semiconductor materials. These components often rely on global sourcing of raw materials, manufacturing, and distribution.

One key challenge is the availability and price volatility of raw materials, particularly rare earth metals and silicon, which are essential components in solar panels and semiconductor devices. These materials are subject to supply constraints due to geopolitical factors, trade disputes, and fluctuating demand, leading to price fluctuations and potential shortages. Such disruptions can impact the cost-effectiveness of solar equipment and hinder market growth.

Another challenge related to supply chains is the transportation and logistics of solar equipment. Delays at ports, shipping bottlenecks, and other logistical issues can result in project delays, increased costs, and uncertainty for solar developers and installers. Additionally, regulatory changes and trade barriers can affect the flow of solar equipment across borders, further complicating the supply chain.

To mitigate these challenges, the solar industry is exploring strategies such as diversifying the sourcing of raw materials, investing in domestic manufacturing capacity, and adopting more sustainable and eco-friendly materials. Strengthening supply chain resilience and reducing dependence on vulnerable sources are essential for the continued growth and stability of the global solar equipment market.

Key Market Trends

Technological Advancements Driving Solar Equipment Market Growth

In recent years, the Global Solar Equipment Market has witnessed a remarkable surge in technological advancements, fueling its growth and evolution. These advancements span across various segments of the solar equipment industry, including solar panels, inverters, mounting systems, and energy storage solutions. As technology continues to improve, the efficiency, reliability, and cost-effectiveness of solar power systems have significantly increased, thereby driving adoption rates worldwide.

One notable trend in solar panel technology is the development of high-efficiency photovoltaic (PV) cells. Manufacturers are continually striving to enhance the efficiency of solar panels, allowing them to capture more sunlight and convert it into electricity. Innovations such as PERC (Passivated Emitter Rear Cell) technology and bifacial solar panels have significantly boosted energy output and performance, making solar energy more competitive with traditional sources of electricity.

advancements in solar inverter technology have led to the emergence of more efficient and intelligent inverters. Grid-tied inverters with features such as maximum power point tracking (MPPT) and advanced monitoring capabilities optimize energy production and enable seamless integration with the electrical grid. Additionally, the integration of digitalization and IoT (Internet of Things) technologies in inverters allows for remote monitoring, maintenance, and troubleshooting, enhancing overall system reliability and performance.

the development of innovative mounting systems has simplified the installation process and improved the aesthetics of solar arrays. Technologies such as tracking systems, which adjust the orientation of solar panels to maximize sunlight exposure throughout the day, have become increasingly popular, especially in utility-scale solar projects. These advancements not only increase energy generation but also contribute to the overall cost-effectiveness of solar power systems.

In the realm of energy storage, advancements in battery technology have unlocked new possibilities for solar energy storage solutions. Lithium-ion batteries, in particular, have seen significant improvements in energy density, cycle life, and cost reduction, making them increasingly viable for storing solar energy for later use. This trend towards solar-plus-storage solutions enables greater flexibility and resilience in energy management, allowing consumers to harness solar power even when the sun is not shining.

Segmental Insights

Equipment Insights

The Solar Panels segment held the largest market share in 2023 & expected to maintain it in the forecast period. Solar panels, also known as photovoltaic (PV) panels, are at the heart of solar energy systems. They directly capture sunlight and convert it into electricity using the photovoltaic effect. This fundamental role makes solar panels an essential component of virtually all solar installations, from residential rooftops to utility-scale solar farms. Solar panels are versatile and can be used in a wide range of applications, making them suitable for various consumer and industrial needs. They can be installed on residential buildings, commercial structures, and open spaces, providing a scalable solution for energy generation. Over the years, significant advancements in solar panel technology have improved their efficiency and performance. Research and development efforts have led to the development of more efficient solar cell materials, better designs, and improved manufacturing processes. These innovations have made solar panels more attractive by increasing their electricity generation capacity. The declining cost of solar panels has been a pivotal factor in their dominance. Solar panel prices have dropped substantially due to economies of scale, improved manufacturing efficiency, and increased competition among manufacturers. This cost reduction has made solar energy more accessible and financially appealing to a broader range of consumers. Solar panels can be easily scaled up or down to meet various energy needs. This scalability makes them suitable for a wide spectrum of projects, from small residential installations to massive utility-scale solar farms. Their adaptability to diverse project sizes further solidifies their dominance.  Solar panels are well-standardized and widely available from numerous manufacturers worldwide. This standardization ensures compatibility with various system components and simplifies the procurement and installation process. Governments in many countries have implemented incentives and policies that specifically target solar panel installations. These incentives include tax credits, rebates, feed-in tariffs, and renewable energy mandates. Such policies encourage individuals, businesses, and utilities to invest in solar panels, further propelling their dominance. Solar panels offer significant environmental benefits by producing electricity without emitting greenhouse gases or harmful pollutants. This aligns with global efforts to reduce carbon emissions and combat climate change, making solar panels an attractive choice for environmentally conscious consumers and organizations.



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Regional Insights

Asia Pacific held the largest market share in 2023. The Asia Pacific (APAC) region has emerged as a dominant force in the global solar equipment market due to several key factors that contribute to its robust growth and leadership position in this industry.

One of the primary drivers of the Asia Pacific region's dominance in the global solar equipment market is the presence of supportive government policies and incentives. Many countries in the region, including China, India, Japan, and South Korea, have implemented ambitious renewable energy targets and generous subsidies to promote the adoption of solar power. These policies create a conducive environment for investment in solar infrastructure and incentivize both residential and commercial consumers to install solar panels.

The Asia Pacific region is home to some of the world's leading manufacturers of solar equipment. Countries like China, in particular, have rapidly developed their manufacturing capabilities and achieved economies of scale, driving down the cost of solar panels and related components. Additionally, continuous investments in research and development have led to technological advancements, making solar energy more efficient and affordable. As a result, the region has become a global hub for the production and export of solar equipment, further strengthening its dominance in the market.

With rapid economic growth and urbanization, many countries in the Asia Pacific region are facing increasing energy demand and environmental challenges. Solar power presents a sustainable solution to meet growing energy needs while reducing greenhouse gas emissions and dependence on fossil fuels. As governments and businesses in the region prioritize clean energy initiatives to address these concerns, the demand for solar equipment continues to surge, driving market growth and dominance.

Countries in the Asia Pacific region are making strategic investments in solar infrastructure to enhance energy security and promote economic development. Large-scale solar projects, including solar parks and utility-scale installations, are being implemented across the region to harness its abundant sunlight resources. Moreover, initiatives such as the Belt and Road Initiative (BRI) led by China aim to promote international cooperation in renewable energy development, further expanding the market reach of APAC-based solar equipment manufacturers.


Recent Developments

  • In March 2024, Thornova Solar, the American branch of the Chinese photovoltaic (PV) manufacturer Sunova Solar, introduced a novel bifacial TOPCon PV module tailored for deployment in large-scale solar projects.

    This TS-BWT66-G12 dual-glass module boasted dimensions of 2,384 mm x 1,303 mm x 35 mm, weighing in at 38.5 kg. Noteworthy attributes included a power conversion efficiency ranging from 22.4% to 23.2% and a temperature coefficient of -0.29% per C.

    In terms of power output, it delivered between 695 W to 720, with an open-circuit voltage spanning 47.23 V to 47.98 V and a short-circuit current of 18.68 A to 18.79 A. Operational flexibility was ensured with a system voltage tolerance of 1,500 V and an operational temperature range of -40°C to 85°C.

    Distinguishing features encompassed a transparent white mesh backsheet, 2.0 mm heat-strengthened glass, and an anti-reflective coating. Furthermore, the product was accompanied by a 15-year product warranty and an impressive 30-year performance warranty.

Key Market Players

  • Jinko Solar.
  • JA Solar Technology Co., Ltd.
  • Trina Solar Co., Ltd.
  • LONGi Green Energy Technology Co., Ltd.
  • Canadian Solar Inc.
  • First Solar, Inc.
  • Hanwha Corporation
  • Risen Energy Co., Ltd.
  • Suzhou Talesun Solar Technology Co., Ltd.     
  • Shunfeng International Clean Energy Ltd.

By Equipment

By Application

By Region
  • Solar Panels
  • Mounting and Racking Systems
  • Tracking System
  • Storage System
  • Others
  • Residential
  • Non-Residential
  • Utility
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Solar Equipment Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Solar Equipment Market, By Equipment:

o   Solar Panels

o   Mounting and Racking Systems

o   Tracking System

o   Storage System

o   Others   

  • Solar Equipment Market, By Application:

o   Residential

o   Non-Residential

o   Utility  

  • Solar Equipment Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Solar Equipment Market.

Available Customizations:

Global Solar Equipment market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Solar Equipment Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.3.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Formulation of the Scope

2.4.  Assumptions and Limitations

2.5.  Sources of Research

2.5.1.    Secondary Research

2.5.2.    Primary Research

2.6.  Approach for the Market Study

2.6.1.    The Bottom-Up Approach

2.6.2.    The Top-Down Approach

2.7.  Methodology Followed for Calculation of Market Size & Market Shares

2.8.  Forecasting Methodology

2.8.1.    Data Triangulation & Validation

3.    Executive Summary

4.    Voice of Customer

5.    Global Solar Equipment Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Equipment (Solar Panels, Mounting and Racking Systems, Tracking System, Storage System, Others)

5.2.2.    By Application (Residential, Non-Residential, Utility)

5.2.3.    By Region

5.2.4.    By Company (2023)

5.3.  Market Map

6.    North America Solar Equipment Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Equipment

6.2.2.    By Application

6.2.3.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Solar Equipment Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1.       By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1.       By Equipment

6.3.1.2.2.       By Application

6.3.2.    Canada Solar Equipment Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1.       By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1.       By Equipment

6.3.2.2.2.       By Application

6.3.3.    Mexico Solar Equipment Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1.       By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1.       By Equipment

6.3.3.2.2.       By Application

7.    Europe Solar Equipment Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Equipment

7.2.2.    By Application

7.2.3.    By Country

7.3.  Europe: Country Analysis

7.3.1.    Germany Solar Equipment Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1.       By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1.       By Equipment

7.3.1.2.2.       By Application

7.3.2.    United Kingdom Solar Equipment Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1.       By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1.       By Equipment

7.3.2.2.2.       By Application

7.3.3.    Italy Solar Equipment Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1.       By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1.       By Equipment

7.3.3.2.2.       By Application

7.3.4.    France Solar Equipment Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1.       By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1.       By Equipment

7.3.4.2.2.       By Application

7.3.5.    Spain Solar Equipment Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1.       By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1.       By Equipment

7.3.5.2.2.       By Application

8.    Asia-Pacific Solar Equipment Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Equipment

8.2.2.    By Application

8.2.3.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Solar Equipment Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1.       By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1.       By Equipment

8.3.1.2.2.       By Application

8.3.2.    India Solar Equipment Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1.       By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1.       By Equipment

8.3.2.2.2.       By Application

8.3.3.    Japan Solar Equipment Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1.       By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1.       By Equipment

8.3.3.2.2.       By Application

8.3.4.    South Korea Solar Equipment Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1.       By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1.       By Equipment

8.3.4.2.2.       By Application

8.3.5.    Australia Solar Equipment Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1.       By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1.       By Equipment

8.3.5.2.2.       By Application

9.    South America Solar Equipment Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Equipment

9.2.2.    By Application

9.2.3.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Solar Equipment Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1.       By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1.       By Equipment

9.3.1.2.2.       By Application

9.3.2.    Argentina Solar Equipment Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1.       By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1.       By Equipment

9.3.2.2.2.       By Application

9.3.3.    Colombia Solar Equipment Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1.       By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1.       By Equipment

9.3.3.2.2.       By Application

10.  Middle East and Africa Solar Equipment Market Outlook

10.1.   Market Size & Forecast         

10.1.1.  By Value

10.2.   Market Share & Forecast

10.2.1.  By Equipment

10.2.2.  By Application

10.2.3.  By Country

10.3.   MEA: Country Analysis

10.3.1.  South Africa Solar Equipment Market Outlook

10.3.1.1.              Market Size & Forecast

10.3.1.1.1.    By Value

10.3.1.2.              Market Share & Forecast

10.3.1.2.1.    By Equipment

10.3.1.2.2.    By Application

10.3.2.  Saudi Arabia Solar Equipment Market Outlook

10.3.2.1.              Market Size & Forecast

10.3.2.1.1.    By Value

10.3.2.2.              Market Share & Forecast

10.3.2.2.1.    By Equipment

10.3.2.2.2.    By Application

10.3.3.  UAE Solar Equipment Market Outlook

10.3.3.1.              Market Size & Forecast

10.3.3.1.1.    By Value

10.3.3.2.              Market Share & Forecast

10.3.3.2.1.    By Equipment

10.3.3.2.2.    By Application

10.3.4.  Kuwait Solar Equipment Market Outlook

10.3.4.1.              Market Size & Forecast

10.3.4.1.1.    By Value

10.3.4.2.              Market Share & Forecast

10.3.4.2.1.    By Equipment

10.3.4.2.2.    By Application

10.3.5.  Turkey Solar Equipment Market Outlook

10.3.5.1.              Market Size & Forecast

10.3.5.1.1.    By Value

10.3.5.2.              Market Share & Forecast

10.3.5.2.1.    By Equipment

10.3.5.2.2.    By Application

11.  Market Dynamics

12.  Market Trends & Developments

13.  Company Profiles

13.1.   Jinko Solar

13.1.1.  Business Overview

13.1.2.  Key Revenue and Financials 

13.1.3.  Recent Developments

13.1.4.  Key Personnel/Key Contact Person

13.1.5.  Key Product/Services Offered

13.2.   JA Solar Technology Co., Ltd.

13.2.1.  Business Overview

13.2.2.  Key Revenue and Financials 

13.2.3.  Recent Developments

13.2.4.  Key Personnel/Key Contact Person

13.2.5.  Key Product/Services Offered

13.3.   Trina Solar Co., Ltd.

13.3.1.  Business Overview

13.3.2.  Key Revenue and Financials 

13.3.3.  Recent Developments

13.3.4.  Key Personnel/Key Contact Person

13.3.5.  Key Product/Services Offered

13.4.   LONGi Green Solar Technology Co., Ltd.

13.4.1.  Business Overview

13.4.2.  Key Revenue and Financials 

13.4.3.  Recent Developments

13.4.4.  Key Personnel/Key Contact Person

13.4.5.  Key Product/Services Offered

13.5.   Canadian Solar Inc.

13.5.1.  Business Overview

13.5.2.  Key Revenue and Financials 

13.5.3.  Recent Developments

13.5.4.  Key Personnel/Key Contact Person

13.5.5.  Key Product/Services Offered

13.6.   First Solar, Inc.

13.6.1.  Business Overview

13.6.2.  Key Revenue and Financials 

13.6.3.  Recent Developments

13.6.4.  Key Personnel/Key Contact Person

13.6.5.  Key Product/Services Offered

13.7.   Hanwha Corporation

13.7.1.  Business Overview

13.7.2.  Key Revenue and Financials 

13.7.3.  Recent Developments

13.7.4.  Key Personnel/Key Contact Person

13.7.5.  Key Product/Services Offered

13.8.   Risen Energy Co., Ltd.

13.8.1.  Business Overview

13.8.2.  Key Revenue and Financials 

13.8.3.  Recent Developments

13.8.4.  Key Personnel/Key Contact Person

13.8.5.  Key Product/Services Offered

13.9.   Suzhou Talesun Solar Technology Co., Ltd.   

13.9.1.  Business Overview

13.9.2.  Key Revenue and Financials 

13.9.3.  Recent Developments

13.9.4.  Key Personnel/Key Contact Person

13.9.5.  Key Product/Services Offered

13.10. Shunfeng International Clean Energy Ltd.

13.10.1.               Business Overview

13.10.2.               Key Revenue and Financials 

13.10.3.               Recent Developments

13.10.4.               Key Personnel/Key Contact Person

13.10.5.               Key Product/Services Offered

14.  Strategic Recommendations

15.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Solar Equipment Market was USD 122.08 billion in 2023.

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In 2023, the Solar Panels segment dominated the market share and is projected to retain its lead throughout the forecast period. Solar panels, also referred to as photovoltaic (PV) panels, serve as the cornerstone of solar energy systems. By directly harnessing sunlight and converting it into electricity through the photovoltaic effect, solar panels play a pivotal role in powering a wide range of solar installations, spanning from household rooftops to large-scale solar farms.

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In 2023, the Utility segment dominated the market share and is expected to witness substantial growth throughout the forecast period. Utility-scale solar initiatives are distinguished by their extensive size and capability to produce electricity on a monumental scale. Typically spanning vast expanses of land, these projects feature thousands to millions of solar panels. The substantial generation capacity of these installations positions utility-scale solar as a key driver of solar energy production worldwide.

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The principal catalysts propelling the Global Solar Equipment Market include rising demand for renewable energy sources and governmental policies and incentives aimed at fostering the adoption of solar power.

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Parvati Sharma

Account Manager BD
Press Release

Solar Equipment Market to Grow with a CAGR of 15.19% through 2029

May, 2024

Increasing demand for renewable energy and government policies and incentives to support the adoption of solar energy are likely to drive the market in the forecast period.

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