Global Solar Photovoltaic Equipment Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Solar Photovoltaic Equipment Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Solar panel is a device that directly or indirectly converts solar radiation energy into electrical energy through photoelectric effect or photochemical effect by absorbing sunlight.

Market Overview:

The latest research study on the global Solar Photovoltaic Equipment market finds that the global Solar Photovoltaic Equipment market reached a value of USD 40428.34 million in 2022. It’s expected that the market will achieve USD 51633.95 million by 2028, exhibiting a CAGR of 4.16% during the forecast period.

Drivers

As the global energy crisis worsens, the demand for renewable energy is gradually increasing. As a kind of renewable energy, solar energy is generally used as an energy source for power generation or as a water heater. Global population growth, rapid economic progress, and global fossil fuel consumption intensified. With the current decline in fossil fuels, solar energy has become an important part of human energy use and continues to develop. As the practicability of solar energy technology becomes more and more extensive, new energy companies are constantly looking for new and innovative ways to apply solar energy to more scenarios, and the demand for solar energy equipment is increasing.
Solar panel is a device that directly or indirectly converts solar radiation energy into electrical energy through photoelectric effect or photochemical effect by absorbing sunlight. Compared with ordinary batteries and rechargeable batteries, solar batteries are more energy-saving and environmentally friendly green products.

Restraints

The main material of most solar panels is silicon, but due to the high production cost, it has certain limitations in its widespread use. At the same time, market price fluctuations of silicon materials have also affected the development of the industry. The first half of 2020 is the low period of silicon material prices. Affected by the coronavirus epidemic, the global photovoltaic industry has suffered setbacks, and the downstream demand for silicon materials has shrunk. In addition, in the second quarter, the production capacity of silicon wafer companies continued to release, resulting in oversupply of silicon wafer production and falling prices. The price of polysilicon has continued to fall since the beginning of 2020. At this time, the price and profitability of polysilicon materials have reached the historical bottom, which also shows that the price of its price rebounds upward. The sudden supply shortage of silicon materials has pushed the price of silicon materials to rebound rapidly beyond market expectations.

Opportunities

Technological progress will remain the theme of the development of the solar photovoltaic industry. Single crystal continuous feeding production technology and large-volume ingot casting technology continue to advance. The application range of polycrystalline silicon wafer diamond wire cutting will be further expanded, and monocrystalline silicon wafers will complete the replacement of diamond wire cutting. With the continuous development of the photovoltaic market, high-efficiency batteries will gradually dominate the market. The market share of monocrystalline silicon cells will gradually increase in the next few years.

Region Overview:

From 2022-2027, China is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Jinko Solar, JA Solar, Trina Solar with the revenue market share of 11.52%, 7.98%, 7.69% in 2019.

Jinko Solar is a very innovative photovoltaic company in the world. The company provides solar products, solutions and services to ground power stations, commercial and civilian customers in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the UAE, Italy, Spain, France, Belgium and other regions.

JA Solar was founded in 2005. The company’s business ranges from silicon wafers, cells and modules to complete photovoltaic power systems, and its products are sold to 135 countries and regions. On the strength of its continuous technological innovation, sound financial condition, well-established global sales and customer service network, JA Solar has been highly recognized by authoritative associations in the industry as a leading global manufacturer of high-performance PV products.

Segmentation Overview:

Among different product types, Single Crystal Silicon segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Commercial segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Solar Photovoltaic Equipment market covered in Chapter 3:

Risen
GCL System Integration
Jinko Solar
Shunfeng
LONGi Solar
Hanwha
JA Solar
Canadian Solar
Trina Solar
First Solar
Chint Group

In Chapter 4 and Chapter 14.2, on the basis of types, the Solar Photovoltaic Equipment market from 2018 to 2029 is primarily split into:

Single Crystal Silicon
Polycrystalline Silicon
Other

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Solar Photovoltaic Equipment market from 2018 to 2029 covers:

Residential
Commercial
Ground Station
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)