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Solar Equipment Market By Solar System Type (Grid-Tied Solar Systems, Off-Grid Solar Systems and Hybrid Solar Systems); By Equipment (Solar Panels, Energy Storage System, Power Meter and Accessories); By End-User ( Residential, Commercial and Industrial) - Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation

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Extensive insights into the Growth of Solar Equipment Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Solar Equipment Market

Solar equipment refers to the devices and component which helps to harness the solar energy from sun. Solar equipment is environment friendly and helps in reducing carbon emission. Moreover, solar equipment is being increasingly used by developed nations to fight climate changes.

Market Size and Forecast

The market is expected to expand at a robust CAGR during the forecast period of 2017-2024. Rising environmental and energy saving awareness is anticipated to drive the growth of solar equipment market. Further, the favorable government regulations and policies are expected to expand the global solar equipment market.

Globally, North-America is projected to dominate the overall solar equipment market during the forecast period. Increasing penetration of advanced and variety of solar equipment products in the region is expected to positively impact the growth of solar equipment market. Further, introduction of government regulation to harness solar energy and become energy independent is appealing and creating awareness among population to adopt solar equipment. Moreover, declining solar photovoltaic modules bodes well for the growth of solar equipment market in North America.

solar equipment market

Europe solar equipment market is rising due to the increasing environmental concerns among people. Moreover, advancement and availability of wide number of efficient solar equipment region is fostering the growth of solar equipment. Further, Germany, Italy and Spain are expected to account for the largest share of revenue by 2024. The solar equipment market is in Asia-Pacific region is expected to benefit from rapid urbanization and rising demand for clean energy solar equipment. Moreover, presence of large number of players in China is anticipated to strengthen the growth of the solar equipment market. Middle East and Africa solar equipment market is anticipated to showcase significant growth during the forecast period. According to International Energy Agency, more than 60% of Middle East geographic area has excellent suitability for harnessing solar energy.CLICK TO DOWNLOAD FREE SAMPLE

Based on equipment, solar equipment market is segmented into solar panels, energy storage system, power meter and accessories. Further, solar panels accounted for the largest market share in overall solar equipment market in 2016.

Market Segmentation:

Our in-depth analysis of the global solar equipment market includes the following segments:

By Solar System Type

  • Grid-Tied Solar Systems
  • Off-Grid Solar Systems
  • Hybrid Solar Systems

By Equipment:

  • Solar Panels
    • Polycrystalline
    • Monocrystalline
    • Thin Film
  • Energy Storage System
    • Inverters
      • String Inverters
      • Central Inverters
    • Battery
  • Power Meter
  • Accessories

By End-User

  • Residential
  • Commercial
  • Industrial

By Region

Global solar equipment market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Factors related to environmental concern such as reducing carbon emission and increasing consumer awareness are driving the demand for solar equipment products. Further, clean energy products have various advantages over the traditional energy product such as renewable source of energy and others. These advantages are expected to bolster the market of solar equipment products.

Rising demand for renewable energy products is one of the key factors which are fuelling the growth of solar equipment market. Further, the high adaptability and encouragement of environment friendly technologies in developed regions is one of the major factors which are uplifting the demand for solar equipment. New and advanced & high efficient solar equipment products are penetrating the market.  Further, favorable government policies and program are resulting in increased expenditure on harnessing solar energy. In addition, government is also offering subsidies to promote solar energy. This factor is envisioned to bolster the growth of the market. Apart from this, growing adoption of solar equipment in industries is believed to fuel the growth of the market during the forecast period.

However, pre-dominance of alternative sources of energy and high dependency on fossil fuels for energy is anticipated to restrict the growth of the solar equipment market. Moreover, operating limitations such as full operating capacity of only 4-5 hours is also believed to hamper the growth of the solar equipment market.

Key Players

  • Trina Solar
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Hanwha Q
  • JA Solar       
  • General Electric
  • SolarWorld Industries GmbH
  • Indosolar
  • ABB Group
  • SunPower Corporation
  • First Solar Inc.

Scope and Context

Overview of the Parent Market

Analyst View


The global solar equipment market is segmented as follows:

  • By Solar System Type Market Size & Y-O-Y Growth Analysis
  • By Equipment Market Size & Y-O-Y Growth Analysis
  • By End-User Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment


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