Increasing Efforts By Governments Across Various Countries To Support Solar Energy To Drive The Solar Power Equipment Market Growth
According to a new market research report published by Credence Research “Solar Power Equipment Market (Equipment Type – Solar Panels, Mounting, Racking & Tracking System, Storage Systems and Inverters; Application – Residential, Non-residential and Utilities) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global solar power equipment market was valued at US$ 79.45 Bn in 2017 and will be growing at a CAGR of 13.4% during the forecast period from 2018 to 2026.
The solar power equipment market was valued at US$ 79.45 Bn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 13.4% during the forecast period from 2018 to 2026. One of the most prominent factors aiding the market growth can be attributed to the increasing dependency on solar energy for electricity generation. Increasing awareness about the benefits of solar energy among people is another major factor aiding the market growth for solar power equipment market.
Factors such as no fuel costs, no global warming and no risks of fuel price spikes supports the aforementioned sentence. Even the industries have realized the importance of solar energy as it helps them to improve their environmental profiles and at the same time also lower operating costs. Increase in construction activities across regions such Asia Pacific and the Middle East & Africa expected to influence the solar power equipment market growth positively.
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Some of the major players operating in the solar power equipment market include ABB Group, Hanwha Q CELLS, First Solar, Inc., Canadian Solar, JinkoSolar, JA Solar, Shunfeng International, LONGi Solar, Trina Solar and SunPower Corporation among others.