Photovoltaic (PV) Equipment Market Size, Share, Growth, Industry Analysis, By Type (Production from Raw Material to Silicon, Production from Silicon to Ingot, Production from Ingot to Wafer, Production from Wafer to Cell and Production from Cell to Module), By Application (Conventional Monocrystalline Cell, Conventional Polycrystalline Cell, PERC Cell, HJT Cell, TopCon Cell, Thin Film Cell and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Photovoltaic (Pv) Equipment Market Report Overview

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The global photovoltaic (PV) equipment market size was USD 9164 million in 2022 and is expected to reach USD 22323.05 million in 2031, at a CAGR of 10.4% during the forecast period.

Photovoltaic (PV) equipment includes inverters, solar panels mounting systems, and other associated equipment that are utilized in the generation of solar energy. Photovoltaic cells, which are the components of solar panels, transform sunlight into electrical energy. The direct current (DC) power generated by the solar panels is transformed into alternating current (AC) power, which is usable in homes and other structures, using inverters. Solar panels are mounted on roofs or other surfaces using mounting methods to keep them safely in place. Charge controllers, battery storage solutions, and monitoring gear are instances of additional PV equipment.

The market for goods and components used in the manufacture of solar power systems and other associated equipment is referred to as the Photovoltaic (PV) Equipment industry. On account of the rising interest in renewable sources of energy and falling PV technology costs, the market has experienced tremendous expansion in recent years. Government subsidies for solar energy and rising consumer and commercial acceptance of solar power are likely to boost market growth in the upcoming years.

COVID-19 Impact: Impact on the Worldwide Supply Chain was Experienced due to the Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the photovoltaic (PV) equipment market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the photovoltaic (PV) equipment market growth and demand returning to pre-pandemic levels once the pandemic is over.

The market for photovoltaic (PV) equipment has been significantly impacted by the COVID-19 outbreak. Short-term disruptions and constraints in the manufacturing and distribution of PV equipment have been brought on by the pandemic's impact on the worldwide supply chain. Due to this, manufacturers now face higher expenses, and buyers now have less availability. In some markets, the consumption for PV equipment has also decreased as a result of the pandemic's negative economic effects on consumers' and businesses' ability to finance solar power projects. Despite the pandemic's overall effects, the PV business is anticipated to rebound as the world economy strengthens and the need for sustainable energy rises.

Latest Trends

"Solar Cells Introduced Provide a Variety of Advantages to the Users   "

The market's producers are engaged in the development of new, sustainable technologies that help their production processes. As an illustration, Perovskite solar cells are a relatively new form of solar cell that have gained popularity recently due to its high efficiency and inexpensive price. They are adaptable and simple to produce since they are constructed of a perovskite substance that can be used to cover a range of substrates.

Photovoltaic (Pv) Equipment Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Production from Raw Material to Silicon, Production from Silicon to Ingot, Production from Ingot to Wafer, Production from Wafer to Cell and Production from Cell to Module

• By Application Analysis

Based on application, the market can be divided into Conventional Monocrystalline Cell, Conventional Polycrystalline Cell, PERC Cell, HJT Cell, TopCon Cell, Thin Film Cell and Others

Driving Factors

"Increasing Demand for Renewable Energy and Lower Costs of PV Technology are Driving the Industry"

There is a growing need for cleaner, renewable power sources such as solar electricity as worries about global warming and the environmental consequences of fossil fuels grow. In addition, thanks to technological advancements and economies of scale, the expense of solar panels as well as other photovoltaic (PV) equipment has decreased dramatically in recent years. As a result, a wider range of clients may now afford and receive solar power.

"Growing Adoption of Solar Panels by Businesses and Countries is Boosting the Equipment Sector"

More and more companies and individuals are deciding to install solar panels on their land as the cost of solar energy continues to drop and its dependability rises. Furthermore, PV adoption is rising in developing nations as a result of the fact that it expands access to electricity and helps them become less dependent on fossil fuels. These factors are promoting the photovoltaic (PV) equipment market growth during the anticipated time frame.

Restraining Factors

"Limited Access to Financing and Lack of Knowledge are Hinder the Growth of the Industry"

Without financial resources, it may be challenging for people and companies to engage in photovoltaics. In underdeveloped nations where access to money may be constrained, this is especially true. Additionally, it's possible that in some areas there is little understanding of solar energy and its advantages, which might make it challenging to market and sell renewable technology.

Photovoltaic (Pv) Equipment Market Regional Insights

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"Asia Pacific to Dominate the Market due to Presence of Major Players and Favorable Government Policies"

As it continues to make significant investments in the creation and application of solar technology, Asia Pacific is anticipated to maintain its leadership in the photovoltaic (PV) equipment market share in the upcoming years. China leads the region in terms of installed solar capacity, and Chinese producers dominate the worldwide solar panel market, contributing around 60% of global production. In addition, China is home to several of the top producers of solar modules worldwide. Furthermore, a mix of government assistance, advantageous legislation, and a robust local market is what propels the area's supremacy in this industry. The government has implemented a number of regulations to assist the spread of the industry and has set high goals for the growth of renewable energy, particularly solar.

Key Industry Players

"Key Players are Investing Heavily in R&D Activities In order to Remain Competitive in the Market"

Solar panel producers, who are among the major participants in the photovoltaic (PV) equipment sector, are often rethinking and adjusting their business plans in order to remain competitive. In order to increase the effectiveness and efficiency of their solar panels, these businesses, among other things, are making significant investments in research and development. To improve their clientele and income, they are also branching out into other markets. In addition, the participants are developing new business models, constructing solar and power plants and power plants, working with other businesses, and, finally, putting a focus on sustainability.

List of Market Players Profiled

• Applied Material (U.S.)
• Amtech Systems (U.S.)
• Maxwell (U.S.)
• Folungwin (Hong Kong)
• Zhangjiagang Ultrasonic (China)
• NAURA (China)
• SCHMID (Germany)
• RENA (India)
• Fullshare (Hong Kong)
• CETC-E (Beijing)

Report Coverage

This report covers the photovoltaic (PV) equipment market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.