Solar PV Balance of Systems (BOS) Market size to increase by USD 32.33 billion during 2023-2028; Increasing investments in renewable energy to drive the growth - Technavio
NEW YORK, Jan. 10, 2024 /PRNewswire/ -- The solar PV balance of systems (BOS) market size is expected to grow by USD 32.33 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 19.22% during the forecast period. The market is segmented by Product (Structural, Electrical, and Inverter), End-user (Commercial, Industrial, and Residential), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
Increasing investments in renewable energy are driving the market growth. This rise in funding boosts the demand for essential components like Mounting Systems, Inverters, Junction Boxes, Wiring and Cabling, Charge Controllers, Battery Storage, Monitoring Systems, Switchgears, Combiner Boxes, Surge Protection Devices, AC/DC Disconnects, and Transformers. As investments increase, the necessity for these BOS elements intensifies, fostering innovation and growth within the solar energy sector. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the solar PV balance of systems (BOS) market: ABB Ltd., Array Technologies Inc., Bentek Corp., Eaton Corp. Plc, First Solar Inc., Golden Concord Holdings Ltd., Huawei Technologies Co. Ltd., Loom Solar Pvt. Ltd., Microtek International Pvt. Ltd., Moser Solar, Prysmian Spa, Renesola Ltd., S and P Global Inc., Schneider Electric SE, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., SunPower Corp., Unirac Inc., GeoTrust Inc., and SMA Solar Technology AG
- Solar PV Balance Of Systems (BOS) Market is fragmented in nature.
- Market to observe 18.38% YOY growth in 2024.
Market Dynamics:
Trend
The advances in inverter technology are emerging market trends. This progress fuels demand for various components like Racking Systems, Inspection and Testing Equipment, Conduits and Fittings, Installation Tools, Utility Interconnection Equipment, Safety Equipment, Performance Modeling Software, Cooling Systems, and Wire Management Systems. With continuous improvements in inverter technology, these BOS elements witness enhancements, promoting efficiency and innovation within the solar energy domain.
Challenge
- The intermittency in solar power generation hampers market growth. This challenge impacts various components like Solar Canopies, Solar Carports, Solar Panels, Energy Management Systems, Foundation Solutions, Environmental Monitoring Sensors, PV Module Cleaners, Substations, and Grounding Equipment. Addressing the intermittency issue remains significant, as it affects the consistent output of solar power and necessitates further innovations in storage and grid integration technologies for improved reliability
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report
Keg Segments:
The structural segment will account for a significant share of the market's growth during the forecast period. Structural BOS components are important parts of solar PV systems. Therefore, the development of structural BOS is related to the rising deployment of solar PV systems. The rise in global solar PV capacity will increase the demand for solar PV systems, which, in turn, will drive the deployment of structural BOS components during the forecast period. Therefore, the structural segment is expected to grow during the forecast period. Get a glance at the market contribution of the segments, Request a FREE Sample
Related Reports:
The crystalline silicon solar PV modules market size is estimated to grow at a CAGR of 18.17% between 2022 and 2027. The crystalline silicon solar PV modules market size is forecast to increase by USD 56.06 billion.
The Residential Solar Photovoltaic (PV) Systems Market size is estimated to grow at a CAGR of 5.22% between 2023 and 2027. The market size is forecast to increase by USD 14.17 billion.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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