Solar Equipment Market Analysis

The market is segmented by type of equipment into solar panels, energy storage systems, power meters, and accessories. Among these segments, the solar panels segment is anticipated to hold the largest market share by the end of 2021. The growth of the segment can be attributed to the growing deployment of solar panels in both commercial and residential sectors. Solar panels are one of the most important equipment for the generation of solar energy. Without solar panels, solar energy can’t be harnessed. Further, the global solar panel market is also expected to grow with a significant CAGR of around 26% during 2024-2037.

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

By Solar System Type

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

By Type of Equipment

Solar Panels
Polycrystalline
Monocrystalline
Thin Film
Energy Storage Systems
Inverters
String Inverters
Central Inverters
Battery
Power Meters
Accessories

By End-User

Residential
Commercial
Industrial

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of solar power equipment is estimated at USD 158.46 billion.

Solar Power Equipment Market size was valued at USD 144.46 billion in 2024 and is likely to cross USD 587.83 billion by 2037, registering more than 11.4% CAGR during the forecast period i.e., between 2025-2037.

North America industry is expected to account for largest revenue share by 2037, attributed to growing deployment of solar farms in several nations in the region, followed by lucrative federal tax credit incentives initiated by the government of the U.S. for the greater adoption of solar equipment.

The major players in the market are Trina Solar Co. Ltd., Hanwha Solutions Co., Ltd. (Hanwha Q CELLS), JA SOLAR Technology Co., Ltd., General Electric, Canadian Solar Inc., and others.

Solar Equipment Market Analysis