Solar Equipment Market Size

Solar Power Equipment Market size was valued at USD 129.68 billion in 2023 and is expected to exceed USD 527.69 billion by the end of 2036, registering over 11.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar power equipment is evaluated at USD 141.51 billion.

Factors such as the growing concern for the environmental pollution due to the electricity generated from conventional fuel sources, need amongst the nations to fight climate change and adhere to the 13^th sustainable development goal (SDG) of the United Nations, coupled with the increasing government initiatives to promote awareness and adoption of solar power equipment are anticipated to drive the growth of the market during the forecast period. 

The global solar power equipment market is thriving on account of the numerous benefits associated with the use of solar panel systems, such as low operational costs, lowering carbon emission, lowering energy bills, and others, along with the increasing production of solar energy.