NEW YORK : The distributed solar power generation market is expected to grow by USD 67.52 billion at a CAGR of 19.25% during 2021-2026. APAC will be the major growth-generating region with a growth rate of 55%. The distributed solar power generation market segmentation by type (commercial and industrial, residential, and off-grid) and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
Distributed Solar Power Generation Market: Vendor Analysis
The market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The increasing market competition is compelling vendors to implement various growth strategies such as promotional activities and advertising spending to increase the visibility of their services. To remain competitive in the market, some vendors are pursuing inorganic growth strategies such as mergers and acquisitions.
The report analyzes the market’s competitive landscape. It offers information on several market vendors, including AUXIN SOLAR Inc., Canadian Solar Inc., E Solar, Enphase Energy Inc., Freedom Solar LLC, General Electric Co, Hanwha Corp., LG Corp., Panasonic Holdings Corp., Schneider Electric SE, Sharp Corp., Silfab Solar Inc., Solar Panels Plus LLC, Sungevity Inc., Tesla Inc., TotalEnergies SE, Trina Solar Co. Ltd., and Trinity Heating & Air Inc.
- Hanwha Corp.: The company offers distributed solar power generation with affiliation with Hanwha solutions and Hanwha Q cells.
- LG Corp.: The company offers distributed solar power generation such as the Neon H series panel and Neon R series panel.
- Panasonic Holdings Corp.: The company offers distributed solar power generation such as overvolt solar module HK series and Evervolt black series.
- Sungevity Inc.: The company offers distributed solar power generation such as floating solar photovoltaics.
- Tesla Inc.: The company offers distributed solar power generation such as Tesla solar panels with Powerwall home battery backup.
Distributed Solar Power Generation Market Dynamics
One of the factors contributing to the expansion of the distributed solar power generation market is rising investments in renewable energy. The cost-effectiveness of producing electricity from renewable sources and their low carbon emissions have increased financial support for renewable energy projects all around the world. Due to the implementation of strict emission limits, several European nations, including Norway, Iceland, and Sweden, rely on renewable sources for more than half of their total annual power demand. As a result, investments in the renewable energy sector are increasing, which will boost the market’s expansion throughout the course of the forecast period.
The major challenge preventing the market expansion for distributed solar power generation is difficulties with solar PV system components. Several parts of solar PV systems, including inverters and PV modules, are prone to failure. Such failures result in downtime for PV systems and have a substantial impact on the production of electricity using solar PV systems. Additionally, the standard of the components used will determine how well solar PV modules will operate. Po or durability, the use of substandard materials, and external damage are the major cause of the number of these component failures. These factors are anticipated to hinder market growth during the forecasted period.
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Imperative Insights on the following aspects:
- What was the size of the global distributed solar power generation industry by value?
- What will be the size of the global distributed solar power generation industry?
- What factors are affecting the strength of competition in the global distributed solar power generation industry?
- How has the industry performed over the last five years?
- What main segments make up the global distributed solar power generation market?
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