WASHINGTON, April 21, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Solar Power Equipment Market finds that increasing demand for electricity worldwide, increasing government initiatives as well as increasing the adoption of EVs; are factors that influencing the growth of Solar Power Equipment Market. Additionally, increasing infrastructural activities as well as increasing demand for smart cities is further propelling the market growth over the forecast period.
The total Global Solar Power Equipment Market is estimated to reach USD 193.3 Billion by the year 2028. The Global Market stood at a revenue of USD 102.8 Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.10%, states Vantage Market Research, in a report, titled “Solar Power Equipment Market Size, Share & Trends Analysis Report by Equipment (Solar Panels, Mounting, Racking, & Tracking System, Storage System, Others), by Application (Residential, Non-residential, Utility), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
Market Dynamics:
Drivers:
Increasing Demand for Electricity Worldwide
The major factors that are projected to support the growth of the market in the residential segment is increasing urbanization and increasing purchasing power of the consumers. As increasing urbanization, the urban population is been increasing and has led to increase in demand for health and utility infrastructure. Thus, increasing the demand for electricity, further propelling the market growth. Additionally, increasing adoption of electric vehicles is increasing the demand for electricity. Thus, providing the opportunity for the market. Moreover, the increasing awareness concerning clean energy usage is anticipated to surge the solar power equipment installation, thereby propelling the market growth over the forecast period.
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