Solar Panel pv Junction Box Market Will Garner Health Growth Backed by Increasing government spending on healthcare sector
Solar PV Junction Box Market: Introduction
Transparency Market Research delivers key insights on the global solar PV junction box market. In terms of value, the
global solar PV junction box market is estimated to expand at a CAGR of ~8% during
the forecast period, owing to numerous factors, regarding which TMR offers
thorough insights and forecasts in its report on the global solar PV junction
box market.
Increase in investments in the development of renewable energy sources
and favorable governmental policies and initiatives are expected to fuel the
global solar PV junction box market during the forecast period.
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Solar PV Junction Box Market: Dynamics
According to the “Global Trends in Renewable Energy Investment 2019”
report published by the UN Environment Programme, the global investment in new
renewable energy capacity in the past decade stood at more than US$ 2.5 Trn,
with more solar power capacity installed than other generation technologies.
More than 260 gigawatts (GW) of renewables were added in the world in 2020;
of this, solar and wind in particular have exhibited remarkable growth, with
127 GW and 111 GW of new installations, respectively, in 2020.
Together, they now add up more than 50% of the total installed
renewables capacity.
The cost of photovoltaic module has dropped significantly over the past
few years. Governments are providing subsidies and encouraging the
implementation of solar energy on a large scale. The current levelized cost of
electricity (LCOE) of large-scale photovoltaic is lower than that of fossil
fuel in some cases. New technological innovations, such as bifacial solar
panel, can further reduce the levelized cost of electricity. Several advantages
of bifacial solar panel over monofacial and increased investments by companies
for innovation in solar panel are contributing to the rising demand for
bifacial solar panels in the market.
TE Connectivity has already developed and introduced the SOLARLOK PV
Edge, a new-generation junction box designed for bifacial and half-cut solar
panel applications. The new junction box has several advantages over
centralized junction boxes. Shorter cross-connect foils and reduced dimensions
of the junction box increase the efficiency of the panels. The rise in
installation of bifacial solar panels is anticipated to drive the demand for
solar PV junction box. Bifacial solar panel needs to have a small compact PV
junction box, which can be attached to the edge of the panel. There exists
lucrative opportunities for these compact solar PV junction boxes in bifacial
solar panels. Thus, application of compact solar PV junction box in bifacial
solar panel is projected to drive the solar PV junction box market in the near
future.
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Solar PV Junction Box Market: Prominent Regions
North America is a key region of the global solar junction PV box
market. The region accounted for one of the largest solar PV installations
in 2020. Solar PV is booming in North America, particularly in the
U.S., owing to the rise in utility-scale project installations, third-party
owner model for residential applications, and availability of financial leasing
schemes. This is driving the solar PV junction box market in the region.
Asia Pacific was a leading region of the global solar PV junction box
market in 2020. China, Australia, and India are key countries of
the solar energy market in Asia Pacific, owing to rapidly declining solar
energy cost, and favorable policies and initiatives by governments of these
countries. Utility-scale projects account for the majority of new additions in
the region due to limited support for distributed applications. However, the
share of commercial and residential installations in total investments is
likely to increase between 2023 and 2025.
Residential PV installations in China are expected to rise in 2021.
Manufacturers of solar PV junction box are primarily concentrated in Asia
Pacific, owing to the easy availability of raw materials and rise in
governmental investments. This is estimated to drive the solar PV junction box
market over the next few years.
Latin America is a lucrative region of the global solar PV junction box
market. The solar PV junction box market in the region has been expanding due
to rapid growth in the installation of solar energy. The rise in the demand for
energy is anticipated to boost the solar energy market in Latin America.
Brazil, Chile, Argentina, and Peru are leading the way in solar energy in Latin
America, as the climatic conditions in these countries support high
irradiation, which is favorable for the generation of solar energy. Increase in
demand for solar energy, decrease in hardware component prices, and financial
support from governments are likely to boost the demand for solar PV junction
box in Latin America during the forecast period.
Solar PV Junction Box Market: Key Players
Key players operating in the global solar PV junction box market are
GEESYS Technologies, Targray, Elcom International, LEONI AG, Zhejiang Zhonghuan
Sunter PV Technology Co. Ltd, Hosiden Corporation, Jiangsu Tongling Electric
Co., Ltd., Stäubli International AG, VRM Energy Consultancy Services Pvt Ltd.,
TE Connectivity, and Baoding Yitong PV Science & Technology Co. Ltd.
Global Solar PV Junction Box Market: Segmentation
Solar PV Junction Box Market, by Type
·
Potting
PV Junction Box
·
Non-potting
PV Junction Box
Solar PV Junction Box Market, by Application
·
Residential
·
Commercial
& Industrial
·
Utilities
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Solar PV Junction
Box Market: Overview
·
According to Transparency Market Research’s latest research report on
the global solar PV junction box market for the historical period of 2020 and
the forecast period of 2021 to 2031, increase in
global solar energy capacity and acceptance of solar photovoltaic (PV) as a key
technology are expected to boost the global solar PV junction box market during
the forecast period
·
Solar PV junction box consists of diodes. Diodes keep the power flow
going in one direction. They prevent the power feeding back into the solar
panels when there is no sunshine.
·
In terms of revenue, the global solar PV junction box market is
estimated to exceed US$ 2 Bn by 2031, expanding at
a CAGR of ~8% during the forecast period. Solar photovoltaic
(PV) emerged as a key technology that gradually gained acceptance between 2010 and 2019.
Efficiency improvements have led to price reductions to such levels that PVs
acquired the dominant position in the renewable sector on the world energy
stage. This factor is projected to propel the global solar PV junction box
market in the near future.
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