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Based on Technavio's market sizing methodology, the solar array disconnect switches market size is predicted to surge to USD 3.16 billion from 2021 to 2026 at a CAGR of 16.55%.
This solar array disconnect switches market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The solar array disconnect switches market report also offers information on several market vendors, including ABB Ltd., Bentek Corp., Bremas Ersce Spa, Eaton Corp. Plc, Mersen Corporate Services SAS, MidNite Solar Inc., ProJoy Electric Co. Ltd., Salzer Electronics Ltd., Santon International BV, Schneider Electric SE, Siemens AG, SOCOMEC Group, and SUNTREE Electric Group Co. Ltd. among others.
This report extensively covers solar array disconnect switches market segmentation by the following:
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The increasing investments in renewable energy is notably driving the solar array disconnect switches market growth, although factors such as the competition from alternative sources may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar array disconnect switches industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Solar Array Disconnect Switches Market Driver
One of the key factors driving growth in the solar array disconnect switches market is the increasing investments in renewable energy. The global energy mix has changed drastically over the past two decades. Improvement in energy efficiency played a vital role in balancing energy supply and demand. The competitive cost of producing electricity and low carbon emissions from renewable sources led to an increase in investments in renewable energy across the world. Several countries in Europe, such as Norway, Iceland, and Sweden, rely on renewable sources for more than half of their total annual power demand due to the implementation of stringent emission norms. The increased focus on renewable energy sources is increasing investments in the energy industry, which will drive the growth of the market.
Key Solar Array Disconnect Switches Market Trend
The companies increasingly focusing on technological advancement is a solar array disconnect switches market trend that is expected to have a positive impact in the coming years. Solar PV sources are drawing investments in research and development activities for technological advances. These advances would help reduce power generation costs, increase the efficiency of equipment, and optimize the installation process. The next generation of solar PV modules includes a mono passivated emitter and rear cell (PERC) and bifacial solar PV modules. These solar PV modules offer high efficiency and conversion rates. Since bifacial solar PV modules produce power from both sides of the solar PV module, they generate more power than monofacial solar PV modules. These solar PV modules require a smaller array footprint, which leads to a reduction in the balance of system costs. Thus, the development of components and their related technologies in solar power will improve the reliability and efficiency of solar array disconnect switches and drive the market during the forecast period.
Key Solar Array Disconnect Switches Market Challenge
The competition from alternative sources will be a major challenge for the solar array disconnect switches market during the forecast period. Despite rapid growth in the use of renewable sources for power generation, fossil fuels (coal, oil, and natural gas) account for a significant portion of the global energy mix. The production of natural gas has increased significantly because of rapid growth in the supply of coalbed methane, tight gas, and shale gas. In the renewables segment, solar energy faces stiff competition from wind energy and hydropower. China, the US, and India are continuously boosting their wind capacity installations for energy production. Electricity generation using hydropower energy has various advantages, such as low maintenance cost, long project lifecycle, and low failure rates. This process of electricity generation is mostly independent of climatic conditions and the flow of air currents. Thus, solar energy faces stiff competition from other sources of energy such as fossil fuels and other renewables such as hydro and wind. As a result, solar power generation is limited. This can hamper the global solar array disconnect switches market.
This solar array disconnect switches market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global solar array disconnect switches market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar array disconnect switches market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the solar array disconnect switches market encompasses successful business strategies deployed by the key vendors. The solar array disconnect switches market is concentrated and the vendors are deploying growth strategies such as mergers and acquisitions and collaboration to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The solar array disconnect switches market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the solar array disconnect switches market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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56% of the market's growth will originate from APAC during the forecast period. China, Vietnam, Japan, and Australia are the key markets for solar array disconnect switches in APAC. Market growth in this region will be faster than the growth of the market in the European and North American regions.
The government initiatives and financial incentive programs such as FIT in China and Japan will facilitate the solar array disconnect switches market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 outbreak in the APAC disrupted various verticals of industries, mainly the renewable energy industry. Many solar power projects across APAC were postponed or canceled due to lockdowns in various countries, such as India, China, South Korea, and Japan. However, the resumption of manufacturing hubs after nationwide lockdowns and shifting preference toward sustainable power sources may proliferate the growth of the solar industry and the regional solar array disconnect switches market during the forecast period.
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The solar array disconnect switches market share growth by the utility segment will be significant during the forecast period. The shift to sustainable energy sources and the presence of agreements, such as the Paris Agreement on climate change, has stimulated the demand for solar array disconnect switches in recent years. The increasing demand for electricity due to the ever-rising population will propel the utility segment of the global solar array disconnect switches market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the solar array disconnect switches market size and actionable market insights on post COVID-19 impact on each segment.
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Solar Array Disconnect Switches Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.55% |
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Market growth 2022-2026 |
$ 3.16 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
16.0 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key consumer countries |
US, China, Vietnam, Japan, and Australia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ABB Ltd., Bentek Corp., Bremas Ersce Spa, Eaton Corp. Plc, Mersen Corporate Services SAS, MidNite Solar Inc., ProJoy Electric Co. Ltd., Salzer Electronics Ltd., Santon International BV, Schneider Electric SE, Siemens AG, SOCOMEC Group, and SUNTREE Electric Group Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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