Solar PV Balance Of Systems (BOS) Market Size 2025-2029
The solar PV balance of systems (BOS) market size is forecast to increase by USD 58.93 billion at a CAGR of 25.9% between 2024 and 2029.
- The market is experiencing significant growth, driven by escalating investments in renewable energy and advancements in inverter technology. The BOS market encompasses components and systems essential to the operation of solar photovoltaic (PV) systems, excluding the solar panels themselves. This market's expansion is fueled by the global shift towards clean energy and the continuous improvement of BOS technologies, which enhance system efficiency and performance. However, the market's growth potential is tempered by regulatory hurdles and supply chain inconsistencies. Governments worldwide are implementing policies that impact the solar industry, such as subsidy reductions and complex approval processes, which can hinder market penetration. The market encompasses the production and supply of backsheets used in photovoltaic (PV) devices, including solar panels and solar modules.
- Furthermore, the solar PV BOS market faces competition from other energy sources, such as wind and hydroelectric power, which can influence project investments. To capitalize on market opportunities and navigate these challenges effectively, companies must stay informed of regulatory developments and invest in robust supply chain management strategies. By doing so, they can ensure a steady supply of high-quality components and maintain their competitive edge in the evolving renewable energy landscape. The market exhibits growth due to the expanding renewable energy sector and the increasing adoption of solar power as a primary energy source.
What will be the Size of the Solar PV Balance Of Systems (BOS) Market during the forecast period?
- The market encompasses a range of technologies and services essential for optimizing the performance and efficiency of solar power installations. Key components include energy management systems, intermittent energy solutions, solar simulation software, voltage optimization, grid integration, Operations and Maintenance (O&M), carbon reduction strategies, solar insurance, yield optimization, and distributed generation. Power electronics, smart grids, solar resource assessment, remote diagnostics, energy storage systems, and battery management systems are also integral. These elements address challenges such as solar irradiance variability, grid integration, and demand response.
- Project financing, energy efficiency technologies, renewable energy credits, solar policy, and solar regulation are crucial for the economic viability and growth of the market. Life cycle costs, fault detection, performance monitoring, and solar modeling are essential for maximizing solar asset value and minimizing greenhouse gas emissions.
How is this Solar PV Balance Of Systems (BOS) Industry segmented?
The solar PV balance of systems (BOS) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
- Product
- Structural
- Electrical
- Inverter
- End-user
- Commercial
- Industrial
- Residential
- Component
- Inverters
- Mounting systems
- Monitoring and control systems
- DC cabling
- Others
- Geography
- North America
- US
- Canada
- Europe
- Germany
- UK
- APAC
- Australia
- China
- India
- Japan
- South Korea
- South America
- Brazil
- Rest of World (ROW)
- North America
By Product Insights
The structural segment is estimated to witness significant growth during the forecast period. The Solar Photovoltaic (PV) Balance of Systems (BOS) market encompasses various components that support the operation and functionality of solar power systems. These components include solar consultants for project development, engineering procurement construction (EPC) firms, protection, solar incentives, dc optimizers, string inverters, power optimizers, solar leases, and financing solutions. Additionally, the market incorporates solar panel cleaning services, energy storage systems, solar contractors, and remote monitoring systems. Structural BOS components, such as mounting structures, cable management, combiner boxes, and solar trackers, play a crucial role in the PV system's structure. Ground-mount trackers, fixed-tilt, and rooftop mounting systems, fasteners, brackets, enclosures, racks, and other supporting components are essential for solar farms, utility-scale projects, and residential installations. Technological advances have led to the development of UV-resistant polymers like Polyvinylidene fluoride (PVDF) and Polyethylene terephthalate (PET), which enhance the electrical properties and surface properties of solar backsheets.
The structural BOS segment's growth is attributed to the increasing adoption of renewable energy, with a particular focus on solar power. Despite the significant decrease in module prices, the cost of structural components has not decreased at the same rate. However, there has been a substantial reduction in the costs of structural BOS components over the past few years. This decline in costs is expected to drive the growth of the structural BOS segment in the solar PV market. Other factors contributing to the market's expansion include the integration of energy storage systems, net metering, and the increasing demand for clean energy and reducing carbon footprints. Technological advances have led to the development of UV-resistant polymers like Polyvinylidene fluoride (PVDF) and Polyethylene terephthalate (PET), which enhance the electrical properties and surface properties of solar backsheets.
The Structural segment was valued at USD 8.21 billion in 2019 and showed a gradual increase during the forecast period. In the commercial and residential sectors, rooftop solar installations are gaining popularity, leading to an increase in demand for mounting structures and other structural BOS components. Floating solar systems, which are becoming increasingly common, also require specialized mounting structures and other BOS components. The integration of solar power into the grid, through feed-in tariffs and power purchase agreements, is further fueling the market's growth.
The solar industry's continuous evolution is evident in the development of advanced technologies, such as bifacial modules and solar carports, which require specialized BOS components. The integration of these technologies into solar power systems will create new opportunities for BOS component manufacturers and suppliers. The Solar PV BOS market is experiencing significant growth due to the increasing adoption of renewable energy, the integration of energy storage systems, and the development of advanced solar technologies. The structural BOS segment, which includes mounting structures, cable management, combiner boxes, and solar trackers, is expected to drive the market's growth due to the substantial decrease in costs and the increasing demand for solar power systems.
Regional Analysis
APAC is estimated to contribute 61% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market experiences significant growth in the APAC region due to various factors. Financial incentives, such as feed-in tariffs (FITS) in China, Japan, Thailand, and Vietnam, have driven the market's expansion. The increasing focus on reducing greenhouse gas (GHG) emissions in countries like India and China has led to a shift towards renewable energy sources, particularly solar and wind power. Solar power generation initiatives in the region, along with their swift execution, indicate a strong commitment to replacing fossil fuels.
Companies across APAC continue to expand their renewable energy portfolios by increasing operational capacity. Solar PV projects involve multiple components, including bifacial modules, protection systems, and solar consultants, ensuring efficient project development and leveraging solar incentives. Key technologies such as DC optimizers, rooftop solar, grid interconnection, and commercial solar are gaining traction, alongside crucial maintenance services like solar panel cleaning. Advanced string inverters and power optimizers enhance energy output, while solar leases, solar financing, and solar subsidies support widespread adoption. The rise of power purchase agreements, solar design, and solar installation further boosts implementation, with specialized solutions like solar shade structures and energy storage contributing to efficiency.
The market sees increased participation from solar contractors, emphasizing clean energy, off-grid solar, and solar power for diverse applications, including residential solar. Technologies such as data loggers, energy efficiency solutions, and strategies for reducing carbon footprint align with sustainability goals. Regulatory frameworks support net metering, engineering procurement construction, remote monitoring, and monitoring systems, ensuring optimized operations. Innovations like floating solar, electricity generation, and solar farms are reshaping energy infrastructure. The use of central inverters, solar carports, and sustainable energy initiatives drive market momentum, while structural components such as mounting structures, cable management, combiner boxes, and solar trackers enhance efficiency. The region is witnessing rapid growth in utility-scale solar projects, reinforcing its commitment to renewable energy expansion.
Market Dynamics
Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the Solar PV Balance Of Systems (BOS) market drivers leading to the rise in the adoption of Industry?
- Advancements in energy efficiency is the major driver shaping the market. Renewable energy sources, including solar, accounted for over 40% of total power sector investments in the last three years. In Europe, countries such as Norway, Iceland, and Sweden rely on renewable energy for more than half of their annual power demand due to stringent emission norms. Solar PV panels are mounted on rooftops and ground-level structures using mounting systems made of steel, aluminum, and iron. In the solar PV sector, technologies like bifacial modules and DC optimizers have gained popularity due to their efficiency and cost-effectiveness.
- Solar consultants and project developers play a crucial role in the solar value chain, ensuring grid interconnection and securing solar incentives. Commercial solar installations, including rooftop solar, have become increasingly common due to their cost-competitiveness and sustainability benefits. Solar panel cleaning and protection are essential aspects of solar PV system maintenance, ensuring optimal system performance and longevity. Feed-in tariffs and net metering policies provide financial incentives for solar adoption, further driving market growth. The solar PV BOS market is expected to continue its growth trajectory, driven by these market dynamics and the increasing adoption of renewable energy worldwide.
What are the Solar PV Balance Of Systems (BOS) market trends shaping the Industry?
- Advances in inverter technology are currently shaping market trends, as this technology continues to evolve and improve. Inverter technology, which enables more efficient conversion of electrical power, is a significant focus for innovation in various industries. The solar photovoltaic (PV) Balance of Systems (BOS) market has experienced significant growth due to the increasing adoption of solar energy solutions worldwide. String inverters and power optimizers are key components of the solar PV BOS, playing crucial roles in maximizing energy production and efficiency. Solar leases, financing, and subsidies have facilitated the widespread implementation of solar energy, leading to power purchase agreements becoming increasingly common. Solar design and installation have also advanced, with the integration of solar shade structures and energy storage solutions. Solar contractors have been instrumental in implementing these innovations, emphasizing safety functions and smart grid interaction.
- Inverter technology, in particular, has been a major driver of advancements in the solar industry. Stainless steel mounting systems are popular due to their durability and resistance to weather conditions. It enables smart grid interaction, optimizes energy production, and facilitates monitoring, storage, and integration with smart homes. As the solar energy industry continues to evolve, the focus remains on reducing the levelized cost of energy (LCOE) and providing more advanced and efficient solar energy solutions.
How does Solar PV Balance Of Systems (BOS) market face challenges during its growth?
- The expansion of various alternative energy sectors poses a significant challenge to the industry's growth trajectory. Solar power generation experienced a significant 30% increase in 2024, surpassing 2,000 TWh and accounting for 7% of the global electricity mix, up from 5% the previous year. Simultaneously, wind energy also witnessed substantial growth, contributing to the expanding share of renewables in electricity generation. Despite this progress, fossil fuels continue to dominate power generation, maintaining a substantial market presence. The International Energy Agency (IEA) identifies China, the US, and India as the leading markets for wind energy production growth. However, some countries continue to rely on fossil fuels due to their abundant resources and the current affordability of fossil fuel-based electricity generation.
- In the realm of solar power, off-grid solar systems are gaining traction in residential applications, with energy efficiency and carbon footprint reduction being key drivers. Data loggers and remote monitoring systems play a crucial role in optimizing solar power generation and enhancing overall system performance. Net metering policies enable solar energy producers to sell excess electricity back to the grid, further incentivizing solar adoption. Engineering, procurement, and construction (EPC) firms are increasingly focusing on solar projects, including floating solar installations, to expand their business offerings. Monitoring systems and remote monitoring capabilities are essential components of solar power projects, ensuring optimal energy generation and system efficiency. Solar power is poised to play a significant role in the global transition towards renewable energy sources, contributing to a more sustainable electricity generation landscape.
Exclusive Customer Landscape
The solar PV balance of systems (BOS) market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the solar PV balance of systems (BOS) market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, solar PV balance of systems (BOS) market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
ABB Ltd. - The company specializes in Photovoltaic (PV) Busbar Overcurrent Protection Systems, supplying innovative solutions such as fuse disconnectors E 90 PV, cylindrical E 9F PV, and miniature circuit-breakers S800 PV-S.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- ABB Ltd.
- Array Technologies Inc.
- Bentek Corp.
- Eaton Corp. plc
- First Solar Inc.
- GeoTrust Inc.
- Golden Concord Holdings Ltd.
- Huawei Technologies Co. Ltd.
- Loom Solar Pvt. Ltd.
- Microtek International Pvt. Ltd.
- Moser Solar
- Prysmian SpA
- RENESOLA
- S and P Global Inc.
- Schneider Electric SE
- SMA Solar Technology AG
- SolarEdge Technologies Inc.
- Sungrow Power Supply Co. Ltd.
- SunPower Corp.
- Unirac Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Recent Development and News in Solar PV Balance Of Systems (BOS) Market
- In February 2024, SolarEdge Technologies, a leading provider of solar inverters and power optimizers, introduced its StorEdge DC-coupled solar inverter with integrated energy storage. This new product launch marks a significant development in the market, as it allows for more efficient energy management and storage for solar systems (SolarEdge Technologies Press Release, 2024).
- In August 2024, First Solar and Siemens Energy entered into a strategic partnership to collaborate on the development and manufacturing of solar PV BOS components. This collaboration aims to reduce the levelized cost of solar energy and improve system efficiency (First Solar Press Release, 2024).
- In March 2025, Canadian Solar completed the acquisition of Recurrent Energy, a leading independent power producer, for approximately USD 1.1 billion. This acquisition expands Canadian Solar's presence in the utility-scale solar market and provides it with strong BOS capabilities (Canadian Solar Press Release, 2025).
Research Analyst Overview
The Solar Photovoltaic (PV) Balance of Systems (BOS) market continues to evolve, with dynamic market activities shaping its landscape. Entities such as string inverters, power optimizers, solar leases, solar financing, solar subsidies, power purchase agreements, solar design, solar installation, solar shade structures, energy storage, solar contractors, and clean energy play integral roles in this sector. The application of these components spans various sectors, including commercial and residential installations, off-grid systems, and utility-scale projects. The integration of solar PV systems with batteries, inverters, and green hydrogen production is also expected to boost market growth. Renewable energy sources, like bifacial modules, are increasingly adopted, necessitating advanced protection and solar consultants for project development. Solar incentives, such as feed-in tariffs and net metering, influence market trends, while grid interconnection and engineering procurement construction enable electricity generation from solar farms and solar power.
Solar panel cleaning, data loggers, energy efficiency, and carbon footprint reduction are essential considerations for optimizing solar performance. Floating solar, solar carports, and sustainable energy solutions further expand the market's scope. Central inverters, mounting structures, cable management, combiner boxes, and solar trackers are crucial components for large-scale solar energy projects. These modules are manufactured using multiple thin layers of photo-voltaic films, with semiconductor devices deposited on a plastic or glass substrate. Remote monitoring and monitoring systems facilitate efficient system management and maintenance. The continuous unfolding of market activities and evolving patterns underscore the importance of staying informed and adaptable in the Solar PV BOS market.
Dive into Technavio’s strong research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Solar PV Balance Of Systems (BOS) Market insights. See full methodology.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
230 |
|
Base year |
2024 |
|
Historic period |
2019-2023 |
|
Forecast period |
2025-2029 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 25.9% |
|
Market growth 2025-2029 |
USD 58.93 billion |
|
Market structure |
Fragmented |
|
YoY growth 2024-2025(%) |
20.2 |
|
Key countries |
China, US, Japan, India, Germany, Australia, UK, South Korea, Canada, and Brazil |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Solar PV Balance Of Systems (BOS) Market Research and Growth Report?
- CAGR of the Solar PV Balance Of Systems (BOS) industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2025 and 2029
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the solar PV balance of systems (BOS) market growth of industry companies
We can help! Our analysts can customize this solar PV balance of systems (BOS) market research report to meet your requirements.