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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 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.
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.
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.
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.
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
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:
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.
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.
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Market Scope |
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Report Coverage |
Details |
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Page number |
230 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 25.9% |
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Market growth 2025-2029 |
USD 58.93 billion |
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Market structure |
Fragmented |
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YoY growth 2024-2025(%) |
20.2 |
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Key countries |
China, US, Japan, India, Germany, Australia, UK, South Korea, Canada, and Brazil |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Product
9 Market Segmentation by End-user
10 Market Segmentation by Component
11 Customer Landscape
12 Geographic Landscape
13 Drivers, Challenges, and Opportunity/Restraints
14 Competitive Landscape
15 Competitive Analysis
16 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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