Solar PV balance of systems (BOS) market size to grow at a CAGR of 18.8% by 2026:APAC to account for 59% of growth - Technavio

News provided by

Feb 16, 2023, 10:30 ET

NEW YORK, Feb. 16, 2023 /PRNewswire/ -- According to Technavio, the global solar PV balance of systems (BOS) market size is estimated to grow by USD 79.47 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 18.8% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for 59% of the growth of the global market during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the market, request a sample report.

Technavio has announced its latest market research report titled Global Solar PV Balance Of Systems Market 2022-2026

Global solar PV balance of systems (BOS) market - Five forces
The global solar PV balance of systems (BOS) market is fragmented, and the five forces analysis covers–

Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
For an interpretation of Porter's five forces model – Buy the report!

Global solar PV balance of systems (BOS) market – Customer landscape

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global solar PV balance of systems (BOS) market - Segmentation assessment

Segment overview
Technavio has segmented the market based on product (structural, electrical, and inverter).

The structural segment will account for a significant share of the market's growth during the forecast period. Structural BOS components are important parts of solar PV systems. Therefore, the development of structural BOS is related to the rising deployment of solar PV systems. The rise in global solar PV capacity will increase the demand for solar PV systems, which, in turn, will drive the deployment of structural BOS components during the forecast period. Therefore, the structural segment is expected to grow during the forecast period.

Geography overview
Based on geography, the global solar PV balance of systems (BOS) market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global solar PV balance of systems (BOS) market.

APAC will account for 59% of the market's growth during the forecast period. China, Japan, and India are the key contributors to the solar PV balance systems market in the region. However, market growth in this region will be slower than the growth of the market in North America, Europe, and MEA. Governments of various countries have implemented financial incentives programs such as FiTs in China, Japan, Thailand, and Vietnam to promote solar power generation, which, in turn, will drive the market growth in APAC during the forecast period.

Download a sample report

Global solar PV balance of systems (BOS) market – Market dynamics
Key factor driving market growth

Increasing investments in renewable energy are driving the market growth.
The global energy mix has changed significantly over the past two decades.
Improvement in energy efficiency has played a key role in balancing energy supply and demand.
Moreover, the competitive cost of producing electricity and low carbon emissions from renewable sources has led to a rise in investments in renewable energy globally.
These factors will drive the growth of the global solar PV BOS market during the forecast period.

Leading trends influencing the market

Reduced solar energy costs are a key trend in the market.
The cost of solar PV systems has reduced by 70% globally since 2010.
Innovative financing, reduction in technology prices, and growing networks of financial partners and solar installers are leading to an increase in cost effectiveness.
The adoption of solar PV has increased with the reduction in the cost of solar power,, which has increased the number of installations over the years.
These factors will positively impact the growth of the global solar PV BOS market during the forecast period.

Major challenges hindering market growth

Rising competition from other sources of energy is challenging the market growth.
According to the IEA, wind power generation capacity is expected to reach 839 GW by 2023, with the addition of more offshore wind power plants.
Onshore and offshore wind capacities are expected to grow by 25% and 10%, respectively, by the end of 2023.
Hydropower-based power generation capacity is expected to grow by 18.5 GW by 2023.
Bioenergy is also expected to grow substantially, with global capacity additions of 5-8 GW per year during the forecast period.
Thus, new projects and capacity additions will hamper the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this solar PV balance of systems (BOS) market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the solar PV balance of systems (BOS) market between 2022 and 2026
Precise estimation of the size of the solar PV balance of systems (BOS) market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the solar PV balance of systems (BOS) market across APAC, Europe, North America, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of solar PV balance of systems (BOS) market vendors

Gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Related Reports:

The alternating current power system market is estimated to decline at a CAGR of 4.98% between 2022 and 2027. The size of the market is forecasted to increase by USD 60.78 billion. This report extensively covers market segmentation by type (three-phase and single-phase), end-user (non-residential and residential), product (generator, switchgear, UPS, PDU, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

The direct current power system market is estimated to grow at a CAGR of 7.61% between 2022 and 2027. The size of the market is forecasted to increase by USD 12.01 billion. This report extensively covers market segmentation by type (0-24v DC power system, 48v DC power system, and more than 48v DC power system), end-user (industrial, telecom, commercial, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

Solar PV Balance Of Systems (BOS) Market Scope
Report Coverage	Details
Page number	142
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 18.8%
Market growth 2022-2026	USD 79.47 billion
Market structure	Fragmented
YoY growth 2021-2022 (%)	17.32
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 59%
Key countries	US, China, Japan, India, and Germany
Competitive landscape	Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled	ABB Ltd., Array Technologies Inc., Bentek Corp., Eaton Corp. Plc, First Solar Inc., Golden Concord Holdings Ltd., Huawei Technologies Co. Ltd., Loom Solar Pvt. Ltd., Mecanizados Solares SL, Microtek International Pvt. Ltd., Prysmian Spa, Renesola Ltd, Schneider Electric SE, SMA Solar Technology AG, SolarEdge Technologies Inc., Solaris Technology Industry Inc., Sungrow Power Supply Co. Ltd., SunPower Corp, Unirac Inc., and Moser Baer Solar Ltd
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, and market condition analysis for the forecast period.
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.

Browse for Technavio's industrials market reports

Table of contents

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 09: Parent market
Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary

Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers

Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers

Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants

Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes

Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry

Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition

Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Product

5.1 Market segments

Exhibit 24: Chart on Product - Market share 2021-2026 (%)
Exhibit 25: Data Table on Product - Market share 2021-2026 (%)

5.2 Comparison by Product

Exhibit 26: Chart on Comparison by Product
Exhibit 27: Data Table on Comparison by Product

5.3 Structural - Market size and forecast 2021-2026

Exhibit 28: Chart on Structural - Market size and forecast 2021-2026 ($ million)
Exhibit 29: Data Table on Structural - Market size and forecast 2021-2026 ($ million)
Exhibit 30: Chart on Structural - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on Structural - Year-over-year growth 2021-2026 (%)

5.4 Electrical - Market size and forecast 2021-2026

Exhibit 32: Chart on Electrical - Market size and forecast 2021-2026 ($ million)
Exhibit 33: Data Table on Electrical - Market size and forecast 2021-2026 ($ million)
Exhibit 34: Chart on Electrical - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on Electrical - Year-over-year growth 2021-2026 (%)

5.5 Inverter - Market size and forecast 2021-2026

Exhibit 36: Chart on Inverter - Market size and forecast 2021-2026 ($ million)
Exhibit 37: Data Table on Inverter - Market size and forecast 2021-2026 ($ million)
Exhibit 38: Chart on Inverter - Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on Inverter - Year-over-year growth 2021-2026 (%)

5.6 Market opportunity by Product

Exhibit 40: Market opportunity by Product ($ million)

6 Customer Landscape

6.1 Customer landscape overview

Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation

Exhibit 42: Chart on Market share by geography 2021-2026 (%)
Exhibit 43: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison

Exhibit 44: Chart on Geographic comparison
Exhibit 45: Data Table on Geographic comparison

7.3 APAC - Market size and forecast 2021-2026

Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026

Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 North America - Market size and forecast 2021-2026

Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.6 South America - Market size and forecast 2021-2026

Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.7 Middle East and Africa - Market size and forecast 2021-2026

Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.8 China - Market size and forecast 2021-2026

Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)

7.9 US - Market size and forecast 2021-2026

Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)

7.10 Japan - Market size and forecast 2021-2026

Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)

7.11 Germany - Market size and forecast 2021-2026

Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.12 India - Market size and forecast 2021-2026

Exhibit 82: Chart on India - Market size and forecast 2021-2026 ($ million)
Exhibit 83: Data Table on India - Market size and forecast 2021-2026 ($ million)
Exhibit 84: Chart on India - Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on India - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography

Exhibit 86: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

Exhibit 87: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

Exhibit 88: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption

Exhibit 89: Overview on factors of disruption

9.4 Industry risks

Exhibit 90: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered

Exhibit 91: Vendors covered

10.2 Market positioning of vendors

Exhibit 92: Matrix on vendor position and classification

10.3 ABB Ltd.

Exhibit 93: ABB Ltd. - Overview
Exhibit 94: ABB Ltd. - Business segments
Exhibit 95: ABB Ltd. - Key offerings
Exhibit 96: ABB Ltd. - Segment focus

10.4 Eaton Corp. Plc

Exhibit 97: Eaton Corp. Plc - Overview
Exhibit 98: Eaton Corp. Plc - Business segments
Exhibit 99: Eaton Corp. Plc - Key news
Exhibit 100: Eaton Corp. Plc - Key offerings
Exhibit 101: Eaton Corp. Plc - Segment focus

10.5 Golden Concord Holdings Ltd.

Exhibit 102: Golden Concord Holdings Ltd. - Overview
Exhibit 103: Golden Concord Holdings Ltd. - Product / Service
Exhibit 104: Golden Concord Holdings Ltd. - Key offerings

10.6 Huawei Technologies Co. Ltd.

Exhibit 105: Huawei Technologies Co. Ltd. - Overview
Exhibit 106: Huawei Technologies Co. Ltd. - Business segments
Exhibit 107: Huawei Technologies Co. Ltd. - Key offerings
Exhibit 108: Huawei Technologies Co. Ltd. - Segment focus

10.7 Prysmian Spa

Exhibit 109: Prysmian Spa - Overview
Exhibit 110: Prysmian Spa - Business segments
Exhibit 111: Prysmian Spa - Key offerings
Exhibit 112: Prysmian Spa - Segment focus

10.8 Renesola Ltd

Exhibit 113: Renesola Ltd - Overview
Exhibit 114: Renesola Ltd - Business segments
Exhibit 115: Renesola Ltd - Key offerings
Exhibit 116: Renesola Ltd - Segment focus

10.9 Schneider Electric SE

Exhibit 117: Schneider Electric SE - Overview
Exhibit 118: Schneider Electric SE - Business segments
Exhibit 119: Schneider Electric SE - Key news
Exhibit 120: Schneider Electric SE - Key offerings
Exhibit 121: Schneider Electric SE - Segment focus

10.10 SMA Solar Technology AG

Exhibit 122: SMA Solar Technology AG - Overview
Exhibit 123: SMA Solar Technology AG - Business segments
Exhibit 124: SMA Solar Technology AG - Key offerings
Exhibit 125: SMA Solar Technology AG - Segment focus

10.11 Sungrow Power Supply Co. Ltd.

Exhibit 126: Sungrow Power Supply Co. Ltd. - Overview
Exhibit 127: Sungrow Power Supply Co. Ltd. - Product / Service
Exhibit 128: Sungrow Power Supply Co. Ltd. - Key offerings

10.12 Unirac Inc.

Exhibit 129: Unirac Inc. - Overview
Exhibit 130: Unirac Inc. - Product / Service
Exhibit 131: Unirac Inc. - Key offerings

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

Exhibit 132: Inclusions checklist
Exhibit 133: Exclusions checklist

11.3 Currency conversion rates for US$

Exhibit 134: Currency conversion rates for US$

11.4 Research methodology

Exhibit 135: Research methodology
Exhibit 136: Validation techniques employed for market sizing
Exhibit 137: Information sources

11.5 List of abbreviations

Exhibit 138: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio