Solar Testing Equipment Forecast and CAGR
Fact.MR conducted a thorough analysis of the global solar testing equipment market with the assistance of his specialized team in the ICT sector. It is been stated that the global solar testing equipment market is presumed to witness a flourishing growth rate of nearly 11.0% CAGR over the assessment period (2021-2031).
The surging energy industry across the globe is an evident sign for the global solar testing equipment market and is likely to emphasize on-demand over the next decade. Further heightening investment in renewable energy sources and installation of the solar grid is presumed to supplement the growth curve of the solar testing equipment market.
What is driving demand for Solar Testing Equipment?
Diminishing energy-related CO? emanations are at the heart of the energy change. Quickly moving the world away from the utilization of petroleum derivatives that cause environmental change and towards cleaner inexhaustible types of energy is basic if the world is to come to the environmental objectives concurred in Paris. There are numerous drivers behind this change of shift towards renewable energy resources.
Air contamination is a significant general wellbeing emergency, fundamentally brought about by unregulated, wasteful, and contaminating fuel sources, (for example petroleum product ignition, compound-related discharges).
The change to clean environmentally friendly power sources would further develop the air quality in urban areas and bring more prominent flourishing by diminishing infirmity and expanding efficiency. With the ascent in the use of renewables, a drop in net energy appropriations would possibly prompt a decrease in wellbeing costs from the air contamination and environmental impacts.
The investment funds from decreased externalities with regard to the air contamination and environmental change alongside stayed away from sponsorships exceed the extra energy framework. This advancing move will result in opening up numerous market opportunities for the solar testing equipment market during the forecast period (2021-2023).
Know More Details About the Report
Fact.MR research on “Solar Testing Equipment Market" focuses on six key regions: North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa in terms of regional breakdown. North America holds a commanding position among them, accounting for a higher revenue share in the global solar testing equipment market during the evaluation period.
The U.S. solar-powered market outperformed 100 gigawatts (GW) of introduced electric producing limit, multiplying the size of the business throughout the last 3.5 years, as indicated by the U.S. According to Solar Energy Industries Association (SEIA) and Wood Mackenzie, solar energy-oriented had an unprecedented Q1 2021 and represented 58% of all new electric limit increments in the United States.
Sustainable power represented almost 100% of all new electric limits in Q1. This will further result in facilitating numerous market opportunities for solar testing equipment during the forecast period.
The hole between noticed outflows and the decreases that are expected to meet globally concurred environment goals is enlarging.
The change of the worldwide energy framework needs to speed up considerably to meet the goals of the Paris Agreement, which expect to keep the ascent in normal worldwide temperatures to nearer to 1.5 degrees Celsius (°C) in the present century, contrasted with pre-mechanical levels. A 70% decrease in energy-related outflows would be required by 2050 contrasted with current levels (IRENA, 2019a).
Because of the COVID-19 pandemic, the viewpoint for solar-based energy generation has changed drastically. Through June of 2020, the business has utilized 188,000 laborers, instead of the 302,000 that was initially guage – a 38% decrease. These misfortunes would nullify 5 years of solar energy industry development, pushing the labor force back to a level unheard of since 2014.
The U.S. will introduce only 3 gigawatts (GW) of sun-oriented limit in Q2 2020 - a 37% decay from pre-COVID estimates. The Q2 sunlight-based arrangement misfortunes are comparable to fueling 288,000 homes and $3.2 billion in monetary speculation.
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Who are the Key players of Solar Testing Equipment Market?
Some of the leading players operating globally are
- TÜV RHEINLAND
- SGS SA
- TEKTRONIX Inc.
- SolarEdge Technologies Inc.
- Newport Corporation
- Keysight Technologies
- National Instruments
- Aescusoft GmbH Automation
The market is fragmented with a large number of players. Players are actively pursuing a significant share of the market, often using both organic and inorganic growth strategies. Alliance, acquisition, and gradually strengthening their online sales and distribution network worldwide were the main priorities.
Solar Testing Equipment Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
An Adaptive Approach to Modern-day Research Needs
- Functional Testing
- Performance (Efficiency) Testing
- Durability Testing
- Certification (Safety and Compliance) Services
- PV Modules
- Balance Of Systems Component
- PV Systems
- Flat Panel PV Modules
- Concentrated PV Modules
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- Northern Africa
- South Africa
- Other Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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