The global solar power equipment market size was US$ 101.9 billion in 2021. The global solar power equipment market is forecast to grow to US$ 311.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 10.9% during the forecast period from 2022 to 2030. 
In order to capture solar energy and transform it into electricity for usage in the utility, commercial, industrial, or residential sectors, solar power equipment is put on the ground or on rooftops. Solar panels, batteries, mounting & racking systems, track trackers, inverters, and other sorts of solar power equipment are just a few examples.

Factors Influencing the Market
The benefits of solar power equipment, such as the use of potential green technology that combats climatic changes, decreasing reliance on conservative fossil fuel-based energy, etc., will primarily drive the growth of the solar power equipment market during the forecast period. 
Favourable government policies and incentives will also contribute to the growth of the solar power equipment market during the forecast period. Various governments have introduced projects and policies, such as incentives, capital subsidies, and tax exemptions to sustain solar energy for power generation and other applications. Governments in the U.S, China, and India are actively working on upscaling the use of solar energy and amplifying the installations of solar panels and other equipment. As a result, it will contribute to the growth of the solar power equipment market during the forecast period. 
The growing rate of innovations in the solar energy sector will significantly drive the solar power equipment market forward. For instance, JA Solar launched DeepBlue 3.0, a Light, high-efficiency module, in 2021. It is specifically crafted for residential and commercial rooftops.
On the flip side, growing dependency on sun radiation may restrict the market growth during the study period.

Regional Analysis
On the basis of Region, Asia Pacific is expected to be the largest solar power equipment market during the study period. The need for homes is anticipated to increase along with increased urbanization, which would increase the demand for solar power equipment. The region's growth is also attributed to the increase in demand for rooftop solar systems in both residential and non-residential structures. 
Apart from that, North America will also record notable growth in the solar power equipment market during the study period. Due to favourable government incentives and technology advancements, solar power generation in the United States is rapidly growing and encouraging consumers to utilize solar energy. For instance, in 2016, 14,762 MWdc of solar photovoltaics were installed in the U.S.

COVID-19 Impact Analysis
The COVID-19 pandemic forced the vendors to shut their doors in order to abide by the government rules. Moreover, a drastic drop in the availability of laborers and raw materials notable hampered the growth of the solar power equipment market.

Competitors in the Market
• ABB Group
• Canadian Solar
• LONGi Solar
• First Solar Inc.
• Hanwha Q CELLS
• Shunfeng International
• JA Solar
• JinkoSolar
• SunPower Corporation
• Trina Solar
• Other Prominent Players

Market Segmentation
The global solar power equipment market segmentation focuses on Equipment, Application, and Region. 
By Equipment Outlook
• Solar Panels
• Mounting, Racking, & Tracking System
• Storage System
• Others
By Application Outlook
• Non-residential
• Residential
• Utility
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America