Global Solar PV Balance Of System Market Size By Product (Electrical BOS, Structural BOS, Inverter), By Application (Commercial, Industrial, Residential), By Geographic Scope And Forecast

Solar PV Balance Of System Market Size And Forecast

Solar PV Balance Of System Market size was valued at USD 29.83 Billion in 2024 and is projected to reach USD 103.13 Billion by 2031, growing at a CAGR of 18.50% during the forecast period 2024-2031.

As solar PV gets more popular for making electricity, expect the market for Solar PV Balance Of Systems to really take off! A big reason for this growth is the increasing investment in renewable energy. We're seeing more money poured into renewables globally because it's cheaper than ever to make electricity that way, and it helps cut down on carbon emissions. Want the full scoop? The Global Solar PV Balance Of System Market report gives you a complete picture. It dives deep into all the important parts of the market, looking at key trends, what's driving growth, what's holding it back, who the big players are, and everything else that's making a difference.

Global Solar PV Balance Of System Market Definition

The parts and machinery that move the DC energy generated by solar panels through the conversion system to produce AC electricity are referred to as the Solar PV Balance-of-System, or BOS. BOS typically refers to all elements outside of the modules of a PV system. This includes the cables/wires, switches, enclosures, fuses, ground fault detectors, and more in addition to inverters and racking. BOS is applicable to all solar application types.

The majority of the parts, which account for 10% to 50% of the costs associated with solar purchase and installation as well as the majority of maintenance needs, are BOS components. In essence, we modernize solar PV systems, control costs, and improve efficiency through the balance-of-system components.

Global Solar PV Balance Of System Market Overview

Okay, so get thisPV module prices can't keep dropping forever, right? That means they won't be the biggest factor making a solar plant cheap anymore. Instead, we're gonna be looking hard at all the other stuff – the Balance of System (BOS) – like inverters, cables, even the design work and getting everything installed. Basically, these components need to be super cost-competitive. Sure, cheaper modules are still important, but to really make solar affordable in many countries, we gotta focus on squeezing costs out of that BOS. And what's really driving demand for all these BOS parts? It's those government programs supporting big utility-scale and smaller distributed solar projects to help boost our conventional energy sources.

Future capacity addition offers a significant opportunity for businesses in this sector because BOS accounts for about one-third of the cost of a solar project. The segment’s cost-cutting efforts are anticipated to continue to center on BOS components in the future. The industry must concentrate on a variety of components because it can no longer rely on one component to cut costs. Additionally, enhancements in software, system design, customization, optimization, and processes are probably going to boost PV performance while cutting costs.

Global Solar PV Balance Of System Market Segmentation Analysis

The Global Solar PV Balance Of System Market is segmented on the basis of Product, Application, And Geography.

Solar PV Balance Of System Market, By Product

• Electrical BOS
• Inverter
• Structural BOS

Based on Product, The market is segmented into Electrical BOS, Structural BOS, and Inverter. The Structural BOS segment is anticipated to dominate the Solar PV Balance Of System Market. Solar PV systems contain structural BOS components, which are crucial components. As a result, the expansion of solar PV system deployment is related to the development of structural BOS.

Solar PV Balance Of System Market, By Application

• Commercial
• Industrial
• Residential

Based on Application, The market is segmented into Commercial, Industrial, and Residential. The BOS costs of residential solar systems are higher than those of large commercial installations. Complex arrangements such as canal-top and floating PV systems have even higher costs.

Solar PV Balance Of System Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global Solar PV Balance Of System Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific will hold the largest market share for the Solar PV Balance Of System Market. Governments in many nations have put in place financial incentive programs, such as those in China, Japan, and India, to encourage the production of solar power, which will in turn spur market expansion in APAC over the course of the forecast period.

Key Players

The “Global Solar PV Balance Of System Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are SMA Solar Technology AG, Sungrow Power Supply Co. Ltd., ReneSola Ltd., Schneider Electric SE, Unirac Inc., Eaton Corp. Plc, Golden Concord Holdings Ltd., ABB Ltd., Huawei Investment & Holding Co. Ltd., and The Prysmian Group.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Solar PV Balance Of System Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Solar PV Balance Of System Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

We'll dig into the market, looking at the numbers and the whys behind what people are buying. You'll get the market size (in USD Billion!) for every slice and dice of the market. We'll point out the region and segment that's likely to blow up and take over. Plus, we'll break down each region, looking at who's buying what and what's influencing them. See who's on top with our competitive landscape view, including rankings, new stuff hitting the shelves, deals, expansions, and acquisitions from the last five years. We'll give you the lowdown on the big players with SWOT analysis, product comparisons, and company overviews. Get a feel for where the market's heading, considering the latest trends, what's fueling growth, and the hurdles ahead in both new and established markets. We'll even use Porter's five forces to really understand the market's dynamics. Get a clear picture of how value is created along the value chain. We'll also explore the market's momentum and where the future growth opportunities lie. Oh, and did we mention you get 6 months of analyst support after you buy?

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