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.

The market for Solar PV Balance Of Systems is expected to grow significantly as PV technology becomes more widely used for generating electricity. One of the key elements driving the expansion of the balance of systems (BOS) solar PV market is the rise in investments in renewable energy. Global investment in renewable energy has increased as a result of reduced carbon emissions and the affordable cost of producing electricity from renewable sources. The Global Solar PV Balance Of System Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors playing a substantial role in the market.

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

As prices stop falling after a certain point, PV modules will no longer be the main economic driver of a solar plant in the coming years. As a result, other Balance of System (BOS) components such as inverters, cables, design work, installation, etc. are increasingly being considered for their ability to be cost-competitive. While falling module costs are still crucial for solar projects, the main thrust towards more economically competitive solar in many countries will now be to keep the cost of BOS low. The government’s supportive programs for the deployment of utility-scale and distributed solar power to supplement conventional energy sources are the main drivers of the demand outlook for BOS component suppliers.

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

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

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