Solar PV Balance Of Systems Market Will Showcase Negative Impact During 2020-2024 | Increasing Investments In Renewable Energy to Boost the Market Growth | Technavio
Technavio has been monitoring the solar pv balance of systems market and it is poised to grow by $ 42.17 bn during 2020-2024, progressing at a CAGR of 16% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Solar PV Balance Of Systems (BOS) Market 2020-2024 (Graphic: Business Wire)
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Eaton Corp. Plc, Golden Concord Holdings Ltd., Huawei Investment & Holding Co. Ltd., Prysmian Spa, ReneSola Ltd., Schneider Electric SE, SMA Solar Technology AG, Sungrow Power Supply Co. Ltd., and Unirac Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Increasing investments in renewable energy has been instrumental in driving the growth of the market. However, rising competition from other sources of energy might hamper market growth.
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