Solar PV balance of systems (BOS) market size to grow at a CAGR of 18.8% by 2026:APAC to account for 59% of growth - Technavio

Rhea-AI Summary

Technavio's latest report reveals that the global solar PV balance of systems (BOS) market is projected to grow by USD 79.47 billion from 2021 to 2026, with a CAGR of 18.8%. The report highlights that APAC will dominate this growth, accounting for 59% of the market's expansion, driven by increasing investments in renewable energy and government incentives in countries like China, Japan, and India. The market is fragmented and faces competition from alternative energy sources such as wind and bioenergy, but reduced solar energy costs and innovative financing solutions are key trends positively influencing the market.

Positive

• Estimated market growth of USD 79.47 billion from 2021 to 2026.
• CAGR projected at 18.8% during the forecast period.
• APAC expected to account for 59% of market growth, driven by strong governmental support.

Negative

• Increased competition from alternative energy sources such as wind and bioenergy may impede market growth.

NEW YORK, Feb. 16, 2023 /PRNewswire/ -- According to Technavio, the global solar PV balance of systems (BOS) market size is estimated to grow by USD 79.47 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 18.8% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for 59% of the growth of the global market during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the market, request a sample report.

Global solar PV balance of systems (BOS) market - Five forces
The global solar PV balance of systems (BOS) market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• For an interpretation of Porter's five forces model – Buy the report!

Global solar PV balance of systems (BOS) market – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global solar PV balance of systems (BOS) market - Segmentation assessment

Segment overview
Technavio has segmented the market based on product (structural, electrical, and inverter). 

• The structural segment will account for a significant share of the market's growth during the forecast period. Structural BOS components are important parts of solar PV systems. Therefore, the development of structural BOS is related to the rising deployment of solar PV systems. The rise in global solar PV capacity will increase the demand for solar PV systems, which, in turn, will drive the deployment of structural BOS components during the forecast period. Therefore, the structural segment is expected to grow during the forecast period.

Geography overview
Based on geography, the global solar PV balance of systems (BOS) market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global solar PV balance of systems (BOS) market.

• APAC will account for 59% of the market's growth during the forecast period. China, Japan, and India are the key contributors to the solar PV balance systems market in the region. However, market growth in this region will be slower than the growth of the market in North America, Europe, and MEA. Governments of various countries have implemented financial incentives programs such as FiTs in China, Japan, Thailand, and Vietnam to promote solar power generation, which, in turn, will drive the market growth in APAC during the forecast period.

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Global solar PV balance of systems (BOS) market – Market dynamics
Key factor driving market growth

• Increasing investments in renewable energy are driving the market growth.
• The global energy mix has changed significantly over the past two decades.
• Improvement in energy efficiency has played a key role in balancing energy supply and demand.
• Moreover, the competitive cost of producing electricity and low carbon emissions from renewable sources has led to a rise in investments in renewable energy globally.
• These factors will drive the growth of the global solar PV BOS market during the forecast period.

Leading trends influencing the market 

• Reduced solar energy costs are a key trend in the market.
• The cost of solar PV systems has reduced by 70% globally since 2010.
• Innovative financing, reduction in technology prices, and growing networks of financial partners and solar installers are leading to an increase in cost effectiveness.
• The adoption of solar PV has increased with the reduction in the cost of solar power,, which has increased the number of installations over the years.
• These factors will positively impact the growth of the global solar PV BOS market during the forecast period.

Major challenges hindering market growth

• Rising competition from other sources of energy is challenging the market growth.
• According to the IEA, wind power generation capacity is expected to reach 839 GW by 2023, with the addition of more offshore wind power plants.
• Onshore and offshore wind capacities are expected to grow by 25% and 10%, respectively, by the end of 2023.
• Hydropower-based power generation capacity is expected to grow by 18.5 GW by 2023.
• Bioenergy is also expected to grow substantially, with global capacity additions of 5-8 GW per year during the forecast period.
• Thus, new projects and capacity additions will hamper the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this solar PV balance of systems (BOS) market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the solar PV balance of systems (BOS) market between 2022 and 2026
• Precise estimation of the size of the solar PV balance of systems (BOS) market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the solar PV balance of systems (BOS) market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of solar PV balance of systems (BOS) market vendors

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Solar PV Balance Of Systems (BOS) Market Scope
Report Coverage	Details
Page number	142
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 18.8%
Market growth 2022-2026	USD 79.47 billion
Market structure	Fragmented
YoY growth 2021-2022 (%)	17.32
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 59%
Key countries	US, China, Japan, India, and Germany
Competitive landscape	Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled	ABB Ltd., Array Technologies Inc., Bentek Corp., Eaton Corp. Plc, First Solar Inc., Golden Concord Holdings Ltd., Huawei Technologies Co. Ltd., Loom Solar Pvt. Ltd., Mecanizados Solares SL, Microtek International Pvt. Ltd., Prysmian Spa, Renesola Ltd, Schneider Electric SE, SMA Solar Technology AG, SolarEdge Technologies Inc., Solaris Technology Industry Inc., Sungrow Power Supply Co. Ltd., SunPower Corp, Unirac Inc., and Moser Baer Solar Ltd
Market dynamics	Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Product

• 5.1 Market segments 
• Exhibit 24: Chart on Product - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Product - Market share 2021-2026 (%)

• 5.2 Comparison by Product 
• Exhibit 26: Chart on Comparison by Product
• Exhibit 27: Data Table on Comparison by Product

• 5.3 Structural - Market size and forecast 2021-2026
• Exhibit 28: Chart on Structural - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Structural - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Structural - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Structural - Year-over-year growth 2021-2026 (%)

• 5.4 Electrical - Market size and forecast 2021-2026
• Exhibit 32: Chart on Electrical - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Electrical - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Electrical - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Electrical - Year-over-year growth 2021-2026 (%)

• 5.5 Inverter - Market size and forecast 2021-2026
• Exhibit 36: Chart on Inverter - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on Inverter - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on Inverter - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Inverter - Year-over-year growth 2021-2026 (%)

• 5.6 Market opportunity by Product 
• Exhibit 40: Market opportunity by Product ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 42: Chart on Market share by geography 2021-2026 (%)
• Exhibit 43: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 44: Chart on Geographic comparison
• Exhibit 45: Data Table on Geographic comparison

• 7.3 APAC - Market size and forecast 2021-2026
• Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026
• Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 North America - Market size and forecast 2021-2026
• Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026
• Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 China - Market size and forecast 2021-2026
• Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.9 US - Market size and forecast 2021-2026
• Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.10 Japan - Market size and forecast 2021-2026
• Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.11 Germany - Market size and forecast 2021-2026
• Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.12 India - Market size and forecast 2021-2026
• Exhibit 82: Chart on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on India - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on India - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 86: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 87: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape 
• Exhibit 88: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 89: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 90: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 91: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 92: Matrix on vendor position and classification

• 10.3 ABB Ltd. 
• Exhibit 93: ABB Ltd. - Overview
• Exhibit 94: ABB Ltd. - Business segments
• Exhibit 95: ABB Ltd. - Key offerings
• Exhibit 96: ABB Ltd. - Segment focus

• 10.4 Eaton Corp. Plc 
• Exhibit 97: Eaton Corp. Plc - Overview
• Exhibit 98: Eaton Corp. Plc - Business segments
• Exhibit 99: Eaton Corp. Plc - Key news
• Exhibit 100: Eaton Corp. Plc - Key offerings
• Exhibit 101: Eaton Corp. Plc - Segment focus

• 10.5 Golden Concord Holdings Ltd. 
• Exhibit 102: Golden Concord Holdings Ltd. - Overview
• Exhibit 103: Golden Concord Holdings Ltd. - Product / Service
• Exhibit 104: Golden Concord Holdings Ltd. - Key offerings

• 10.6 Huawei Technologies Co. Ltd. 
• Exhibit 105: Huawei Technologies Co. Ltd. - Overview
• Exhibit 106: Huawei Technologies Co. Ltd. - Business segments
• Exhibit 107: Huawei Technologies Co. Ltd. - Key offerings
• Exhibit 108: Huawei Technologies Co. Ltd. - Segment focus

• 10.7 Prysmian Spa 
• Exhibit 109: Prysmian Spa - Overview
• Exhibit 110: Prysmian Spa - Business segments
• Exhibit 111: Prysmian Spa - Key offerings
• Exhibit 112: Prysmian Spa - Segment focus

• 10.8 Renesola Ltd 
• Exhibit 113: Renesola Ltd - Overview
• Exhibit 114: Renesola Ltd - Business segments
• Exhibit 115: Renesola Ltd - Key offerings
• Exhibit 116: Renesola Ltd - Segment focus

• 10.9 Schneider Electric SE 
• Exhibit 117: Schneider Electric SE - Overview
• Exhibit 118: Schneider Electric SE - Business segments
• Exhibit 119: Schneider Electric SE - Key news
• Exhibit 120: Schneider Electric SE - Key offerings
• Exhibit 121: Schneider Electric SE - Segment focus

• 10.10 SMA Solar Technology AG 
• Exhibit 122: SMA Solar Technology AG - Overview
• Exhibit 123: SMA Solar Technology AG - Business segments
• Exhibit 124: SMA Solar Technology AG - Key offerings
• Exhibit 125: SMA Solar Technology AG - Segment focus

• 10.11 Sungrow Power Supply Co. Ltd. 
• Exhibit 126: Sungrow Power Supply Co. Ltd. - Overview
• Exhibit 127: Sungrow Power Supply Co. Ltd. - Product / Service
• Exhibit 128: Sungrow Power Supply Co. Ltd. - Key offerings

• 10.12 Unirac Inc. 
• Exhibit 129: Unirac Inc. - Overview
• Exhibit 130: Unirac Inc. - Product / Service
• Exhibit 131: Unirac Inc. - Key offerings

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 132: Inclusions checklist
• Exhibit 133: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 134: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 135: Research methodology
• Exhibit 136: Validation techniques employed for market sizing
• Exhibit 137: Information sources

• 11.5 List of abbreviations 
• Exhibit 138: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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FAQ

What is the projected growth of the solar PV balance of systems market?

The global solar PV balance of systems market is projected to grow by USD 79.47 billion from 2021 to 2026.

Which region is expected to drive the growth of the solar PV balance of systems market?

The APAC region is expected to drive 59% of the growth in the solar PV balance of systems market.

What is the expected CAGR for the solar PV balance of systems market?

The expected CAGR for the solar PV balance of systems market is 18.8% during the forecast period.

What are the main challenges facing the solar PV balance of systems market?

The main challenge is the rising competition from other energy sources, such as wind and bioenergy.

Which countries are key contributors to the APAC solar PV balance of systems market?

Key contributors include China, Japan, and India.