LONDON--(BUSINESS WIRE)--The global solar array disconnect switches market is expected to post a CAGR close to 13%, according to the latest market research report by Technavio. However, the market is expected to decelerate as the market is projected to witness a decline in the year-over-year growth during the forecast period 2019-2023.
A key factor driving the growth of the market is the rising demand for clean energy sources. The rising awareness of GHG emissions and government regulations towards reducing the carbon footprint are fueling the adoption of clean energy technologies across the world. Moreover, the proliferation of clean energy technologies has increased in recent years because of heavy investments in the renewable energy sector. Thus, factors such as abundance of free solar energy across most parts of the world, low rate tariffs, and the rising demand for non-fossil-fuel-based energy sources will fuel the global solar energy market, which in turn will increase the demand for solar array disconnect switches during the forecast period.
As per Technavio, the increasing adoption of microgrids will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global solar array disconnect switches market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Solar Array Disconnect Switches Market: Increasing Adoption of Microgrids
Development in technologies and the declining prices of some components such as solar panels, control systems, and batteries have made microgrids competitive. Currently, the adoption of solar-based microgrids is increasing because of the low operational and electricity generation costs. Also, microgrids actively power the technology center and serve as a research tool to explore the future generation of distributed energy technologies and clean power. In addition, microgrids are more reliable as they are unaffected by power outages in the main grid and can use renewable sources such as solar and wind power to generate power. Hence, the increasing adoption of microgrids will stimulate the demand for solar power systems, which will contribute to the global solar array disconnect switches market during the forecast period.
“Apart from the increasing adoption of microgrids, companies are increasingly focusing on technological advancement and the increasing popularity of hybrid power to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Solar Array Disconnect Switches Market: Segmentation Analysis
This market research report segments the global solar array disconnect switches market by application (utility and non-utility) and geographical regions (APAC, EMEA, and Americas).
The APAC region led the market in 2018, followed by EMEA, and Americas respectively. However, during the forecast period, the EMEA region is expected to register the highest incremental growth due to the growing focus on reducing GHG emissions and controlling global warming in the region.
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- Market ecosystem
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- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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