LONDON--(BUSINESS WIRE)--The global solar photovoltaic services market size is poised to grow by USD 10.81 billion during 2019-2023, according to a new report by Technavio, progressing at a CAGR of over 16% during the forecast period. Request Free Sample Pages
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The market is driven by the increasing number of new installations and the aging asset base of solar PV modules. Also, the technological developments related to solar PV modules are anticipated to boost the growth of the solar photovoltaic services market.
Solar PV systems have witnessed significant adoption over the last decade as a clean energy-generating resource, mainly due to regulatory support and declining LCOE. The installation of new solar PV modules requires both installation and consulting services, which is significantly contributing to the growth of the market. Further, a significant number of solar PV systems installed are aging and, thus, require improvements and upgrades. This has led to the revamping and repowering of solar PV systems. Therefore, O&M services for the existing solar PV asset base and newly-installed solar PV assets will drive market growth during the forecast period.
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Major Five Solar Photovoltaic Services Companies:
BELECTRIC Solar & Battery GmbH
BELECTRIC Solar & Battery GmbH offers plant site maintenance services such as preventive maintenance, corrective maintenance, electrical and mechanical maintenance, PV module cleaning, spare part management, and vegetation abatement. The company also offers digital solutions based on Industry 4.0 infrastructure and analyzes and displays real-time data on supervisory control and data acquisition (SCADA) systems.
Canadian Solar, Inc.
Canadian Solar Inc. is engaged in solar power project development and sales, EPC and development services, the operation of solar power projects, and the sale of electricity. The company offers installation services under its solar PV EPC offering, which includes services such as interconnection, testing, and commissioning.
First Solar Inc.
First Solar Inc. offers plant supervision, control, and optimization-related services such as maintenance coordination and communication, forecasting and scheduling, and real-time plant monitoring and control. The company also offers services such as module cleaning and vegetation abatement, end-to-end power plant maintenance, safety focus, spare parts, inventory, and supply chain management, and the development of plant-specific procedures.
SunPower Corp. has business operations under two segments, namely SunPower energy services, and SunPower technologies. The company offers installation services under its solar PV EPC offering to utilities and the commercial and residential sectors. The company also provides services such as remote operations and control, preventive maintenance, corrective maintenance, site maintenance, asset management, site auditing, and additional services.
Trina Solar Co. Ltd.
Trina Solar Co. Ltd. offers O&M for solar plants and asset management services. The company also provides installation services under its solar PV EPC offering to utilities and the commercial and residential sectors.
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Solar Photovoltaic Services Type Outlook (Revenue, USD Million, 2019 - 2023)
- Installation services
- O&M services
Solar photovoltaic services Regional Outlook (Revenue, USD Million, 2019 - 2023)
- The Americas
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