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Solar PV Junction Box Market Size, Share, and Analysis, By Type (Potting PV Junction Box, Non-Potting PV Junction Box), By Application (Residential, Commercial, Industrial, Utilities) and Regional Forecasts, 2022-2032
Global Solar PV Junction Box market size was USD 1.16 billion in 2021 and projected to grow from USD 1.3 billion in 2023 to USD 2.6 billion by 2032, exhibiting a CAGR of 7.7% during the forecast period.
The photovoltaic (PV) junction box is a major component of the solar panels. The junction box is enclosure on the module where the PV strings are connected electrically. Photovoltaic junction boxes consist of diodes, to maintain a uni-directional power flow thereby, preventing the power from feeding back into the panels during no sunshine. The quality of PV junction box is certified and regulates the heat which offers long term safety. The PV junction box is connected at the back of the solar panels with a silicon adhesive with connectors (generally 4) together and the output interface of the solar panels. Good quality junction boxes are mostly corrosion resistant by excluding water from coming in. The IP rating of the junction boxes is of greater importance.
Global Solar PV Junction Box Market is expected to reach USD 2.6 billion, growing at a CAGR of 7.7% during forecast period. As electrical energy is a basic need now-a-days, the demand is increasing worldwide. The necessity for an alternative energy source became prominent and gained importance as it is a renewable energy source and has become a major attraction for investors. Several countries have come up with solar power houses which has increased the production of electricity by solar energy boosting the solar PV junction box market to grow.
Global Solar PV Junction Box Market is classified based on the Type into Potting PV Junction Box, Non-Potting PV Junction Box. Potting PV junction box segment dominated the market in 2021 and is expected to dominate the market in the forecast period. The potting PV junction method solders the foils coming out of the solar panel. The ease of use and assembly for customers makes the Potting PV Junction Box to grow.
Global Solar PV Junction Box Market is classified based on the Application into Residential, Commercial, Industrial, and Utilities. Residential segment dominated the market in 2021 and is expected to dominate the market in the forecast period. Solar panels are usually used in homes when compared to commercial or utilities having high use of Solar PV junction boxes in residential homes. The quality of the material used plays a key factor in choosing a PV junction box.
Growing Energy Demand is Expected to Boost the Growth of the Market
The increasing demand for energy is expected to drive the Solar PV Junction Box market in the global range and the industrialization & urbanization in the world is the prime reason to increase the energy demand. Few populator countries are expected to have a high demand of current usage of energy in the global level.
Increasing Environmental Concerns is Expected to Boost the Growth of the Market
The environmental issues are increasing, thereby creating demand for the renewable energy sources, and the growing solar energy utilization is expected to drive the Global Solar PV Junction Box Market.
High Price of the Product May Hamper the Market Growth
The high installation cost of solar panels may hamper the solar PV junction box industry. The installation of panels requires large space which cannot be utilized for anything else, restraining the market expansion of solar PV junction box.
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Global Solar PV Junction Box Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia-Pacific region dominated the solar PV Junction Box Market in 2021. Few countries of this region are the largest producers of solar panels and photovoltaic energy leading to the growth of the market. Governments this region are promoting the use of solar PV, hence positively influencing the solar PV junction box market and is also expected to boost the market in forecast period.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 has affected several industries and even led to shutdown of many business activities worldwide. The Covid-19 pandemic had a negative impact on the growth of Global Solar PV Junction Box market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 7.7% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Type |
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Application |
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By Region |
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Global Solar PV Junction Box Market size was estimated at USD 1.16 billion in 2021 and is expected to reach USD 2.6 billion in 2032.
The photovoltaic (PV) junction box is a major component of the solar panels. The junction box is enclosure on the module where the PV strings are connected electrically. Photovoltaic junction boxes consist of diodes, to maintain a uni-directional power flow thereby, preventing the power from feeding back into the panels during no sunshine.
Potting PV Junction Box and Residential segment accounted for the largest Global Solar PV Junction Box market share.
Key players: QC Solar, Ningbo Jinghua New Energy Technical, Taizhou Chuangda Electronic, Sun Connect, Magma Photovoltaics, Targray, Mitsubishi Electric, FPE Fischer GmbH, ENF Ltd, Tapollop Technology Co., Ltd., Kitani Electric Co., Ltd, Geesys Technologies, Elcom International and Other Prominent Players are the key players in the Global Solar PV Junction Box Market.
Growing Energy Demand and Increasing Environmental concerns are the factors driving the Global Solar PV Junction Box market.
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