Asia-Pacific Continues to be Largest Market for Solar Balance of System
Asia-Pacific overtook Europe to become the largest regional market for solar photovoltaics (PV) with a sharp increase in capacity additions, and hence solar balance of system (BOS). The region added 32.3 gigawatts (GW) PV capacity in 2015 and stood as the largest market for BOS globally The solar PV BOS market in Asia-Pacific is mainly driven by solar PV installations in China, Japan, Australia and India. At $27.4 billion (bn) in 2015, Asia-Pacific’s BOS market accounts for 57% of the global BOS market. The BOS market for the Americas accounts for 25%, followed by Europe with 16%.
The above chart shows each region’s respective share of the global solar PV BOS market. Asia-Pacific is expected to continue it regional dominance, although its share of the global BOS market is expected to come down to 45% in 2020 from 57% in 2015. This is due to the high growth expected in the BOS market of Americas, with market share there expected to increase from 25% in 2015 to 41% in 2020.
GlobalData’s latest report Solar PV Balance of System, Update 2016 – Global Market Size, Technology Review, Cost Analysis, and Key Country Analysis to 2020, report provides analysis of the solar Photovoltaic (PV) Balance of System (BOS) market across key countries including the US, Canada, China, Japan, India, Australia, Germany, UK, Italy and South Africa. It includes annualized historical and forecast data from 2010 to 2020 for installed capacity, overall BOS cost and BOS market size.
Price: $3,995 (Single User License)
Published: Jun -16
Report Format: electronic pdf