Solar Combiner Box Market Revenue Trends and Growth Drivers

Solar Combiner Box Market � Global Forecast to 2029

Report Code: UC 6465 Jun, 2024, by marketsandmarkets.com

The solar combiner box, similar to a junction box, is an electrical enclosure that combines outputs from numerous solar panels into one line and then uniformly inputs them into the inverter. The solar combiner box usually includes circuit breakers or fuses for protection, monitoring systems, surge protection devices, and other electrical components. The solar combiner box reduces the number of wires and saves material costs. Besides this, it also helps to strengthen the protection of rear equipment and manage front-end solar battery packs.

Market Dynamics

DRIVERS:

Rising number of solar installations attributed to government-led incentives and schemes
Increasing investments in renewable energy
Increasing demand for reliable and efficient solar energy solutions

RESTRAINTS:

Lack of skilled workforce for installation and maintenance

OPPORTUNITIES:

Technological advancement in solar combiner boxes
Expanding application areas of solar combiner boxes

CHALLENGES:

Issues related to land acquisition for deployment of solar projects

Drivers: Rising number of solar installations attributed to government-led incentives and schemes

Rapid developments in the solar energy sector in terms of power generation and utilization are contributing to the increase in the number of solar PV installations for various applications across the world. According to the Global Market Outlook for Solar Power/2022–2026—a report published by SolarPower Europe— global solar capacity doubled in three years from 2018, bringing the global solar fleet to one Terawatt capacity in April 2022. Governments in various regions are constantly working to formulate policies to provide PV projects with grid connection convenience. Countries such as China, Canada, the US, and France are aggressively promoting the use of solar energy. The demand for distributed PV in Europe has been driven by incentives provided by governments of different countries to promote residential and small commercial PV installations. As more solar panels are installed, the demand for solar combiner boxes to manage their output will also rise.

Restraints: Lack of skilled workforce for installation and maintenance

PV installation requires a spectrum of skilled workers, ranging from Ph.D. level scholars in R&D to technicians requiring specialized training and certification to a wide variety of other professionals for supporting all aspects of the PV industry. The industry does not have enough trained installers to handle the implementation of this technology, and the availability of appropriately skilled manpower has been one of the most prominent hurdles in the PV arena. On the other hand, end-users of the technology demand for acknowledged standards, quality assurance, and skills certification during the entire development phase of a PV installation. As demand for solar combiner box is directly linked to the number of PV installations, this factor also hindering the growth of solar combiner box market. Additionally, skilled workforce is also required for installation and maintenance of solar combiner boxes. For instance, proper grounding and wiring are essential for safe and reliable operation of the combiner box, any error in it can lead to electrical shock hazards and damage to the system.

Opportunities: Technological advancement in solar combiner boxes

The companies operating in the solar combiner box market are continuously working on developing and launching advanced solar combiner boxes to meet the evolving needs of the photovoltaic industry. Manufacturers are constantly innovating and introducing new combiner box models with enhanced features such as smart communication interfaces, improved monitoring capabilities, and smart grid integration. These innovative solutions are expected to contribute to increased reliability, efficiency, and grid integration, thereby boosting the growth of solar combiner box market.

Challenges: Issues related to land acquisition for deployment of solar projects

When it comes to obtaining a land parcel for a solar plant, there are numerous legalities to consider. The land is governed by various issues of environment, wildlife, legal title, ceiling limit, SEBI monitored assets of PACL, government land allotment, state laws on ancestral property sale, and more. The conflicts between conservationists and land seekers are unavoidable, and this presents an enormous challenge for the inception of solar projects. Private players are generally prohibited from acquiring large tracts of land in rural areas due to the existence of state land-ceiling laws. Hence, there are systematic measures that address these gaps in land allotment for large-scale solar projects toward a more sustainable response to the exponential rise in renewable investments. Solar or PV systems for utility applications require large areas of land. The acquisition of operational land is a major challenge, especially in developing countries. However, this problem can be solved by setting up solar plants on low-quality lands such as brownfields, abandoned mining land, or existing transportation and transmission corridors. Also, floating PVs can be appropriately deployed in places where land acquisition is a problem.

TABLE OF CONTENTS

1 Introduction

1.1. Study Objectives

1.2. Market Definition and Scope

1.2.1. Inclusions and Exclusions

1.3. Study Scope

1.3.1. Markets Covered

1.3.2. Geographic Segmentation

1.3.3. Years Considered for the study

1.4. Currency

1.5. Limitations

1.6. Stakeholders

1.7. Recession Impact on Solar Combiner Box

2 Research Methodology

2.1. Research Data

2.1.1. Secondary Data

2.1.1.1. Major Secondary Sources

2.1.1.2. Key Data from Secondary Sources

2.1.2. Primary Data

2.1.2.1. Primary Interviews with Experts

2.1.2.2. Key Data from Primary Sources

2.1.2.3. Key Industry Insights

2.1.2.4. Breakdown of Primaries

2.2. Market Size Estimation

2.2.1. Bottom-Up Approach

2.2.1.1. Approach for Capturing Market Share by Bottom-Up Analysis (Demand Side)

2.2.2. Top-Down Approach

2.2.2.1. Approach for Capturing Market Share by Top-Down Analysis (Supply Side)

2.3. Market Breakdown and Data Triangulation

2.4. Research Assumptions

2.5. Risk Assessment

2.6. Assumptions of Recession

2.7. Limitations of Research

3 Executive Summary

4 Premium Insights

5 Market Overview

5.1. Introduction

5.2. Market Dynamics

5.3. Trends/Disruptions Impacting Customer’s Business

5.4. Pricing Analysis

5.4.1. Average Selling Price Trend of Key Players, By Type

5.4.2. Average Selling Price Trend, By Region

5.5. Value Chain Analysis

5.6. Ecosystem Analysis

5.7. Technology Analysis

5.8. Patent Analysis

5.9. Trade Analysis

5.10. Key Conferences and Events (2023-2024)

5.11. Case Study Analysis

5.12. Tariff and Regulatory Landscape

5.12.1. Regulatory Bodies, Government Agencies, and Other Organizations

5.13. Porters Five Force Analysis

5.13.1. Threat from New Entrants

5.13.2. Threat of Substitutes

5.13.3. Bargaining Power of Suppliers

5.13.4. Bargaining Power of Buyers

5.13.5. Intensity of Competitive Rivalry

5.14. Key Stakeholders and Buying Criteria

5.14.1. Key Stakeholders in Buying Process

5.14.2. Buying Criteria

6 Solar Combiner Box Market, By Technology

6.1. Introduction

6.2. AC Combiner Box

6.3. DC Combiner Box

7 Solar Combiner Box Market, By Type

7.1. Introduction

7.2. Monitoring Combiner Boxes

7.3. Islanding Combiner Boxes

7.4. Rapid Shutdown Combiner Boxes

8 Solar Combiner Box Market, By Application

8.1. Introduction

8.2. Residential

8.3. Commercial & Industrial

8.4. Utilities

9 Solar Combiner Box Market, By Region

9.1. Introduction

9.2. North America

9.2.1. Impact of Recession

9.2.2. US

9.2.3. Canada

9.2.4. Mexico

9.3. Europe

9.3.1. Impact of Recession

9.3.2. UK

9.3.3. Germany

9.3.4. France

9.3.5. Italy

9.3.6. Rest of Europe

9.4. Asia Pacific

9.4.1. Impact of Recession

9.4.2. China

9.4.3. Japan

9.4.4. India

9.4.5. Rest of Asia Pacific

9.5. RoW

9.5.1. Impact of Recession

9.5.2. Middle East & Africa

9.5.3. South America

10 Solar Combiner Box Market, Competitive Landscape

10.1. Key Player Strategies/Right to Win

10.2. Revenue Analysis

10.3. Market Share Analysis

10.4. Company Evaluation Matrix

10.4.1. Stars

10.4.2. Emerging Leaders

10.4.3. Pervasive Players

10.4.4. Participants

10.4.5. Company Footprint

10.5. Startup/SME Evaluation Matrix

10.5.1. Progressive Companies

10.5.2. Responsive Companies

10.5.3. Dynamic Companies

10.5.4. Starting Blocks

10.5.5. Competitive Benchmarking

10.6. Competitive Situation and Trends

11 Solar Combiner Box Market, Company Profiles

11.1. Key Players

11.1.1. Eaton

11.1.2. Schneider Electric

11.1.3. NOARK Electric

11.1.4. ABB

11.1.5. Jinting Solar

11.1.6. Tbea Co., Ltd.

11.1.7. Huasheng Electric

11.1.8. Sungrow Power Supply

11.1.9. Fibox Group

11.1.10. Jingyi Renewable Energy

11.2. Other Players

11.2.1. Sungrow

11.2.2. XJ Group

11.2.3. Wuxi Longmax

11.2.4. Winline

11.2.5. Kebite

12 Appendix

12.1. Discussion Guide

12.2. Knowledge Store: MarketsandMarkets’ Subscription Portal

12.3. Available Customizations

12.4. Related Reports

12.5. Author Details

Note: List of companies in non-exhaustive, we will add additional players during the course of the study

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