QYResearch: Global PV array combiner box Market Worth $ 573.13 million by 2022
Author: Qin Wei
Company: QYResearch
In 2017, the global outlook for solar demand did not slow down as expected, but changed. Because the decline in component prices led a rebound in China, and it is expected to have the next round of tariff cuts. With the extension of the US ITC investment tax credit policy, a large number of large projects have been postponed. Japan faces some challenges such as grid connection, land acquisition, and project financing, and some projects may be constrained, and the installed capacity of PV will slow or even decline gradually after 2017 and beyond. The Indian government's National Solar Mission is the main driver of the rapid development of the Indian solar market. European markets continue to fall. Australia and other solar markets, including Latin America, South Africa and Saudi Arabia, are expected to show significant growth.
Photovoltaic has played and exhibited more significant role as green energy. The smart PV combiner box is a device that combines the output of multiple strings of PV modules for connection to the inverter. PV combiner box is widely used in large-scale grid-connected PV system, in order to reduce the cable cost between PV modules and inverter, to make it easy to install and maintain and also to improve the reliability. Monitoring and maintaining the electrical connections can help insure a high reliability and long lasting field installation.In PV smart solutions, the smart PV array combiner box product is a low concentration industry and almost sales as accessories for PV inventors. Smart PV combiner box belongs to niche product in PV power solution with a small market scale.
According to QYResearch study, the global production of Smart PV array combiner box had up to 466,910 units in 2016 from 120,040 units in 2012. The global smart PV array combiner box market is expected to reach $ 573.13 Million USD in 2022 from $ 248.40 Million USD in 2016, at a CAGR of 14.95% from 2016 to 2022.
The key players in the global smart PV array combiner box market are CFAT, XJ Group, Wuxi Longmax, Noark, Kingshore, Weidmuller, Schneider Electric, TOPBAND, Eaton, Jinting Solar and among others. In 2016, major demand was accounted 40.09 % from China. Other major demand is expected from emerging markets of India, Americas and MEA. Smart PV array combiner box demand is applied in residential, non-residential and utility. As of 2016, utility application of the smart PV array combiner box is the largest segment market with a market share of 75.96 percent.
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Analyst: qinwei@qyresearch.com
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