The Solar PV Balance Of Systems (BOS) Market is being driven by Increasing investments in renewable energy
The Solar PV Balance Of Systems (BOS) Market is expected to grow at a CAGR of 25.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 58930.4 million. In the solar energy sector, achieving grid parity has become a primary focus, with several countries and US states already surpassing this milestone. To remain competitive, the industry continues to innovate, with inverters playing a pivotal role due to their influence on Levelized Cost of Energy (LCOE). Inverters are crucial for smart grid interaction, optimizing energy production, monitoring, safety features, energy storage, and integration with smart homes. Consequently, advancements in inverter technology are vital to driving progress in the solar PV Balance of Systems (BOS) market.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
230 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 25.9% |
Market growth 2025-2029 |
USD 58930.4 million |
Market structure |
fragmentation |
YoY growth 2024-2025(%) |
20.2 |
Key countries |
China, US, Japan, India, Germany, Australia, UK, South Korea, Canada, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Solar PV Balance of Systems (BOS) market encompasses various technologies and services that optimize voltage, enhance power electronics, ensure fault detection, and maximize yield in solar power projects. Performance monitoring, remote diagnostics, energy management, grid integration, and smart grid solutions are integral components. Demand response, distributed generation, energy storage systems, and battery management systems promote energy efficiency, carbon reduction, and greenhouse gas emissions mitigation. Renewable energy credits, solar asset management, O&M, life cycle costs, project financing, solar insurance, and warranties facilitate solar regulation and policy implementation. Intermittent energy, solar irradiance, and resource assessment are crucial for site selection and solar simulation software and modeling aid in project design and optimization.
The Solar PV Balance of Systems (BOS) market encompasses mounting structures, combiner boxes, cable management, surge protection, monitoring systems, and data loggers. These components are integral to the successful installation and operation of solar photovolvolic (PV) systems. The BOS market is a segment of the larger global electrical components and equipment market, which includes manufacturers of electrical cables and wires, electrical components, and electrical equipment. This market is calculated by Technavio based on the combined revenue generated from the sales of water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Additionally, the market size includes revenue from the renting and leasing of electrical components and equipment to industrial, commercial, and residential end-users.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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