Latest News- Solar PV Balance Of Systems (BOS) Market: Structural is expected to lead the Product segment during 2025-2029

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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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Structural
  • Electrical
  • Inverter
• End-user
  • Commercial
  • Industrial
  • Residential
• Component
  • Inverters
  • Mounting systems
  • Monitoring and control systems
  • DC cabling
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
  • North America
    • Canada
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing investments in renewable energy
• Supportive government policies
• Advances in thin-film solar PV modules

However, the market also witnesses some limitations, which are as follows:

• Rising competition from other sources of energy
• Intermittency in solar power generation
• Low conversion efficiency of solar PVs

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Market Scope in Solar PV Balance Of Systems (BOS) Market Research Report

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Research Analysis Overview

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.

Market Research Overview

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.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/