Solar PV Junction Box Holds Huge Potential in increasing the efficiency of Solar Panels. Asia Pacific to Witness the Highest Growth
Solar PV Junction Box market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). Solar panels being developed lately have very few defects. The main defects include light erosions (0.5-5%) and poor design and defects arising due to manufacturer. Other causes of panel failures are due to failure in electrical equipment like junction boxes, fuse boxes, charge controllers and cabling. During the early years of production solar panels suffered from degradation due to the anti-reflective coating layer of colorless ethylene vinyl acetate (EVA) which was applied on glass and incoherencies due to cracked solar cells. Most defects were caused due to wind or snow, as well as temperature changes during the first 12 years of use, causing defects in junction boxes, glass breakage, burst frames etc. Latest developments in junction boxes can withstand extreme temperatures. However, about 19% of the failures are still caused due to defects in junction boxes.
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At the end of 2019, there were a cumulative of 648 GW of PV installed compared to 527 GW installed in 2018. Roughly 20% of the installed PVs were in residential rooftops, 20% in commercial buildings (hotels and malls) and 60% utility plants connected to the grid. Use of solar PVs has increased tremendously in last several years and has become the most influential in the last few years. Utility market is also the most cost-efficient as land, labor and material costs can spread over huge quantities. Electricity generated by solar energy is at its peak during the day when it is required the most. The lower growth rate in 2018 was mainly due to China where installations fell from 53 gigawatts in 2017 to 45 gigawatts in 2018 because of re-evaluation of the annual solar fund in China. The recent pressure by government organization and environment scientists is encouraging the industry growth.
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The Covid-19 pandemic has impacted the growth of many industries which include manufacturing, education, agriculture, finance, healthcare, sports, education, food, and tourism. It also had a profound impact on the energy industry. According to International Energy Agency (IEA), the energy demand decline in 2020 is the largest in the last 70 years. As compared to 2019, the global energy demand in 2020 declined by 6% which is a 7 times greater fall than the 2009 financial crisis. From 2015-2019, the mean electricity generation of 16 European countries dropped 9% (25 GW) in April 2020. Due to this the floating photovoltaic Solar Panels industry was also impacted as the developing projects were postponed and there wasn’t enough work force to complete the ongoing projects. However, the overall percentage of renewable energy usage increased by 15% (15 GW) during this time, this is an opportunity for renewable energy to increase in dominance during the post covid recovery.
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Based on type, the solar PV junction box market is segmented into potting PV junction box and non-potting PV junction box. Amongst type, the potting PV junction box segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. The potting PV junction method solders the foils coming out of the solar panel to the diode in the junction box. The junction box must then be potted or filled with a type of sticky material which allows thermal heat transfer, keeps the solder joint in place and prevents it from failing.
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Based on Application, the solar PV junction box market is segmented into Residential, Commercial & Industrial, and Utilities. Amongst application, Residential segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period. Solar panels are more commonly used in homes as compared to commercial or utilities settings, and thus the higher use of Solar PV junction boxes in residential homes. While choosing a PV junction box the quality of the material being used is the key factor.
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Additionally, the report provides detailed initiatives that are being taken in the field of Solar PV Junction Box, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. Asia-Pacific dominated the market in 2020, with XX% share.
GEESYS Technologies, Targray, Elcom International, LEONI AG, Zhejiang Zhonghuan Sunter PV Technology Co. Ltd, Hosiden Corporation, Jiangsu Tongling Electric Co., Ltd., Stäubli International AG, VRM Energy Consultancy Services Pvt Ltd., and TE Connectivity are some of the prominent players operating in the Solar PV Junction Box market. Several M&As along with partnerships have been undertaken by these players to make Solar PV Junction Box as cost-effective and as widely available as possible.
Solar PV Junction Box Market Segmentation
Market Insight, by Type
- Potting PV Junction Box
- Non-potting PV Junction Box
Market Insight, by Application
- Commercial & Industrial
Market Insight, by Region
- North America Solar PV Junction Box Market
- United States
- Rest of North America
- Europe Solar PV Junction Box Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Solar PV Junction Box Market
- Rest of Asia-Pacific
- Rest of World Solar PV Junction Box Market
Top Company Profiles
- GEESYS Technologies
- Elcom International
- LEONI AG
- Zhejiang Zhonghuan Sunter PV Technology Co. Ltd
- Hosiden Corporation
- Jiangsu Tongling Electric Co., Ltd.
- Stäubli International AG
- VRM Energy Consultancy Services Pvt Ltd.
- TE Connectivity